Blackstone Private Debt Fund Sees More Stress in Software Asset

A publicly-traded private credit fund managed by Blackstone Inc. said that it’s seeing continued signs of stress in one of its largest investments — software company Medallia Inc.

The Blackstone Secured Lending Fund has now marked the loan to Medallia at around 78 cents on the dollar, said Brad Marshall, the global head of private credit strategies for Blackstone Credit and Insurance. It had already marked the loan to the Thoma Bravo-backed company down to 87 centsin June.

The move “implies over a 70% reduction to its set-up enterprise value due to a slower than expected ...