Blackstone Private Debt Fund Cuts Value of Largest Holding

A Blackstone Inc. fund further cut the value of a private credit loan for Thoma Bravo-backed software company Medallia Inc., revealing growing stress for its single largest investment.

Blackstone’s publicly traded business development company, Blackstone Secured Lending Fund, marked the loan at around 87 cents on the dollar as of June 30, according to a regulatory filing. The loan was marked at around 89 cents at the end of the first quarter, and around 94 cents the quarter before that.