The Justice Department is now probing valuations at a BlackRock private credit fund. That sentence should stop everyone cold. Not because BlackRock is about to disappear. It isn’t. Not because one fund valuation probe means anyone has been proven to have done anything wrong. It doesn’t. A probe is not a conviction, and we need to be clear about that. But because the single biggest weakness in private credit has always been valuations.

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BlackRock Private Credit Fund’s Valuations Are Probed by DOJ
https://www.bloomberg.com/news/articles/2026-05-15/blackrock-private-credit-fund-s-valuations-being-probed-by-doj

Buybacks, Revamps, Deals: Firms Dig Deep to Fix Problem Private Credit Funds
https://www.bloomberg.com/news/articles/2026-05-14/private-credit-crisis-has-kkr-apollo-blackrock-tackling-problem-funds

Carlyle BDC Cuts Dividend Even As It Flags Better Credit Market
https://www.bloomberg.com/news/articles/2026-05-11/carlyle-bdc-cuts-dividend-even-as-it-flags-better-credit-market

Blue Owl Says It Will Be More Selective Making Software Loans
https://www.bloomberg.com/news/articles/2026-05-06/blue-owl-bdcs-buy-back-85-million-of-shares-as-loan-values-sink

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