BlackRock, others seek partial redemption of investments from Jefferies' Point Bonita - report

[BlackRock HQ in New York City]
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BlackRock (NYSE:BLK [https://seekingalpha.com/symbol/BLK]) and certain other investors have been in talks to partially redeem funds invested with Point Bonita Capital, a division of Jefferies' Leucadia Asset Management, insiders told [https://www.bloomberg.com/news/articles/2025-10-08/blackrock-seeks-cash-from-jefferies-fund-exposed-to-first-brands] Bloomberg News.

Earlier today, Jefferies Financial Group (JEF [https://seekingalpha.com/symbol/JEF]) disclosed [https://seekingalpha.com/news/4502610-jefferies-tallies-161m-of-exposure-to-bankrupt-auto-parts-maker-first-brands] details of its exposure to First Brands, an auto parts maker that filed for bankruptcy on September 29. The filing indicates that it has ~$161M of exposure to the company.

Point Bonita Capital manages on behalf of third-party institutional and other investors an ~$3B portfolio of trade-finance assets.

Since 2019, the portfolio has included accounts receivable purchased from First Brands. The Point Bonita portfolio has ~$715M invested in receivables that are almost entirely due from Walmart (WMT [https://seekingalpha.com/symbol/WMT]), Autozone (AZO [https://seekingalpha.com/symbol/AZO]), NAPA, O'Reilly Auto Parts (ORLY [https://seekingalpha.com/symbol/ORLY]), and Advanced Auto Parts (AAP [https://seekingalpha.com/symbol/AAP]).

Other investors who have also requested to pull some money from the Jefferies fund include Texas Treasury Safekeeping Trust, according to the people familiar with the matter.

The partial redemption requests were made in September, the people who asked not to be named because they aren’t authorized to speak publicly reportedly said.

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