Fellow Minnesotans,
Today, March 6, 2026, the cracks in BlackRock’s empire became impossible to ignore. The world’s largest asset manager announced that its $26 billion flagship private credit fund—the HPS Corporate Lending Fund (HLEND)—faced a surge of redemption requests totaling about $1.2 billion, or 9.3% of its assets. Rather than fully honoring those requests, BlackRock capped payouts at the standard 5% limit, disbursing roughly $620 million and leaving the rest of investors’ money locked in. This “gating” move—designed to prevent a forced sell-off of illiquid loans—is a clear signal of stress in the once-booming $1.8–2 trillion private credit sector.
The market reacted swiftly: BlackRock (BLK) shares plunged as much as 8% intraday, closing down around 7% near $956 after starting the day above $1,035. Peers like KKR, Ares, Carlyle, Apollo, Blue Owl, and TPG also dropped 4–6%, underscoring broader anxiety over rising defaults, high interest rates, opacity in valuations, and investor flight from these “semi-liquid” funds that promise steady yields but deliver liquidity traps when trouble hits.
This isn’t distant Wall Street noise—it directly threatens Minnesotans. BlackRock already controls 60% of Allete, the parent of Minnesota Power, after last year’s $6.2 billion acquisition. That deal gives them sway over electricity for 150,000 customers in Duluth, the Iron Range, and beyond, with promises of $5 billion in “green” investments that critics say will mostly pad returns while hiking rates. If private credit tightens further—reducing capital access and forcing higher borrowing costs—expect the pain to flow downstream: elevated utility bills, slower infrastructure upgrades, and added pressure on state pensions potentially tied to BlackRock vehicles through the State Board of Investment.
The timing couldn’t be more telling. These troubles follow the fraud crackdowns we’ve exposed—billions siphoned in Feeding Our Future’s phantom meals, Housing Stabilization’s ghost services, autism therapy scams, and more. That looting created economic fragility BlackRock exploited by snapping up assets amid chaos. Now, as federal funds dry up and investors bolt, the easy-money ecosystem shrinks, exposing vulnerabilities. BlackRock’s decision to gate redemptions (unlike Blackstone, which injected $400 million to meet demands, or Blue Owl’s asset-sale pivot) shows they’re prioritizing the machine over everyday investors—echoing the same disregard we’ve seen in our state’s oversight failures.
Key warning signs for every Minnesotan:
• Locked liquidity in opaque funds—your savings, retirement accounts, or indirect exposures could face similar restrictions if stress spreads.
• Rising costs in utilities and borrowing as capital dries up, hitting families, farms, and small businesses hardest.
• Continued green hypocrisy—BlackRock preaches net zero while holding massive fossil fuel stakes, using MN’s mandates as cover for profit grabs.
• Sector contagion—if more funds gate or writedown loans (BlackRock already zeroed a $25 million one recently), expect broader economic ripples.
But Minnesotans, we don’t have to be passive victims. A Parrish administration will be fully prepared to lead through any potential collapse or severe downturn involving BlackRock’s influence in our state. Here’s what we’ll do:
• Launch immediate, transparent audits of all public-private partnerships, including the Minnesota Power deal—exposing conflicts, clawing back unfair terms, and holding regulators accountable for ignoring “net harm” warnings.
• Strengthen utility oversight to keep power affordable and reliable—prioritizing local needs over distant shareholders, with no more rubber-stamped sellouts by Walz-appointed PUC commissioners.
• Accelerate the demolition of fraud networks—building on proven whistleblowing to recover stolen billions, redirect funds to real priorities like family farms, excellent schools, and secure communities.
• Champion individual liberty and honest markets—ensuring Minnesotans keep more of what they earn, free from Wall Street bailouts or phony green schemes that burden ratepayers.
• Deliver a fraud-free, faith-guided vision: A North Star State where truth prevails, liberty empowers hardworking families, and we steward our resources justly (Proverbs 11:1—“A false balance is abomination to the Lord, but a just weight is his delight”). No rigged scales—we’ll restore balance for the people.
The syndicate is sweating because today’s events prove these giants aren’t invincible. When cracks widen, a Parrish governorship won’t react—we’ll act decisively to protect Minnesota families, dismantle the rot, and build a brighter, freer future grounded in constitutional principles and God’s grace.
Join me in this fight. Together, we’ll turn warning signs into turning points for a stronger Minnesota.
Candidate for Governor of Minnesota 2026
Phillip C. Parrish
Campaign Manager
Heidi Wanty
Phone: 1 (612) 460-1717
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