EX-99.(p)

Exhibit (p)

SUBSCRIPTION AGREEMENT

Subscription Agreement, dated as of August 18, 2020, between Blackstone Private Credit Fund, a Delaware statutory trust (the “Fund”) and Blackstone BGSL Holdings LLC (the “Purchaser”).

WHEREAS, the Fund is an investment company that expects to elect to be regulated as a business development company under the Investment Company Act of 1940, as amended (the “1940 Act”); and

WHEREAS, the Fund proposes to issue and sell three classes of common shares of beneficial interest, Class S, Class D and Class I, to the public pursuant to a Registration Statement on Form N-2 (the “Registration Statement”) filed with the United States Securities and Exchange Commission; and

NOW, THEREFORE, the Fund and the Purchaser agree as follows:

The Fund offers to sell to the Purchaser, and the Purchaser agrees to purchase from the Fund, 60 Class I common shares, at a net asset value price of $25.00 per share (the “Shares”) as of the date hereof.

The Purchaser represents and warrants to the Fund that it is acquiring the Shares for investment purposes only and that the Shares will be sold only pursuant to a registration statement under the Securities Act of 1933, as amended, or an applicable exemption from the registration requirements contained therein.

The Purchaser elects not to participate in the Fund’s Distribution Reinvestment Plan and has completed or will complete upon request by the Fund the Wiring Instructions for Cash Distributions form attached as Exhibit A hereto.

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BLACKSTONE PRIVATE CREDIT FUND

By:		/s/ Marisa J. Beeney
		Name: Marisa J. Beeney
		Title: Chief Compliance Officer, Chief Legal Officer and Secretary

BLACKSTONE BGSL HOLDINGS LLC

By:		/s/ Marisa J. Beeney
		Name: Marisa J. Beeney
		Title: Authorized Signatory