May 7 (Reuters) - Asset manager Blackstone cut

the value of its private credit fund Blackstone Secured Lending

Fund ( BXSL ) in the first quarter, it said Thursday.

Blackstone Secured Lending Fund's ( BXSL ) net asset value (NAV) per

share dropped 2.4% to $26.26 in the first quarter at fair value,

according to its earnings disclosure.

Investors have taken a closer look at the portfolios of

private credit funds known as business development companies, as

advances in artificial intelligence threaten the business models

of companies in the software sector.

Blackstone Secured Lending Fund ( BXSL ) had the majority of its

investments in software, about 20% of its portfolio in software

names at fair value, at the end of March, according to its

quarterly report.

The fund also declared a 77 cent dividend. It declared a

dividend of 80 cents in the fourth quarter.

It saw $450 million in repayments within its portfolio in

the first quarter, while new investments totaled almost $325

million, it said.