A fund managed by Jefferies Financial Group has significant exposure to debt from bankrupt auto parts supplier First Brands Group Inc., and BlackRock, the fund's investor, has requested a partial withdrawal, according to people familiar with the matter.

BlackRock and other investors, including Texas Treasury Safekeeping Trust Co. (TTSTC), are in talks to withdraw some of their investments in Point Bonita Capital, the people said. The people, who requested anonymity because they were not authorized to speak publicly, said Point Bonita, a subsidiary of Jefferies' Leucadia Asset Management, has a $3 billion trade finance portfolio.

Point Bonita's portfolio has included receivables related to First Brands since 2019. First Brands filed for bankruptcy on September 28.

It's unclear how much each investor has invested in Point Bonita Capital. Representatives for Jefferies, BlackRock and TTSTC declined to comment.