Blackstone's decision this week to limit redemptions from its $79 billion private-credit fund tailored to individual investors shows that such vehicles are "operating as intended," says Caroline Baker, an executive vice president at fund administrator Vistra. "Semi-liquid structures are designed to offer investors some access to liquidity while preserving the long-term investment strategy of the fund, rather than allowing continuous trading in and out of private market assets," she says. Rather than a liquidity crisis, the industry is experiencing "the growing pains of an asset class that's attracting a broader range of investors," Baker says. In response, fund managers should focus on transparency and investor education, Baker says. "Investors need to understand the trade-off they're making between liquidity and access to long-term private market returns." (luis.garcia@wsj.com; @lhvgarcia)
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June 05, 2026 19:15 ET (23:15 GMT)
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