Major asset managers gate $4.6 billion in private credit redemptions as investor withdrawals surge, exposing liquidity risks in the booming direct-lending

Cliffwater's private credit fund has again gated investors by capping redemptions at 5% in the second quarter after investors looked to pull more than three times that amount, or…

“The disease is spreading across private markets asset classes. There is presumably a case to trim earnings expectations on contracting AUMs.”