Blackstone has thrown in the towel and is gating redemptions from its flagship private credit fund for the first time after investors sought to pull 10% of the shares.

Cliffwater Corporate Lending Fund limits redemptions to 5% of NAV after investors requested 17%, raising liquidity concerns across the private credit market.

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…