Investors having been putting money into private credit since the 2008 financial crisis. With time, the problems with those investments are starting to show.

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.”