The Private Credit Snowball Accelerates

There now appears to be well over $100 billion of private credit funds experiencing some form of stress.

There now appears to be well over $100 billion of private credit funds experiencing some form of stress, whether through redemption limits, gating, or forced liquidity management, and the real number is likely higher given how much of this market remains opaque, if you ask me.

This is not a theoretical unwind anymore, despite what Lloyd Blankfein seems to think. It is happening in real time. And today we find out about yet another fund running into redemption stress.