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2 clusters · 4 sources · 5 days · First seen · Last updated

Liquidity pressures in private credit markets

Overview

Major asset managers are implementing redemption caps on private credit funds as investors seek to withdraw cash from the $1.8 trillion direct lending market. This trend is driven by concerns regarding loan quality and exposure to certain software investments.

In the third quarter of 2026, Morgan Stanley restricted withdrawals at its nearly $7 billion North Haven Private Income Fund for the third consecutive quarter, maintaining a 5% cap despite investors requesting to redeem 11.4% of shares. Similarly, Apollo Global Management capped redemptions at its Apollo Debt Solutions fund at 5% of outstanding shares following requests from 14.7% of investors. Apollo noted that many requests were repeat submissions from investors whose previous requests were not fully met.

These actions reflect broader liquidity pressures across the industry, with other firms such as BlackRock, Blackstone, and Cliffwater also facing or implementing withdrawal restrictions in response to market volatility.

Entities

BlackRock · Apollo Debt Solutions · Cliffwater · Apollo · Blackstone

Timeline

  1. [BUSINESS] 3 sources
    Apollo Global Management caps private credit fund redemptions

    Apollo Global Management is capping withdrawals from its Apollo Debt Solutions fund for the third straight quarter after 14.7% of investors requested to exit amid broader private credit market concerns.

  2. [BUSINESS] 2 sources
    Morgan Stanley caps redemptions at $7B private credit fund

    Morgan Stanley has capped redemptions at its $7 billion North Haven Private Income Fund for the third straight quarter, as investor withdrawal requests significantly exceed the fund's 5% limit.

Sources

criptovaluta.it · cryptobriefing.com · it-boltwise.de · toray.co.jp