Wealthy individuals have sought to pull more than $10bn from some of the largest private credit funds in the first quarter, prompting investment managers to limit withdrawals and threatening to stall one of Wall Street’s most important sources of growth.
Debt funds managed by powerhouse firms including Blackstone, BlackRock, Cliffwater, Morgan Stanley and Monroe Capital have agreed to honour about 70 per cent of the $10.1bn of redemption requests they have faced, according to FT calculations.
That number is expected to rise over the next two weeks, as funds managed by Ares Management, Apollo Global, Blue Owl, Oaktree and Goldman Sachs tally up how many of their investors are heading for the exits.
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