🚨Multiple private credit funds on Wall Street are facing a liquidity crisis due to redemption requests, and the Federal Reserve has begun to require U.S. banks to explain their exposure to private credit risks—

🔺BlackRock's $26 billion fund has faced around $1.2 billion in redemptions, ultimately only paying out about $620 million of that.

🔺Blackstone has restricted redemptions, with some private credit funds only fulfilling about 70% of requests.

🔺Cliffwater's flagship private credit fund recently encountered massive redemption requests.

🔺Blue Owl has announced further restrictions on the redemption scale of one of its funds, resulting in investors seeking exits receiving less than a quarter of the requested amount.

🔺Stone Ridge Asset Management stated that recent redemption requests have been too high and will only honor 11% of the amounts investors wish to redeem.

Currently, the global private equity market exceeds $17 trillion and is deeply connected to the mainstream financial system;

Private loans are typically bilateral agreements and lack a standardized pricing mechanism, essentially having no liquidity, relying on the sale of publicly traded stocks or the fire sale of underlying assets.

What is terrifying is that many investors may not even realize they have indirectly participated in this.

This is Wall Street. If it were placed in the previous domestic P2P industry, it would definitely be characterized as a precursor to a blow-up!

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