Matt Wirz

Moody's Ratings has changed its outlook to negative on Blackstone's largest private credit fund and a fund managed by Golub. The credit-rating firm made the downgrade because of rising defaults in the private corporate loans made by the funds, which are known as business development companies, or B

Investors in Cliffwater’s $31.3 billion flagship private-credit fund tendered about 17% of the shares in the fund for repayment in the second quarter, up from 14% in the first quarter of

The fund capped client redemptions at 5%, an about face from Blackstone’s decision to pay out all requests earlier this year.

The fund capped client redemptions at 5%, an about face from Blackstone’s decision to pay out all requests earlier this year.

Life insurance companies accelerated purchases of private credit in 2025 with insurers owned by private fund managers leading the charge, according to analysis by Moody’s Ratings. Overall, U.S. life insurers held $807 billion of private credit and illiquid assets in 2025, comprising 20% of their $4

Analysts expect high withdrawals to last more than a year, increasing the risk of forced liquidations.

Roughly one-quarter of the life insurers tracked by Clearwater Analytics that own stakes in private-credit funds also lend to the funds.

Investors in one of Ares Management’s largest private-credit funds tried to withdraw about $1.5 billion of their money in the second quarter, representing 14.4% of the fund’s net asset value. Ares decided to limit redemptions to 5% of shares outstanding, the same cap the firm applied in the first q

Redemption requests declined from the previous quarter but remained elevated.

Wary of a prolonged redemption cycle, more fund managers are rationing withdrawals.