BDC

Semi-liquid funds: The hits keep coming

By now there is widespread acknowledgement that something is awry in private credit, both with redemptions in semi-liquid funds and valuations.

Ares, Apollo cap semi-liquid redemptions at 5%, FS KKR downgraded

Apollo and Ares’ funds join a growing list of funds enforcing redemption limits, seeking to avoid downgrades.

Stress in private credit funds is stalling efforts to widen retail access

Runs draw down political capital, as examiners step up focus on disclosures, possible conflicts and valuation of funds.

Conflict of interest concern: Valuation of a loan by the borrower

Valuations of Blue Owl’s BDC’s portfolio provided by Kroll have raised concern given Kroll’s close connection to Deerfield, a borrower from those BDCs.

Cliffwater, Morgan Stanley cap redemptions as liquidity requests rise

Cliffwater and Morgan Stanley seek to reassure investors over the health of their funds’ portfolios, while JPMorgan limits lending activity to credit funds.

Non-listed BDC fundraising momentum slowing, redemption requests rising: Stanger

NAVs are also rising and redemption requests remain manageable, but challenging times may lie ahead.

BlackRock limits redemptions in non-listed BDC

Redemption requests in HPS Corporate Lending Fund exceeded the usual limit by more than 4 percentage points.

BDC redemptions – déjà vu all over again

We’ve seen this movie before, but that was before private credit became a household term.

Investors pull $3.7bn from Blackstone evergreen

BCRED lifted its 5% redemption limit to 7% of assets.