Overview
- Investors have rushed to pull cash from semi-liquid private-credit funds, and last quarter many were paid only up to the 5% redemption cap.
- BlackRock reported $9 billion in first-quarter inflows to its private markets and said a shakeout will split stronger from weaker managers.
- BlackRock’s HPS Corporate Lending Fund limited withdrawals after investors sought to redeem 9.3% of shares against a 5% quarterly limit.
- Regulators are mapping risks as the Federal Reserve asks banks for detailed exposure data and Australia’s ASIC tightens oversight, with the Financial Stability Board preparing a sector report.
- The US Treasury estimates banks have $410 billion to $540 billion in loans to private-credit vehicles, a link that could transmit stress into the banking system.