Overview
- Morgan Stanley limited redemptions in its $7.6 billion North Haven Private Income Fund after requests reached 10.9% in the quarter, filling about 45.8% to stay near a 5% cap.
- Cliffwater curtailed withdrawals in its roughly $33 billion Corporate Lending Fund, approving 7% after investors sought 14% of shares in the first quarter.
- BlackRock restricted quarterly payouts from its HPS Corporate Loans Fund to the 5% limit, paying about $620 million against $1.2 billion in requests, while its shares fell roughly 10.8% since March 6.
- JPMorgan reduced valuations on loans pledged by private-credit funds—largely enterprise software credits tied to AI-related risks—cutting available financing without triggering immediate margin calls, according to reports.
- Deutsche Bank disclosed about $30 billion in private-credit exposure in its annual report, identifying the asset class as a relevant risk while noting no related losses.