Another private credit fund can't meet redemption requests. Second quarter in a row.

This isn't a one-off anymore. When multiple funds gate withdrawals or stretch out redemptions, that's not idiosyncratic risk — that's a liquidity mismatch problem baked into the structure.

Private credit sold itself on "less volatility" because there's no daily mark. But illiquidity isn't the same as stability. You just don't see the price move until someone wants their money back and can't get it.

The pitch was: earn a premium for locking up capital. Fine. But a lot of investors didn't really understand "locked up" until now. They thought it meant "I'll get a bit less liquidity" not "I might wait quarters to get my money."

This is what happens when an asset class grows too fast, pulls in too much capital, and gets sold to investors who don't match the duration or illiquidity profile. Everyone's happy when money flows in. Gates and redemption queues show up when it flows out.

Not saying private credit is doomed. But if you're in these funds, understand what you own. If you might need that capital in the next year or two, you're in the wrong vehicle.