Gate News reports that on March 10, the flagship private credit fund managed by alternative investment advisor and fund management company Cliffwater may face redemption requests exceeding 7%. Cliffwater’s loan fund manages approximately $33 billion in assets and is a interval fund (a closed-end fund with periodic open and close redemption windows). According to sources, the company has not yet decided whether to impose restrictions if redemptions reach 5% or 7%, and the redemption window will close on Tuesday. Cliffwater is the latest private credit firm to experience investor withdrawals. The private credit industry (non-public credit investments for institutional investors) has a size of $1.8 trillion, with investors pulling out due to concerns over loan quality and exposure to software companies potentially impacted by artificial intelligence. Recently, Blackstone and BlackRock have been forced to restrict redemptions, revealing liquidity issues in the US and UK private credit markets.
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