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Redemption Window Opens for New Quarter, US Private Credit Market Faces Redemption Storm Again

On June 5, as the redemption window for the new quarter opened, the redemption storm in the US private credit market struck once more. Several leading institutions have disclosed record withdrawal requests, and the confidence in this $1.8 trillion industry is far from restored. Notably, Blackstone's BCRED saw redemption requests reach 10%, hitting a historical high and triggering the 5% limit again, while the redemption ratio for the Cliffwater flagship fund rose to 17%, prompting Partners Group to block exit channels. Fitch data indicates that the default rate in private credit has surged to a historical peak of 6%, and PIMCO has warned that a prolonged credit default cycle has begun. The private credit industry is overly concentrated in software assets, and the disruptive impact of artificial intelligence is putting this sector under reevaluation pressure. PIMCO's Chief Investment Officer Daniel Ivascyn cautioned that 'the first prolonged credit default cycle in years has started.'

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