World Largest Private Equity Firm $1.3 Trillion Blackstone Founder & CEO Stephen Schwarzman Says Blackstone is Navigating an Intensely Negative Campaign Against the Private Credit Sector
4th May 2026 | Hong Kong
The world’s largest private equity firm Blackstone ($1.3 trillion AUM) founder & CEO Stephen Schwarzman says Blackstone is navigating an intensely negative campaign against the private credit sector. In 2026 April, Blackstone raised $10 billion for the 5th private credit fund (Blackstone Capital Opportunities Fund V). Blackstone opportunistic credit strategy has generated +13% net IRR since launch in 2007. In 2026 April, the world’s largest asset manager BlackRock ($14 trillion AUM) is facing class action lawsuit for misleading statements & disclosure failures in $364 million specialty finance company (BDC) BlackRock TCP Capital Corp, which had reported full write down of $25 million private credit loan to Infinite Commerce Holdings . Nasdaq-listed BlackRock TCP Capital Corp current market value at $364 million, share price -22% YTD, -35.2% last 12 months & -70.3% last 5 years. The law firms promoting the class action lawsuit include Levi & Korsinsky and Rosen Law. In 2026 Q1, United States Investment Office of Brown University $8 billion endowment sold 1.7 million shares (Around $20 million value based on 4/5/26) in $5.9 billion NYSE-listed private credit fund Blue Owl Capital Corp (OBDC) in 2026 Q1, reducing shareholding from 3.2 million shares to 1.5 million shares. In 2026 April, Private Credit Exposure of Citigroup, Wells Fargo & Bank of America – 1) Citigroup reports $22 billion loan exposure to private credit firms, 2) Wells Fargo reports $36.2 billion loan exposure to private credit firms & 3) Bank of America reports $20 billion private credit loan portfolio. In 2026 April, United States alternatives asset manager Blue Owl Capital ($307 billion AUM) private credit fund Blue Owl Capital Corp (OBDC) issued $400 million 5-year bond with 6.5% yield due 2028. NYSE (New York Stock Exchange)-listed Blue Owl Capital Corp (OBDC) current market value at $5.6 billion, share price -9.7% YTD, -15.5% last 12 months & -20.9% last 5 years. In 2026 April, United States credit rating agency Moody’s Ratings cut the outlook on United States alternatives asset manager Blue Owl Capital with $307 billion AUM (Blue Owl Credit Income Corp, OCIC) to negative from stable due to higher redemption requests compared to peers in 2026 Q1, and revised outlook on United States Business Development Companies (BDCs) to negative from stable also due to high redemption requests. In 2026 April, Blue Owl Capital limited redemptions at 5% on 2 private credit funds after receiving $5.4 billion redemption requests in 2026 Q1, with 1) $36 billion flagship OCIC Fund (Blue Owl Credit Income Corp) receiving 21.9% share redemption requests & 2) $6.2 billion OTIC Fund (Blue Owl Technology Income Corp) receiving 40.7% share redemption requests. In 2026 April, United States private equity firm Carlyle ($477 billion AUM) received 15.7% redemption requests but approved 5% of redemption requests for $7 billion private credit fund (Carlyle Tactical Private Credit Fund) in 2026 Q1. The fund reported +6.38% return in 2025. Carlyle Tactical Private Credit Fund Asset Allocation 2025 – Direct Lending 38.9%, Opportunistic Credit 18.1%, Liquid Credit 14.7%, Structured Credit 13.6%, Asset-Backed Finance 5.9%, Real Assets Credit 3.8%, Money Market Funds 1.2%, Cash & Equivalents 2.1%, Other Assets 1.7%. In 2026 April, JP Morgan Chairman & CEO Jamie Dimon says he is not worried about private credit but warns of larger losses for private credit lenders. In 2026 March, United States alternatives asset manager Blue Owl Capital ($307 billion AUM) has limited redemptions at 5% on 2 private credit funds after receiving $5.4 billion redemption requests in 2026 Q1, with 1) $36 billion flagship OCIC Fund (Blue Owl Credit Income Corp) receiving 21.9% share redemption requests & 2) $6.2 billion OTIC Fund (Blue Owl Technology Income Corp) receiving 40.7% share redemption requests. In 2026 March, Blue Owl Capital ($307 billion AUM) recommended shareholders to reject United States investment managers Saba Capital Management & Cox Capital Partners tender offer intention to buy 3 non-traded Blue Owl BDCs at 20% to 35% discount. The 3 BDCs are Blue Owl Capital Corporation II, Blue Owl Technology Income Corp, Blue Owl Credit Income Corp. In 2026 March, European Central Bank (ECB) will start to conduct checks on banks exposure to private credit including exposure to direct lenders. In 2026 March, Private Credit Impact on Apollo, Ares & Oaktree – 1) United States private equity firm Apollo Capital Management ($938 billion AUM) flagship $15.1 billion private credit fund (Apollo Debt Solutions BDC) has received 11.2% redemption requests exceeding 5% redemption limit per quarter, and will follow mandate to allow 5% redemption limit per quarter. 2) United States alternative investment manager Ares Management Corp ($623 billion AUM) is limiting redemption to 5% on $10.7 billion private credit fund (Ares Strategic Income Fund), after receiving 11.6% redemption requests. 3) Brookfield United States alternative investments manager Oaktree Capital Management ($223 billion AUM) will allow all 8.5% redemption requests for private credit fund (Oaktree Strategic Credit Fund), comprising of 6.8% buyback & parent brookfield buying 1.7% of shares. In 2026 March, Private Credit Impact on JP Morgan, Deutsche Bank, Morgan Stanley, Cliffwater & Partners Group – 1) JP Morgan decreased valuation of loans provided to private credit funds, 2) Deutsche Bank reports $30 billion (5% of $600 billion loan book) exposure to private credit, 3) Morgan Stanley imposed 5% redemption limit on $8 billion North Haven Private Income Fund, 4) United States alternative investment manager Cliffwater imposed 7% redemption limit on $33 billion flagship Corporate Lending Fund, 5) Switzerland $185 billion private markets asset manager Partners Group Chairman Steffen Meister issues warning of above 5% private credit default rate from previous 2.6% annual average default rate over last 10 years due to impact of artificial intelligence. In 2026 March, the world’s largest private equity firm Blackstone ($1.3 trillion AUM) flagship $83 billion private credit fund BCRED (Blackstone Private Credit Fund) has reported 0.4% loss for the month of 2026 February, with previous monthly loss of 1.3% reported in 2022 September. In 2026 March, Blackstone BCRED (Blackstone Private Credit Fund) was reported to have received $3.7 billion withdrawal requests & $2 billion new commitments, equivalent to $1.7 billion net outflow. BCRED (Blackstone Private Credit Fund) was launched in 2021, with current annualized distribution rate at 8.9%. In 2026 March, Japan Sumitomo Life Insurance Company is planning to allocate $1.9 billion (JPY 300 billion) in private credit starting in 2026 April. In 2026 March, Morgan Stanley forecasts private credit / direct lending default rates to increase to 8% due to AI (artificial intelligence) disrupting the software industry. In 2026 March, the world’s largest asset manager BlackRock ($14 trillion AUM) imposed a 5% withdrawal limit on flagship $26 billion private credit fund (HPS Corporate Lending Fund) after receiving increased withdrawal requests, with shareholders submitting 9.3% withdrawal requests but the fund imposed a 5% withdrawal limit. HPS Corporate Lending Fund is a non-traded Business Development Company (BDC). BlackRock acquired HPS Investment Partners in 2025. In 2026 March, BlackRock $1.5 billion specialty finance company (BDC) BlackRock TCP Capital Corp reported full write down of $25 million private credit loan to Infinite Commerce Holdings. For 2025 December (31/12/25), BlackRock TCP Capital Corp reported $1.5 billion fair value, $1.7 billion total assets & $598 million net asset, and 10.2% weighted annual effective yield of total portfolio in 2025. In 2026 March, the world’s largest private equity firm Blackstone ($1.3 trillion AUM) flagship $82 billion private credit fund BCRED (Blackstone Private Credit Fund) received $3.7 billion withdrawal requests & $2 billion new commitments, equivalent to $1.7 billion net outflow. BCRED (Blackstone Private Credit Fund) was launched in 2021, with current annualized distribution rate at 8.9%. In 2026 March, Goldman Sachs CEO Lloyd Blankfein issued a warning of distributing private credit investments to retail investors at current late cycle in private credit risks. In 2026 February, UBS strategists increased private credit default forecast to 15% in worst-case scenario from 13% default forecast in 2026 January. In 2026 February, Bank of America ($380 billion market value) will be investing $25 billion capital from Bank of America balance sheet into private credit deals, with plans to originate the deals from Capital Markets Division (Investment Banking).
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Private Credit Exposure of Citigroup, Wells Fargo & Bank of America: 1) Citigroup Reports $22 Billion Loan Exposure to Private Credit Firms, 2) Wells Fargo Reports $36.2 Billion Loan Exposure to Private Credit Firms & 3) Bank of America Reports $20 Billion Private Credit Loan Portfolio
16th April 2026 – Private Credit Exposure of Citigroup, Wells Fargo & Bank of America – 1) Citigroup reports $22 billion loan exposure to private credit firms, 2) Wells Fargo reports $36.2 billion loan exposure to private credit firms & 3) Bank of America reports $20 billion private credit loan portfolio. In 2026 April, United States alternatives asset manager Blue Owl Capital ($307 billion AUM) private credit fund Blue Owl Capital Corp (OBDC) issued $400 million 5-year bond with 6.5% yield due 2028. NYSE (New York Stock Exchange)-listed Blue Owl Capital Corp (OBDC) current market value at $5.6 billion, share price -9.7% YTD, -15.5% last 12 months & -20.9% last 5 years. In 2026 April, United States credit rating agency Moody’s Ratings cut the outlook on United States alternatives asset manager Blue Owl Capital with $307 billion AUM (Blue Owl Credit Income Corp, OCIC) to negative from stable due to higher redemption requests compared to peers in 2026 Q1, and revised outlook on United States Business Development Companies (BDCs) to negative from stable also due to high redemption requests. In 2026 April, Blue Owl Capital limited redemptions at 5% on 2 private credit funds after receiving $5.4 billion redemption requests in 2026 Q1, with 1) $36 billion flagship OCIC Fund (Blue Owl Credit Income Corp) receiving 21.9% share redemption requests & 2) $6.2 billion OTIC Fund (Blue Owl Technology Income Corp) receiving 40.7% share redemption requests. In 2026 April, United States private equity firm Carlyle ($477 billion AUM) received 15.7% redemption requests but approved 5% of redemption requests for $7 billion private credit fund (Carlyle Tactical Private Credit Fund) in 2026 Q1. The fund reported +6.38% return in 2025. Carlyle Tactical Private Credit Fund Asset Allocation 2025 – Direct Lending 38.9%, Opportunistic Credit 18.1%, Liquid Credit 14.7%, Structured Credit 13.6%, Asset-Backed Finance 5.9%, Real Assets Credit 3.8%, Money Market Funds 1.2%, Cash & Equivalents 2.1%, Other Assets 1.7%. In 2026 April, JP Morgan Chairman & CEO Jamie Dimon says he is not worried about private credit but warns of larger losses for private credit lenders. In 2026 March, United States alternatives asset manager Blue Owl Capital ($307 billion AUM) has limited redemptions at 5% on 2 private credit funds after receiving $5.4 billion redemption requests in 2026 Q1, with 1) $36 billion flagship OCIC Fund (Blue Owl Credit Income Corp) receiving 21.9% share redemption requests & 2) $6.2 billion OTIC Fund (Blue Owl Technology Income Corp) receiving 40.7% share redemption requests. In 2026 March, Blue Owl Capital ($307 billion AUM) recommended shareholders to reject United States investment managers Saba Capital Management & Cox Capital Partners tender offer intention to buy 3 non-traded Blue Owl BDCs at 20% to 35% discount. The 3 BDCs are Blue Owl Capital Corporation II, Blue Owl Technology Income Corp, Blue Owl Credit Income Corp. In 2026 March, European Central Bank (ECB) will start to conduct checks on banks exposure to private credit including exposure to direct lenders. In 2026 March, Private Credit Impact on Apollo, Ares & Oaktree – 1) United States private equity firm Apollo Capital Management ($938 billion AUM) flagship $15.1 billion private credit fund (Apollo Debt Solutions BDC) has received 11.2% redemption requests exceeding 5% redemption limit per quarter, and will follow mandate to allow 5% redemption limit per quarter. 2) United States alternative investment manager Ares Management Corp ($623 billion AUM) is limiting redemption to 5% on $10.7 billion private credit fund (Ares Strategic Income Fund), after receiving 11.6% redemption requests. 3) Brookfield United States alternative investments manager Oaktree Capital Management ($223 billion AUM) will allow all 8.5% redemption requests for private credit fund (Oaktree Strategic Credit Fund), comprising of 6.8% buyback & parent brookfield buying 1.7% of shares. In 2026 March, Private Credit Impact on JP Morgan, Deutsche Bank, Morgan Stanley, Cliffwater & Partners Group – 1) JP Morgan decreased valuation of loans provided to private credit funds, 2) Deutsche Bank reports $30 billion (5% of $600 billion loan book) exposure to private credit, 3) Morgan Stanley imposed 5% redemption limit on $8 billion North Haven Private Income Fund, 4) United States alternative investment manager Cliffwater imposed 7% redemption limit on $33 billion flagship Corporate Lending Fund, 5) Switzerland $185 billion private markets asset manager Partners Group Chairman Steffen Meister issues warning of above 5% private credit default rate from previous 2.6% annual average default rate over last 10 years due to impact of artificial intelligence. In 2026 March, the world’s largest private equity firm Blackstone ($1.3 trillion AUM) flagship $83 billion private credit fund BCRED (Blackstone Private Credit Fund) has reported 0.4% loss for the month of 2026 February, with previous monthly loss of 1.3% reported in 2022 September. In 2026 March, Blackstone BCRED (Blackstone Private Credit Fund) was reported to have received $3.7 billion withdrawal requests & $2 billion new commitments, equivalent to $1.7 billion net outflow. BCRED (Blackstone Private Credit Fund) was launched in 2021, with current annualized distribution rate at 8.9%. In 2026 March, Japan Sumitomo Life Insurance Company is planning to allocate $1.9 billion (JPY 300 billion) in private credit starting in 2026 April. In 2026 March, Morgan Stanley forecasts private credit / direct lending default rates to increase to 8% due to AI (artificial intelligence) disrupting the software industry. In 2026 March, the world’s largest asset manager BlackRock ($14 trillion AUM) imposed a 5% withdrawal limit on flagship $26 billion private credit fund (HPS Corporate Lending Fund) after receiving increased withdrawal requests, with shareholders submitting 9.3% withdrawal requests but the fund imposed a 5% withdrawal limit. HPS Corporate Lending Fund is a non-traded Business Development Company (BDC). BlackRock acquired HPS Investment Partners in 2025. In 2026 March, BlackRock $1.5 billion specialty finance company (BDC) BlackRock TCP Capital Corp reported full write down of $25 million private credit loan to Infinite Commerce Holdings. For 2025 December (31/12/25), BlackRock TCP Capital Corp reported $1.5 billion fair value, $1.7 billion total assets & $598 million net asset, and 10.2% weighted annual effective yield of total portfolio in 2025. In 2026 March, the world’s largest private equity firm Blackstone ($1.3 trillion AUM) flagship $82 billion private credit fund BCRED (Blackstone Private Credit Fund) received $3.7 billion withdrawal requests & $2 billion new commitments, equivalent to $1.7 billion net outflow. BCRED (Blackstone Private Credit Fund) was launched in 2021, with current annualized distribution rate at 8.9%. In 2026 March, Goldman Sachs CEO Lloyd Blankfein issued a warning of distributing private credit investments to retail investors at current late cycle in private credit risks. In 2026 February, UBS strategists increased private credit default forecast to 15% in worst-case scenario from 13% default forecast in 2026 January. In 2026 February, Bank of America ($380 billion market value) will be investing $25 billion capital from Bank of America balance sheet into private credit deals, with plans to originate the deals from Capital Markets Division (Investment Banking).
United States $477 Billion Private Equity Firm Carlyle Received 15.7% Redemption Requests But Approved 5% Redemption Requests for $7 Billion Private Credit Fund (Carlyle Tactical Private Credit Fund) in 2026 Q1, Fund Reported +6.38% Return in 2025, Carlyle Tactical Private Credit Fund Asset Allocation 2025: Direct Lending 38.9%, Opportunistic Credit 18.1%, Liquid Credit 14.7%, Structured Credit 13.6%, Asset-Backed Finance 5.9%, Real Assets Credit 3.8%, Money Market Funds 1.2%, Cash & Equivalents 2.1%, Other Assets 1.7%
13th April 2026 – United States private equity firm Carlyle ($477 billion AUM) has received 15.7% redemption requests but approved 5% of redemption requests for $7 billion private credit fund (Carlyle Tactical Private Credit Fund) in 2026 Q1. The fund reported +6.38% return in 2025. Carlyle Tactical Private Credit Fund Asset Allocation 2025 – Direct Lending 38.9%, Opportunistic Credit 18.1%, Liquid Credit 14.7%, Structured Credit 13.6%, Asset-Backed Finance 5.9%, Real Assets Credit 3.8%, Money Market Funds 1.2%, Cash & Equivalents 2.1%, Other Assets 1.7%. In 2026 April, JP Morgan Chairman & CEO Jamie Dimon says he is not worried about private credit but warns of larger losses for private credit lenders. In 2026 March, United States alternatives asset manager Blue Owl Capital ($307 billion AUM) has limited redemptions at 5% on 2 private credit funds after receiving $5.4 billion redemption requests in 2026 Q1, with 1) $36 billion flagship OCIC Fund (Blue Owl Credit Income Corp) receiving 21.9% share redemption requests & 2) $6.2 billion OTIC Fund (Blue Owl Technology Income Corp) receiving 40.7% share redemption requests. In 2026 March, Blue Owl Capital ($307 billion AUM) recommended shareholders to reject United States investment managers Saba Capital Management & Cox Capital Partners tender offer intention to buy 3 non-traded Blue Owl BDCs at 20% to 35% discount. The 3 BDCs are Blue Owl Capital Corporation II, Blue Owl Technology Income Corp, Blue Owl Credit Income Corp. In 2026 March, European Central Bank (ECB) will start to conduct checks on banks exposure to private credit including exposure to direct lenders. In 2026 March, Private Credit Impact on Apollo, Ares & Oaktree – 1) United States private equity firm Apollo Capital Management ($938 billion AUM) flagship $15.1 billion private credit fund (Apollo Debt Solutions BDC) has received 11.2% redemption requests exceeding 5% redemption limit per quarter, and will follow mandate to allow 5% redemption limit per quarter. 2) United States alternative investment manager Ares Management Corp ($623 billion AUM) is limiting redemption to 5% on $10.7 billion private credit fund (Ares Strategic Income Fund), after receiving 11.6% redemption requests. 3) Brookfield United States alternative investments manager Oaktree Capital Management ($223 billion AUM) will allow all 8.5% redemption requests for private credit fund (Oaktree Strategic Credit Fund), comprising of 6.8% buyback & parent brookfield buying 1.7% of shares. In 2026 March, Private Credit Impact on JP Morgan, Deutsche Bank, Morgan Stanley, Cliffwater & Partners Group – 1) JP Morgan decreased valuation of loans provided to private credit funds, 2) Deutsche Bank reports $30 billion (5% of $600 billion loan book) exposure to private credit, 3) Morgan Stanley imposed 5% redemption limit on $8 billion North Haven Private Income Fund, 4) United States alternative investment manager Cliffwater imposed 7% redemption limit on $33 billion flagship Corporate Lending Fund, 5) Switzerland $185 billion private markets asset manager Partners Group Chairman Steffen Meister issues warning of above 5% private credit default rate from previous 2.6% annual average default rate over last 10 years due to impact of artificial intelligence. In 2026 March, the world’s largest private equity firm Blackstone ($1.3 trillion AUM) flagship $83 billion private credit fund BCRED (Blackstone Private Credit Fund) has reported 0.4% loss for the month of 2026 February, with previous monthly loss of 1.3% reported in 2022 September. In 2026 March, Blackstone BCRED (Blackstone Private Credit Fund) was reported to have received $3.7 billion withdrawal requests & $2 billion new commitments, equivalent to $1.7 billion net outflow. BCRED (Blackstone Private Credit Fund) was launched in 2021, with current annualized distribution rate at 8.9%. In 2026 March, Japan Sumitomo Life Insurance Company is planning to allocate $1.9 billion (JPY 300 billion) in private credit starting in 2026 April. In 2026 March, Morgan Stanley forecasts private credit / direct lending default rates to increase to 8% due to AI (artificial intelligence) disrupting the software industry. In 2026 March, the world’s largest asset manager BlackRock ($14 trillion AUM) imposed a 5% withdrawal limit on flagship $26 billion private credit fund (HPS Corporate Lending Fund) after receiving increased withdrawal requests, with shareholders submitting 9.3% withdrawal requests but the fund imposed a 5% withdrawal limit. HPS Corporate Lending Fund is a non-traded Business Development Company (BDC). BlackRock acquired HPS Investment Partners in 2025. In 2026 March, BlackRock $1.5 billion specialty finance company (BDC) BlackRock TCP Capital Corp reported full write down of $25 million private credit loan to Infinite Commerce Holdings. For 2025 December (31/12/25), BlackRock TCP Capital Corp reported $1.5 billion fair value, $1.7 billion total assets & $598 million net asset, and 10.2% weighted annual effective yield of total portfolio in 2025. In 2026 March, the world’s largest private equity firm Blackstone ($1.3 trillion AUM) flagship $82 billion private credit fund BCRED (Blackstone Private Credit Fund) received $3.7 billion withdrawal requests & $2 billion new commitments, equivalent to $1.7 billion net outflow. BCRED (Blackstone Private Credit Fund) was launched in 2021, with current annualized distribution rate at 8.9%. In 2026 March, Goldman Sachs CEO Lloyd Blankfein issued a warning of distributing private credit investments to retail investors at current late cycle in private credit risks. In 2026 February, UBS strategists increased private credit default forecast to 15% in worst-case scenario from 13% default forecast in 2026 January. In 2026 February, Bank of America ($380 billion market value) will be investing $25 billion capital from Bank of America balance sheet into private credit deals, with plans to originate the deals from Capital Markets Division (Investment Banking).
JP Morgan Chairman & CEO Jamie Dimon Not Worried About Private Credit But Warns of Larger Losses for Private Credit Lenders
6th April 2026 – JP Morgan Chairman & CEO Jamie Dimon says he is not worried about private credit but warns of larger losses for private credit lenders. In 2026 March, United States alternatives asset manager Blue Owl Capital ($307 billion AUM) has limited redemptions at 5% on 2 private credit funds after receiving $5.4 billion redemption requests in 2026 Q1, with 1) $36 billion flagship OCIC Fund (Blue Owl Credit Income Corp) receiving 21.9% share redemption requests & 2) $6.2 billion OTIC Fund (Blue Owl Technology Income Corp) receiving 40.7% share redemption requests. In 2026 March, Blue Owl Capital ($307 billion AUM) recommended shareholders to reject United States investment managers Saba Capital Management & Cox Capital Partners tender offer intention to buy 3 non-traded Blue Owl BDCs at 20% to 35% discount. The 3 BDCs are Blue Owl Capital Corporation II, Blue Owl Technology Income Corp, Blue Owl Credit Income Corp. In 2026 March, European Central Bank (ECB) will start to conduct checks on banks exposure to private credit including exposure to direct lenders. In 2026 March, Private Credit Impact on Apollo, Ares & Oaktree – 1) United States private equity firm Apollo Capital Management ($938 billion AUM) flagship $15.1 billion private credit fund (Apollo Debt Solutions BDC) has received 11.2% redemption requests exceeding 5% redemption limit per quarter, and will follow mandate to allow 5% redemption limit per quarter. 2) United States alternative investment manager Ares Management Corp ($623 billion AUM) is limiting redemption to 5% on $10.7 billion private credit fund (Ares Strategic Income Fund), after receiving 11.6% redemption requests. 3) Brookfield United States alternative investments manager Oaktree Capital Management ($223 billion AUM) will allow all 8.5% redemption requests for private credit fund (Oaktree Strategic Credit Fund), comprising of 6.8% buyback & parent brookfield buying 1.7% of shares. In 2026 March, Private Credit Impact on JP Morgan, Deutsche Bank, Morgan Stanley, Cliffwater & Partners Group – 1) JP Morgan decreased valuation of loans provided to private credit funds, 2) Deutsche Bank reports $30 billion (5% of $600 billion loan book) exposure to private credit, 3) Morgan Stanley imposed 5% redemption limit on $8 billion North Haven Private Income Fund, 4) United States alternative investment manager Cliffwater imposed 7% redemption limit on $33 billion flagship Corporate Lending Fund, 5) Switzerland $185 billion private markets asset manager Partners Group Chairman Steffen Meister issues warning of above 5% private credit default rate from previous 2.6% annual average default rate over last 10 years due to impact of artificial intelligence. In 2026 March, the world’s largest private equity firm Blackstone ($1.3 trillion AUM) flagship $83 billion private credit fund BCRED (Blackstone Private Credit Fund) has reported 0.4% loss for the month of 2026 February, with previous monthly loss of 1.3% reported in 2022 September. In 2026 March, Blackstone BCRED (Blackstone Private Credit Fund) was reported to have received $3.7 billion withdrawal requests & $2 billion new commitments, equivalent to $1.7 billion net outflow. BCRED (Blackstone Private Credit Fund) was launched in 2021, with current annualized distribution rate at 8.9%. In 2026 March, Japan Sumitomo Life Insurance Company is planning to allocate $1.9 billion (JPY 300 billion) in private credit starting in 2026 April. In 2026 March, Morgan Stanley forecasts private credit / direct lending default rates to increase to 8% due to AI (artificial intelligence) disrupting the software industry. In 2026 March, the world’s largest asset manager BlackRock ($14 trillion AUM) imposed a 5% withdrawal limit on flagship $26 billion private credit fund (HPS Corporate Lending Fund) after receiving increased withdrawal requests, with shareholders submitting 9.3% withdrawal requests but the fund imposed a 5% withdrawal limit. HPS Corporate Lending Fund is a non-traded Business Development Company (BDC). BlackRock acquired HPS Investment Partners in 2025. In 2026 March, BlackRock $1.5 billion specialty finance company (BDC) BlackRock TCP Capital Corp reported full write down of $25 million private credit loan to Infinite Commerce Holdings. For 2025 December (31/12/25), BlackRock TCP Capital Corp reported $1.5 billion fair value, $1.7 billion total assets & $598 million net asset, and 10.2% weighted annual effective yield of total portfolio in 2025. In 2026 March, the world’s largest private equity firm Blackstone ($1.3 trillion AUM) flagship $82 billion private credit fund BCRED (Blackstone Private Credit Fund) received $3.7 billion withdrawal requests & $2 billion new commitments, equivalent to $1.7 billion net outflow. BCRED (Blackstone Private Credit Fund) was launched in 2021, with current annualized distribution rate at 8.9%. In 2026 March, Goldman Sachs CEO Lloyd Blankfein issued a warning of distributing private credit investments to retail investors at current late cycle in private credit risks. In 2026 February, UBS strategists increased private credit default forecast to 15% in worst-case scenario from 13% default forecast in 2026 January. In 2026 February, Bank of America ($380 billion market value) will be investing $25 billion capital from Bank of America balance sheet into private credit deals, with plans to originate the deals from Capital Markets Division (Investment Banking).
European Central Bank (ECB) to Conduct Checks on Banks Exposure to Private Credit Including Exposure to Direct Lenders
28th March 2026 – European Central Bank (ECB) will start to conduct checks on banks exposure to private credit including exposure to direct lenders. In 2026 March, Private Credit Impact on Apollo, Ares & Oaktree – 1) United States private equity firm Apollo Capital Management ($938 billion AUM) flagship $15.1 billion private credit fund (Apollo Debt Solutions BDC) has received 11.2% redemption requests exceeding 5% redemption limit per quarter, and will follow mandate to allow 5% redemption limit per quarter. 2) United States alternative investment manager Ares Management Corp ($623 billion AUM) is limiting redemption to 5% on $10.7 billion private credit fund (Ares Strategic Income Fund), after receiving 11.6% redemption requests. 3) Brookfield United States alternative investments manager Oaktree Capital Management ($223 billion AUM) will allow all 8.5% redemption requests for private credit fund (Oaktree Strategic Credit Fund), comprising of 6.8% buyback & parent brookfield buying 1.7% of shares. In 2026 March, Private Credit Impact on JP Morgan, Deutsche Bank, Morgan Stanley, Cliffwater & Partners Group – 1) JP Morgan decreased valuation of loans provided to private credit funds, 2) Deutsche Bank reports $30 billion (5% of $600 billion loan book) exposure to private credit, 3) Morgan Stanley imposed 5% redemption limit on $8 billion North Haven Private Income Fund, 4) United States alternative investment manager Cliffwater imposed 7% redemption limit on $33 billion flagship Corporate Lending Fund, 5) Switzerland $185 billion private markets asset manager Partners Group Chairman Steffen Meister issues warning of above 5% private credit default rate from previous 2.6% annual average default rate over last 10 years due to impact of artificial intelligence. In 2026 March, the world’s largest private equity firm Blackstone ($1.3 trillion AUM) flagship $83 billion private credit fund BCRED (Blackstone Private Credit Fund) has reported 0.4% loss for the month of 2026 February, with previous monthly loss of 1.3% reported in 2022 September. In 2026 March, Blackstone BCRED (Blackstone Private Credit Fund) was reported to have received $3.7 billion withdrawal requests & $2 billion new commitments, equivalent to $1.7 billion net outflow. BCRED (Blackstone Private Credit Fund) was launched in 2021, with current annualized distribution rate at 8.9%. In 2026 March, Japan Sumitomo Life Insurance Company is planning to allocate $1.9 billion (JPY 300 billion) in private credit starting in 2026 April. In 2026 March, Morgan Stanley forecasts private credit / direct lending default rates to increase to 8% due to AI (artificial intelligence) disrupting the software industry. In 2026 March, the world’s largest asset manager BlackRock ($14 trillion AUM) imposed a 5% withdrawal limit on flagship $26 billion private credit fund (HPS Corporate Lending Fund) after receiving increased withdrawal requests, with shareholders submitting 9.3% withdrawal requests but the fund imposed a 5% withdrawal limit. HPS Corporate Lending Fund is a non-traded Business Development Company (BDC). BlackRock acquired HPS Investment Partners in 2025. In 2026 March, BlackRock $1.5 billion specialty finance company (BDC) BlackRock TCP Capital Corp reported full write down of $25 million private credit loan to Infinite Commerce Holdings. For 2025 December (31/12/25), BlackRock TCP Capital Corp reported $1.5 billion fair value, $1.7 billion total assets & $598 million net asset, and 10.2% weighted annual effective yield of total portfolio in 2025. In 2026 March, the world’s largest private equity firm Blackstone ($1.3 trillion AUM) flagship $82 billion private credit fund BCRED (Blackstone Private Credit Fund) received $3.7 billion withdrawal requests & $2 billion new commitments, equivalent to $1.7 billion net outflow. BCRED (Blackstone Private Credit Fund) was launched in 2021, with current annualized distribution rate at 8.9%. In 2026 March, Goldman Sachs CEO Lloyd Blankfein issued a warning of distributing private credit investments to retail investors at current late cycle in private credit risks. In 2026 February, UBS strategists increased private credit default forecast to 15% in worst-case scenario from 13% default forecast in 2026 January. In 2026 February, Bank of America ($380 billion market value) will be investing $25 billion capital from Bank of America balance sheet into private credit deals, with plans to originate the deals from Capital Markets Division (Investment Banking).
Private Credit Impact on Apollo, Ares & Oaktree: 1) United States $938 Billion Private Equity Firm Apollo Capital Management Flagship $15.1 Billion Private Credit Fund (Apollo Debt Solutions BDC) Received 11.2% Redemption Requests Exceeding 5% Redemption Limit Per Quarter, Will Follow Mandate to Allow 5% Redemption Limit Per Quarter, 2) United States $623 Billion Alternative Investment Manager Ares Management Corp Limits Redemption to 5% on $10.7 Billion Private Credit Fund (Ares Strategic Income Fund) after Receiving 11.6% Redemption Requests, 3) Brookfield’s United States $223 Billion Alternative Investments Manager Oaktree Capital Management to Allow All 8.5% Redemption Requests for Private Credit Fund (Oaktree Strategic Credit Fund) Comprising of 6.8% Buyback & Parent Brookfield Buying 1.7% of Shares
28th March 2026 – Private Credit Impact on Apollo, Ares & Oaktree – 1) United States private equity firm Apollo Capital Management ($938 billion AUM) flagship $15.1 billion private credit fund (Apollo Debt Solutions BDC) has received 11.2% redemption requests exceeding 5% redemption limit per quarter, and will follow mandate to allow 5% redemption limit per quarter. 2) United States alternative investment manager Ares Management Corp ($623 billion AUM) is limiting redemption to 5% on $10.7 billion private credit fund (Ares Strategic Income Fund), after receiving 11.6% redemption requests. 3) Brookfield United States alternative investments manager Oaktree Capital Management ($223 billion AUM) will allow all 8.5% redemption requests for private credit fund (Oaktree Strategic Credit Fund), comprising of 6.8% buyback & parent brookfield buying 1.7% of shares. In 2026 March, Private Credit Impact on JP Morgan, Deutsche Bank, Morgan Stanley, Cliffwater & Partners Group – 1) JP Morgan decreased valuation of loans provided to private credit funds, 2) Deutsche Bank reports $30 billion (5% of $600 billion loan book) exposure to private credit, 3) Morgan Stanley imposed 5% redemption limit on $8 billion North Haven Private Income Fund, 4) United States alternative investment manager Cliffwater imposed 7% redemption limit on $33 billion flagship Corporate Lending Fund, 5) Switzerland $185 billion private markets asset manager Partners Group Chairman Steffen Meister issues warning of above 5% private credit default rate from previous 2.6% annual average default rate over last 10 years due to impact of artificial intelligence. In 2026 March, the world’s largest private equity firm Blackstone ($1.3 trillion AUM) flagship $83 billion private credit fund BCRED (Blackstone Private Credit Fund) has reported 0.4% loss for the month of 2026 February, with previous monthly loss of 1.3% reported in 2022 September. In 2026 March, Blackstone BCRED (Blackstone Private Credit Fund) was reported to have received $3.7 billion withdrawal requests & $2 billion new commitments, equivalent to $1.7 billion net outflow. BCRED (Blackstone Private Credit Fund) was launched in 2021, with current annualized distribution rate at 8.9%. In 2026 March, Japan Sumitomo Life Insurance Company is planning to allocate $1.9 billion (JPY 300 billion) in private credit starting in 2026 April. In 2026 March, Morgan Stanley forecasts private credit / direct lending default rates to increase to 8% due to AI (artificial intelligence) disrupting the software industry. In 2026 March, the world’s largest asset manager BlackRock ($14 trillion AUM) imposed a 5% withdrawal limit on flagship $26 billion private credit fund (HPS Corporate Lending Fund) after receiving increased withdrawal requests, with shareholders submitting 9.3% withdrawal requests but the fund imposed a 5% withdrawal limit. HPS Corporate Lending Fund is a non-traded Business Development Company (BDC). BlackRock acquired HPS Investment Partners in 2025. In 2026 March, BlackRock $1.5 billion specialty finance company (BDC) BlackRock TCP Capital Corp reported full write down of $25 million private credit loan to Infinite Commerce Holdings. For 2025 December (31/12/25), BlackRock TCP Capital Corp reported $1.5 billion fair value, $1.7 billion total assets & $598 million net asset, and 10.2% weighted annual effective yield of total portfolio in 2025. In 2026 March, the world’s largest private equity firm Blackstone ($1.3 trillion AUM) flagship $82 billion private credit fund BCRED (Blackstone Private Credit Fund) received $3.7 billion withdrawal requests & $2 billion new commitments, equivalent to $1.7 billion net outflow. BCRED (Blackstone Private Credit Fund) was launched in 2021, with current annualized distribution rate at 8.9%. In 2026 March, Goldman Sachs CEO Lloyd Blankfein issued a warning of distributing private credit investments to retail investors at current late cycle in private credit risks. In 2026 February, UBS strategists increased private credit default forecast to 15% in worst-case scenario from 13% default forecast in 2026 January. In 2026 February, Bank of America ($380 billion market value) will be investing $25 billion capital from Bank of America balance sheet into private credit deals, with plans to originate the deals from Capital Markets Division (Investment Banking).
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