European Central Bank (ECB) to Conduct Checks on Banks Exposure to Private Credit Including Exposure to Direct Lenders
28th March 2026 | Hong Kong
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 “
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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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