This could be BAD!! Read all!!-----Private Credit Cracks - by Peter St Onge

Echoes of 2008 - Peter St Onge

Cracks are spreading in the $1.8 trillion dollar private credit industry. 

• Echoing the 2008 financial crisis but this time gutting the load-bearing walls.
• On Tuesday the Financial Times reported Ares Management, which runs $623 billion, limited redemptions in one of their flagship funds.

That’s the asset management equivalent of a bank run -- investors can’t pull their money because it could spark a fire sale that could collapse the whole fund.
For scale, $623 billion would make Ares the 9th largest bank in America...
We’ve seen locks in 

• Blackstone, 
• Apollo, 
• Cliffwater. 
• Just last week Morgan Stanley capped redemptions at a major private income fund...