Private Credit Alert Upgraded: Multiple Institutions Including Morgan Stanley Restrict Redemptions

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Caixin As concerns over private credit risks in the market escalate, an increasing number of redemption requests have forced fund managers to implement restrictions.

As of March 13, several institutions including Morgan Stanley, BlackRock, and Cliffwater, which manages private credit funds with a total scale of $33 billion, have imposed redemption restrictions on their funds.

Morgan Stanley’s approximately $7.6 billion “North Haven Private Income Fund” restricted redemptions due to redemption requests exceeding the fund’s limit. The redemption requests for the quarter reached 10.9%, but only about 45.8% of the redemption requests were ultimately fulfilled.

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