US asset managers fall on private credit withdrawal risk
US asset managers fell as investors braced for private credit redemption updates. Cliffwater reported withdrawal requests rose to 17 percent this quarter.
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Apollo Global Management Inc, Ares Management Corp - A, Blackstone Inc, Blue Owl Capital Inc, and KKR & CO INC fell over 5% Wednesday morning as investors braced for second-quarter updates on private credit fund redemptions. The sector saw withdrawal requests spike to 41% in the prior quarter, leading managers to enforce a 5% quarterly limit on redemptions. These updates are critical as persistent liquidity concerns threaten to delay a recovery for non-traded credit vehicles through the end of the year.
