US Private Credit Redemptions Hit Record as BCRED Reaches 10%, Cliffwater Surges to 17%

According to BlockBeats, on June 5, U.S. private credit redemptions hit record levels as the new quarter's withdrawal window opened. Blackstone's BCRED redemption requests reached 10% of assets under management, a historic high that triggered the fund's 5% gate limit, while Cliffwater's flagship fund saw redemption ratios surge to 17%. Fitch data showed private credit default rates climbing to 6%, a historic peak.

PIMCO Chief Investment Officer Daniel Ivascyn warned that "a sustained credit default cycle has begun for the first time in years," as the $1.8 trillion private credit market faces mounting redemption pressure.