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📣📣PRIVATE EQUITY CONTAGION HITTING HEDGE FUNDS LIQUIDITY DRYING UP‼️ At the beginning of the year we saw the Private Equity firms like BlackRock, Apollo Global, and Blue Owl start to experience massive amounts of redemption requests. Now it is starting in Hedge Funds. King Street Capital Management is now...

11,853 次观看 • 2 个月前 •via X (Twitter)

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A couple of Citi analysts framed the whole issue perfectly. What if the retail investors fleeing these funds are selling at the very top, and the BDC holder everyone called dumb money is actually the smartest in the room? Their warning was blunt. The calm is deceptive. The next wave of stress will not be gradual. It will be sudden. Non-linear. That is the point. The surface looks fine. Decent NAVs. Confident managers. Underneath, it is a mess. And the mess is spreading. Now the big one. Switzerland's Partners Group. And this is private equity, not private credit. That is the escalation. The contagion is jumping lanes. And it is not just a US problem. It is global. Partners Group just capped withdrawals at its 8.6 billion dollar private equity fund. Redemption requests hit nearly 10% in a single quarter. The cap is 5%. Same move the credit funds are already making. These evergreen funds were sold as flexible private equity. Own private companies, skip the ten-year lockup, redeem when you want. Except you cannot. The assets are not liquid. So when requests are 10% and the limit is 5%, the message is simple. Everyone wants out at once, and the door is too small. This is not Partners Group collapsing. It is the liquidity illusion jumping from credit to equity. And that changes everything. This was never a few investors misreading Blue Owl. It is a full reassessment of private markets. Illiquid assets. Delayed marks. High rates. Dead deals. Locked gates. Investors are looking at all of it and saying the same thing. I want out.

Jeffrey P. Snider

22,209 次观看 • 3 个月前