Private credit investors withdrew more than $7 billion from Wall Street's largest funds in late 2025, the Financial Times reported, citing filings with the Securities and Exchange Commission (SEC) and people familiar with the matter.
Apollo Global Management Inc., Ares Management Corp., Blackstone Inc., HPS Investment Partners LLC (part of BlackRock, Inc.) and Blue Owl Capital Inc. were among those facing heightened redemption requests. Blackstone's fund saw $2.1 billion in withdrawals in the fourth quarter, while Ares' reported nearly $600 million.
The pullbacks followed the bankruptcies of First Brands Group LLC and Tricolor Auto Group LLC, which rattled confidence in the private credit market. JPMorgan Chase & Co. CEO Jamie Dimon warned after Tricolor's collapse that "when you see one cockroach, there are probably more."
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