Morgan Stanley and Cliffwater LLC capped withdrawals from their multibillion-dollar private credit funds after investors sought to redeem vastly more than the vehicles allow.
Cliffwater’s $33 billion flagship private credit vehicle limited redemptions to 7% of shares in the first quarter, after investors sought to pull a record 14%. Morgan Stanley’s North Haven Private Income Fund, which has almost $8 billion in assets, returned around $169 million, or less than half of investors’ tender requests, after capping redemptions at 5% of shares.
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