Dvolatility

Comparing now to 2008 MAGS vs. Dow (which lead then) DO YOU THINK THIS IS POSSIBLE - YES OR NO If true, the good news is that we are almost halfway home

What nobody is talking about yet: Of all asset classes, private credit actually fits semi-liquid funds best: high yield + fast turnover. CRE is on the opposite range: really illiquid assets, and much lower yield, so redemption backlogs will take a while. But semi-liquid PE funds are going to be in a real pickle: those generate no yield and there are no portfolio exits.

“Something’s gotta give…”

*ARES LIMITS WITHDRAWALS FROM $10.7B PRIVATE CREDIT FUND: FT *ARES CAPS REDEMPTIONS FROM ARES STRATEGIC INCOME FUND AT 5%: FT $ARES turn to lock the exit door. Third bad PC headline in the last 24 hours. $APO, $KKR, now $ARES. “Ares characterized the redemptions as being driven by a “limited number” of family offices and smaller institutions, which it said represented less than 1% of the fund’s 20,000-plus investors” – Looks like the smart money is running for the exits and the retail RIAs still probably don’t know what’s going on