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Major Firms Limit Private Credit Withdrawals Amid Loan Concerns

3/13/2026

50 4 Full Breakdown

Summary

Story summary

Morgan Stanley capped withdrawals from the North Haven Private Income Fund at 5%, though investors sought 11%.
Cliffwater limited redemptions to 7% after requests reached 14%.
BlackRock also imposed limits on private credit withdrawals.
The actions reflect concerns about loan quality, particularly in the software sector.
Analysts say these restrictions are normal liquidity management, not a systemic crisis in the $2 trillion private credit market.

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Story summary

Morgan Stanley capped withdrawals from the North Haven Private Income Fund at 5%, though investors sought 11%.
Cliffwater limited redemptions to 7% after requests reached 14%.
BlackRock also imposed limits on private credit withdrawals.
The actions reflect concerns about loan quality, particularly in the software sector.
Analysts say these restrictions are normal liquidity management, not a systemic crisis in the $2 trillion private credit market.