Morgan Stanley, Cliffwater cap private credit fund withdrawals, Bloomberg says

Morgan Stanley (MS) and Cliffwater capped withdrawals from their multibillion-dollar private credit funds after investors sought to redeem vastly more than the vehicles allow, reported Bloomberg, calling the moves “among the starkest examples yet of private credit funds grappling with a wave of redemption requests amid growing concerns over the quality of their loans, particularly to software companies.” While most funds had sought to meet investor demands for cash, BlackRock (BLK) decided to limit withdrawals last week in a move that other managers have since followed, the report noted.