The Ides of March came a bit early for private-credit funds this year. Blackstone, the world’s largest alternative asset manager, managing over $1 trillion in assets as of early 2026, said in early March that redemption requests from its $82-billion Blackstone private-credit fund, known as Bcred, rose to 7.9% of its assets in the first quarter.
It’s not the only one in reclamation worry. In February, Blue Owl Capital, an asset manager that specializes in private credit with over $307 billion in assets under management as of late 2025, restricted withdrawals from one of its private-credit funds after spooked individual investors began asking for their money back.
Shares of private-credit lenders, including Apollo, Blackstone, Ares and KKR, have fallen more than 25% so far this year.