Private Credit Panic Goes To 11 As World's Largest Private Credit Fund Hit With Record Redemptions

Late last Friday - about an hour or two before the war against Iran started with the bombing of the Ayatollah and 40 of his closest associates - we said that "All hell was breaking loose in private credit" and listed all the different ways that BDC and private credit funds were getting slowly but surely redeemed out of existence, growing number of investor gates nowithstanding, as a result of a putrid mountain of software loans at the core of every private credit fund turning increasingly rancid with every non-cash flow generating day. 

But while the war in the middle east managed to push the private credit meltdown off from the front pages for a few days, it just refuses to stay out of the spotlight.