Something unusual is happening in the financial markets


Two of the world’s biggest funds are suddenly limiting withdrawals.
• BlackRock froze about $1.2B in withdrawal requests from its $26B private credit fund
• Investors tried to withdraw 9.3%, but withdrawals were capped at 5%
• The same week, Blackstone’s $82B fund saw record withdrawal requests
• Blackstone had to inject $400M of its own cash to handle the exits
When some of the largest asset managers start limiting withdrawals, it raises questions about liquidity in the system.
Something big might be building beneath the surface.
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