- In February 2026, the alternative asset management giant Blue Owl in the United States announced the permanent cancellation of quarterly redemption arrangements for its retail private credit funds, switching to a method of returning funds through asset sales and loan recoveries in installments, while also selling approximately $1.4 billion in loan assets to address liquidity pressures.

- On March 6, 2026, the world's largest asset management company BlackRock imposed redemption restrictions on its flagship private credit fund HLEND, with a scale of $26 billion: investors requested to redeem 9.3% of their shares (about $1.2 billion), but the fund only paid out 5% (about $620 million), with nearly half of the redemption requests being deferred.

Both events are typical signals of "large-scale credit fund redemption restrictions" and have also triggered a collective decline in the private credit sector, with market concerns about a liquidity crisis significantly intensifying.