The article is long and indeed a bit boring, but if I do not mention the details of the risks, I feel it becomes clickbait. Overall, the risks in U.S. private credit are gradually increasing, including that BlackRock and Blackstone have already faced demands to increase redemption efforts. Investors' risk appetite is currently declining, their willingness to redeem is rising, and skepticism about valuations and payment capabilities is deepening.

Ongoing high interest rates, difficulty in refinancing, and pressure on underlying borrowers have led investors to reassess the reality of valuations and the ability to pay. Once redemptions widen, defaults increase, and credit spreads widen, liquidity pressure may evolve into a real credit event.

In simple terms, if the U.S. encounters a more evident recession or financial accident in the future, private credit is likely to be one of the triggers. If the Federal Reserve does not enter a phase of rapid rate cuts, it will likely continue to increase the probability of risk emerging.

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