Is the 2008 financial crisis about to repeat itself when the "run on private equity credit" wave hits? Blackstone BlackRock Fund is under collective pressure! Blackstone&BlackRock Private Equity Credit Fund's "Redemption Wave" in Depth Analysis (Latest Q1 2026 Data) 1/Fact core: The size of the private equity credit market is about 1.8-2 trillion US dollars, with high returns (10%+), but the underlying assets are long-term, illiquid loans (for small and medium-sized enterprises/leveraged buyout loans, with a term of several years). Many funds give investors quarterly redemption rights, creating a fatal "liquidity mismatch" - they want to run at any time, but their assets cannot be sold, and selling on the front line may lead to a collapse. 2/Current signal ringing: -Blackstone BCRED (approximately $82 billion in size): Q1 redemption applications hit a record high of 7.9% (approximately $3.8 billion), far exceeding the usual 5% limit. Blackstone takes a tough stance: temporarily raising the ceiling to 7%, with the company and executives/employees injecting approximately $400 million (approximately $250 million for the company and $150 million for the executives) -BlackRock HLEND (approximately $26 billion in size): 9.3% (approximately $1.2 billion) of Q1 redemption requests. Rational closure: Strictly implement the 5% upper limit, only pay about 620 million US dollars, and postpone the remaining. Why did they suddenly run away collectively? -Short term triggers: individual loan defaults+valuation decline, AI impacting borrowers in some industries, high interest rates squeezing companies, Middle East geopolitics+macro uncertainty. -Deep root cause: Retail/high net worth investors pursue "guaranteed high interest" and ignore liquidity risk. Once confidence is shaken, it forms a "first run, first served" prisoner's dilemma, like a bank run accelerating! 4/The two giants have vastly different strategies: -Blackstone: Spending money and raising limits, prioritizing reputation preservation, and avoiding negative rumors that could harm the brand. -BlackRock: Close the gate to protect net asset value, prioritize the protection of remaining investors and fund health (the product is designed to be semi liquid, not a cash withdrawal ATM at any time). 5/Risk assessment: Currently, it is an increase in liquidity pressure rather than a large-scale credit default. Similar peers like Blue Owl also face redemption pressure, but the industry has cash buffers and new funds are still flowing in. Ordinary people should not blindly pursue "stability of 10%", liquidity is the lifeblood, index funds are more stable What do you think? Is it a short-term panic or a precursor to a larger crisis? Private Credit Blackstone BlackRock Run on Banks Financial Crisis 2008 Resurrected Investment Risks