Multiple private equity credit funds on Wall Street are facing a crisis of fund redemption stampede, and the Federal Reserve has begun to require Bank of America to disclose its private equity credit risk exposure—— BlackRock's $26 billion fund encountered approximately $1.2 billion in redemptions, of which only about $620 million was ultimately redeemed. Blackstone has restricted redemptions, and some private credit funds have only redeemed about 70% of their applications. Cliffwater's flagship private equity credit fund has recently encountered large-scale redemption applications. Blue Owl announced another restriction on the redemption size of one of its funds, resulting in investors seeking to exit receiving less than a quarter of the applied amount. Shiling Asset Management stated that recent redemption requests have been too high and will only fulfill 11% of the amount that investors want to redeem. The global private equity market now exceeds $1.7 trillion in size and is deeply connected to the mainstream financial system; Private loans are usually bilateral agreements and lack standardized pricing mechanisms. They have almost no liquidity and can only sell stocks in the public market or sell underlying assets at a low price. The terrifying thing is that many investors may not realize that they have indirectly participated in it. This is also Wall Street. If it were placed in the previous P2P industry in China, it would definitely be classified as a precursor to a thunderstorm!