Private credit remains under pressure, with redemption requests from $33 billion funds possibly exceeding 7%.

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According to media reports citing insiders, Cliffwater LLC’s flagship private credit fund may face redemption requests of over 7%.

The Cliffwater Corporate Lending Fund manages about $33 billion in assets and is a periodic redemption fund. If redemption requests reach 5%, the fund is required to return 5% to investors each quarter. If requests exceed 5%, Cliffwater has the right to redeem up to 7% of the fund shares.

Insiders said the company has not yet decided whether to limit redemption rates to 5% or 7%. The redemption window for the fund will close on Tuesday.

Founded by Stephen Nesbitt, Cliffwater is the latest firm in the $1.8 trillion private credit market to experience investor withdrawals due to concerns about loan quality and exposure to software companies that may be disrupted by artificial intelligence.

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