其他管理人则尝试以更高成本维持全额流动性。Blackstone 允许其规模 820 亿美元（约 763 亿欧元）的 BCRED 赎回创纪录的 7.9%，高于标准季度上限 5%，也高于通常可接受的额外 2 个百分点缓冲；为满足需求，公司动用约 1.5 亿美元（约 1.40 亿欧元）的逾 25 名高阶主管自有资金，以及约 2.5 亿美元（约 2.33 亿欧元）的公司资金。Ares 一档基金上季处理约 5.6% 的赎回，Fidelity 一档基金本季赎回率约 2.8%，高于前一季的 1%，而 Blue Owl 先前一档科技基金单季赎回更超过 15%。
压力来自基本面恶化与投资人预期错配。Fitch 表示，美国私募信贷违约率在截至 2026 年 1 月的 12 个月内升至 5.8%，为其自 2024 年 8 月开始追踪以来最高；UBS 在最坏情境下甚至估计违约率可达 15%。公开交易的 BDC 已出现股利下调、不计息资产增加与净值折价，BlackRock TCP Capital 股价上周收于每股 3.82 美元（约 3.55 欧元），较一年前下跌逾 50%。争论核心在于：若严守限赎，可避免对非流动性贷款贱价出售与先跑者优势；若放行，则可能稳住情绪，却削弱产品原本承诺的结构纪律。
US private credit funds are being forced into a sharp choice between liquidity and discipline. BlackRock's $26 billion HPS Corporate Lending Fund capped withdrawals at 5% after investors requested nearly twice that quarterly limit, making it the first major manager to formally restrict redemptions on a perpetual vehicle since recent market stress began. The move comes in an industry that has already reached $1.8 trillion, and Barclays estimates that funds managing more than $100 billion will disclose first-quarter redemption demand in the coming weeks.
Other managers are trying to preserve full liquidity at a higher cost. Blackstone allowed a record 7.9% redemption from its $82 billion BCRED fund, above the standard 5% quarterly cap and above the additional 2 percentage point buffer generally considered acceptable; to meet demand, it used about $150 million from more than 25 senior executives and about $250 million from the firm itself. An Ares fund handled about 5.6% of redemptions last quarter, a Fidelity fund reported about 2.8% this quarter versus 1% in the prior quarter, and Blue Owl had already let more than 15% leave a technology-focused fund.
The pressure reflects worsening fundamentals and a mismatch in investor expectations. Fitch said US private credit defaults rose to 5.8% in the 12 months through January 2026, the highest since it began tracking in August 2024; in a worst case, UBS estimated defaults could reach 15%. Publicly traded BDCs have already shown dividend cuts, more non-accrual assets, and discounts to net asset value, while BlackRock TCP Capital closed last week at $3.82 per share, down more than 50% from a year earlier. The core debate is whether strict gates prevent fire sales and first-mover advantage in illiquid loans, or whether honoring withdrawals calms investors but weakens the structure the products were built on.