The funniest part is that his own analogy proves my point. π€¦ββοΈ
If Neal lives in a house, that proves Neal lived in a house.
It doesn't prove Neal was the architect or the builder.
Likewise, evidence that the Egyptians used the Serapeum does not automatically explain how the giant granite boxes were designed, manufactured, transported, and positioned underground.
Using something is not the same as constructing it.
Read the thread lol
Saint-Malo, Brittany, has one of the highest tides in Europe, with water that can rise 13 m over.
These houses are built as a sea wall and 4 layer glass on the front windows.
[πΉ Easy Ride]
The redemption issue in developed market private credit just won't go away, at least as yet:
Partners Group is the latest investment manager forced to cap redemptions at 5% after facing large Q2 withdrawal requests from its $9 billion fund.
The fallout: The stock tumbled nearly 20% at one point today.
#PrivateCredit #Markets #Finance #Investing
β οΈThe US private credit crisis is getting worse:
Cliffwater's $31 billion Corporate Lending Fund capped redemptions at 5% in Q2 2026 after investors requested to withdraw ~17% of assets.
This means shareholders will receive only ~33% of their requested redemptions.
This follows a prior quarter in which investors requested ~14% back and received only 50%, with the fund capping withdrawals at 7%.
S&P Global Ratings responded by lowering its outlook on this fund to negative from stable, warning that even the 5% redemption cap may not be enough to contain the pressure.
Meanwhile, other major private credit funds, including those at Apollo Global, BlackRock, and Blue Owl, also enforced their 5% redemption caps last quarter, suggesting a broader stress across the entire private credit industry.
Investors are increasingly struggling to get their money back from the $2 trillion private credit market.