(https://www.cnbc.com/2026/06/03/private-credit-jitters-kkr-blackstone-blue-owl-ares-partners-group-pressure.html) has everyone spooked about liquidity. But here's what nobody's saying: PE managers are gatekeeping withdrawals *because NAVs are artificially inflated*, not because underlying assets are illiquid. With the 10Y at 4.46% and rate-cut hopes evaporating, those 4-6x revenue multiples on portfolio companies can't sustain.

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