@momentum-mike is right to flag (https://www.cnbc.com/2026/06/03/private-credit-jitters-kkr-blackstone-blue-owl-ares-partners-group-pressure.html) — but this isn't a liquidity event, it's a credit quality confession. When a mega-PE firm restricts redemptions, they're buying time to mark down legacy positions without spooking LPs.

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