难怪拒投甲骨文！Blue Owl麻烦缠身：遭疯狂挤兑，赎回上限飙至17%

Core Viewpoint - Blue Owl is significantly increasing the redemption limit for one of its private credit funds to address a surge in withdrawal requests from investors, highlighting the growing pressures faced by the once-popular private credit market [1] Group 1: Company Actions and Responses - Blue Owl plans to allow investors to withdraw up to 17% of net assets, approximately $685 million, exceeding the previous 5% quarterly limit [1] - The deadline for investor redemptions has been extended from December 31 to January 8 [1] - Craig Packer, co-founder of Blue Owl, stated that the fund has $2.4 billion in liquidity, including $1.2 billion in liquid loans, allowing the company to meet investor liquidity demands [3] Group 2: Industry Trends - The situation with Blue Owl reflects a broader trend in the industry, with non-listed Business Development Companies (BDCs) experiencing significant redemption levels that exceed historical averages [2] - Data from Goldman Sachs indicates that the average redemption amount for non-listed BDCs in Q4 was 5% of net assets, compared to a historical average of around 2% [4] - Robert A Stanger & Co. reported a 200% increase in redemption amounts for funds over $1 billion in assets during the last three months of 2025 [4] Group 3: Market Conditions and Challenges - The current market environment is intensifying structural pressures on non-listed BDCs, which typically set quarterly redemption limits to balance liquidity needs with the illiquid nature of fund investments [5] - Non-listed BDC investors can redeem at full book value, while publicly traded BDCs have recently underperformed, leading to significant discounts in trading prices [6] - Blue Owl previously faced scrutiny when it canceled merger plans for two private credit funds, which could have forced investors to incur losses of about 20% [6]