This week’s slump in asset-manager stocks was driven by private-credit fears. Here’s what’s worrying investors.

But Chang added that investors also are focusing on the structure of BDCs — some of which are listed on stock exchanges and trade daily, even though the private loans in their portfolio do not. BDCs typically lend to small and midsized private businesses.“The debate right now is, is it more of a company-specific episode, or is this something emblematic of the industry” and a sort of “canary in the coal mine,” said Jimmy Chang, chief investment officer for Rockefeller Global Family Office, in an interview. “ ...