Core Insights - The private credit sector is experiencing isolated issues that may slow fundraising and increase redemption requests, but these are not indicative of widespread problems [2] - Interest in private credit has surged, with the global market growing from $2 trillion in 2020 to $3 trillion at the start of last year, and projected to reach $5 trillion by 2029 [3] Fundraising and Investment Trends - In the wealth channel, semiliquid BDCs and interval funds have become popular, raising $167 billion and $126 billion respectively by the end of Q3 2025, with private credit being the most favored asset class [4] - Despite the popularity, there are signs of risk in private credit, including lighter loan covenants and interest rate volatility, leading to a 200% increase in redemption requests in Q4 2025, totaling $2.9 billion [4] Company-Specific Developments - BlackRock TCP Capital Corp. reported a 19% reduction in NAV due to writedowns from bad loans in Q4 2025 [5] - Blue Owl canceled a merger plan for its unlisted private credit BDC due to market conditions, as investors were concerned about potential markdowns and liquidity issues [6]