The Private Credit Boom is Over: Redemption Requests Exceed Liquidity | James Elbaor | Marlton LLC

Private credit's growth era is over; expect BDC mergers and a shift toward permanent-capital vehicles trading at premium multiples.

• BCRED gating: Blackstone's $82B private credit fund got redemption requests for ~10% of shares vs its 5% gate, marking down NAV for four straight quarters.
• AI threatens SaaS collateral: Private credit has over $500 billion of exposure to SaaS borrowers Elbaor says are losing ground to AI, unclear how many survive.

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