Private credit faces mounting stress from liquidity mismatches, fraud concerns, and macro pressures, even as bullish sentiment persists. Private credit has avoided a “Lehman moment,” but pressure is building across liquidity, leverage, and transparency—raising doubts about how long the asset class can withstand its visible cracks. Some investors have had enough. Consider the surge in redemption requests at firms like Morgan Stanley, Apollo Global Management, BlackRock and Blue Owl Capital. Each