BlackRock Just Blocked Withdrawals

Investors attempted to withdraw $1.2 billion from its $26 billion private credit fund.
BlackRock refused and set a withdrawal limit of 5%.
Nearly half of the investors hoping to exit were denied.
Meanwhile, Blackstone Group faces record-breaking withdrawals and has had to inject $400 million of its own funds.
As the largest fund on the planet begins to restrict withdrawals, it sends a major warning signal to the entire $1.8 trillion private credit market.