Blackstone, Cliffwater cap withdrawals amid credit turmoil

Private credit has long appealed to investors seeking steady returns and the perception of accessible capital. But events over the past week may have challenged those expectations.Blackstone and Cliffwater both restricted investor withdrawals from their flagship private lending funds after second-quarter redemption requests surged past quarterly limits.The restrictions come as the $1.8 trillion private credit market, as estimated by Bloomberg,…