Wall Street giants' funds faced over $7 billion in redemptions.

In the last few months of last year, several large funds on Wall Street experienced over $7 billion in fund redemptions from private credit investors. Prior to this, bankruptcies of First Brand Company and Tri-Color Company raised concerns in the market about the quality of credit, impacting this rapidly growing financial sector. According to filings with the U.S. Securities and Exchange Commission and sources familiar with the matter, funds managed by Apollo Global Management, Ares Management Corporation, Bahrain Asset Management, Blackstone Group, HPS Investment Partners under BlackRock, Owl Rock Capital, Cliffwater Capital, and Oaktree Capital Management all saw a surge in redemption requests.