Private Credit Stress Escalates

BCRED hits 5% redemption cap with $14.5B backlog. Apollo redemption requests 16.8%. BDC discounts 20-25%. BlackRock enters with $220B HPS acquisition. Blackstone's $36B+ debt for Anthropic. Goldman warns of hidden credit stress but notes dispersion, not systemic. NEPC Q2 Private Markets Report confirms liquidity concerns, flight-to-quality, and AI theme driving consolidation.