Cliffwater's private credit fund redemptions hit 14%, Bloomberg News reports
March 11 (Reuters) - Investors in Cliffwater LLC's flagship private credit fund looked to redeem about 14% of shares in the first quarter, leading the firm to cap its repurchases at 7%, Bloomberg News reported on Wednesday, citing a letter to investors.
The $33 billion Cliffwater Corporate Lending Fund's tender window closed on Tuesday, the report said.
As an interval fund, it is required to repurchase shares every quarter. It set that rate at 5%, with discretion to repurchase as much as 7%, according to the report.
A spokesperson for Cliffwater, an alternative asset manager, did not immediately respond to a request for comment. Reuters could not independently verify the report.
Private credit has seen a wave of investor withdrawals this year as concerns grow over weakening credit quality, particularly in loans to software companies that investors worry could face disruption from artificial intelligence.
Some analysts say those fears may be overstated and argue that credit fundamentals remain stable, but investors remain cautious.
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