Private-credit fears spark a selloff in asset-manager stocks

Investors dumped asset-manager stocks last week after concerns about Blue Owl Capital’s private‑credit fund sparked fears of liquidity strain and possible spillovers to other private‑debt lenders and BDCs, prompting worries about how quickly portfolios could be exited and at what prices. While analysts say private credit has grown large and isn’t yet a systemic crisis, the episode highlights liquidity risk in publicly traded vehicles that hold private loans and the sensitivity of the asset-management sector to private‑debt conditions.