Last Wednesday morning, we published a framework for mapping downside control in alternatives — who controls liquidity, valuation, information, and the ability to change terms when things go wrong. Less than 24 hours later, Blue Owl’s investors got to test theirs. On Thursday, Blue Owl Capital permanently halted quarterly redemptions from its retail-focused private credit fund, OBDC II. The firm simultaneously sold $1.4 billion in loans across three vehicles to four institut

In moments of stress, the strategy becomes almost irrelevant. What matters is who controls the structure.

Most alternative portfolios look diversified on paper. Private credit, private equity, real assets, hedge funds, secondaries — by category alone, the mix appears prudent. Even sophisticated. But when stress arrives, a surprising number of these portfolios behave far more similarly than anyone expected. Positions that were underwritten as independent start moving together. Redemption pressures compound. And the diversification that looked so robust in quarterly reports turns o

Why the best time to lend may also be the riskiest. A deep dive into the structural vulnerabilities hidden behind the $1.5 trillion opportunity. Executive Summary For family offices and institutional investors, private credit has been the uncontested growth story of the last decade. The asset class has swelled to over $1.5 trillion, offering attractive yields, floating-rate protection, and the promise of stronger covenants than public markets [1]. As we enter 2026, the bullis

Ah, August! The month where summer is in full swing, vacations are planned, and investors decide to throw a party of volatility. If...