2026年3月初，全球私募信貸市場爆發系統性動盪，引發市場廣泛擔憂「次貸危機」可能重演。投資者與分析師普遍將近期市場波動與流動性風險、資產價格壓力及基金贖回潮聯繫在一起，對整個私募信貸領域的健康度產生疑慮。

貝萊德（BlackRock）率先採取「封門」措施，限制其規模達260億美元的HPS Corporate Lending Fund（HLEND）的贖回。雖然本次贖回申請總額占基金份額9.3%，但貝萊德僅批准約5%（約 12 億美元）的贖回，主要是為了避免基金資產與貸款久期之間出現結構性錯配。消息一出，貝萊德股價在3月6日當日暴跌12.94%，顯示市場對其信貸業務的風險感到極度不安。

其他巨頭同樣面臨壓力。黑石（Blackstone）的私募信貸基金近期出現創紀錄的 7.9% 贖回申請，面臨嚴峻流動性考驗；Blue Owl Capital 的股價已跌破其SPAC 上市發行價，反映二級市場對私募信貸管理公司估值大幅修正。BlackRock TCP Capital Corp.在最新財報中，將三個月前仍標記為面值的2,500萬美元貸款直接減值至零，凸顯底層資產惡化的速度極快。

同時，太平洋投資管理公司（PIMCO）發出警告，指出直接貸款行業可能進入「全面違約週期」，並強調半流動性產品不等於完全流動性。分析認為，若私募信貸機構為應對贖回而被迫進行大規模資產拋售，可能觸發資產價格下跌，進一步加劇贖回壓力，形成惡性循環，對市場穩定構成挑戰。

In early March 2026, the global private credit market experienced systemic turmoil, sparking widespread concern that a “subprime crisis” could recur. Investors and analysts linked the recent market volatility to liquidity risks, asset price pressures, and a surge in fund redemptions, raising doubts about the overall health of the private credit sector.

BlackRock was among the first to implement “gates,” restricting redemptions for its $26 billion HPS Corporate Lending Fund (HLEND). Although redemption requests accounted for 9.3% of the fund’s shares, BlackRock only approved approximately 5% (around $1.2 billion), primarily to avoid a structural mismatch between fund assets and loan durations. Following the announcement, BlackRock’s stock plummeted 12.94% on March 6, reflecting extreme market anxiety over its credit operations.

Other industry giants also faced pressure. Blackstone’s private credit funds recently saw a record 7.9% redemption request, creating severe liquidity challenges, while Blue Owl Capital’s stock fell below its SPAC IPO price, reflecting significant valuation adjustments in the secondary market for private credit managers. BlackRock TCP Capital Corp., in its latest financial report, wrote off a $25 million loan—previously marked at face value just three months prior—highlighting the rapid deterioration of underlying assets.

Meanwhile, Pacific Investment Management Company (PIMCO) issued a warning that the direct lending sector may be entering a “full-scale default cycle,” emphasizing that semi-liquid products do not equate to full liquidity. Analysts suggest that if private credit firms are forced to sell assets on a large scale to meet redemption demands, it could trigger asset price declines and further redemption pressure, creating a vicious cycle that poses a challenge to market stability.