Money Stuff: The Podcast Also Sticky
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Mar 27, 2026 They talk private credit chaos and liquidity fights as managers limit redemptions. They debate Larry Fink’s push for broad stock ownership as AI concentrates profits. They explore the idea of index-based universal basic income and whether AI will crush consumer demand. They dig into a possible huge SpaceX IPO, lockup tricks, and how funds are chasing scarce SpaceX exposure.
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Private Credit Is Working As Designed
- Private credit funds are functioning as sold: they lock up capital to hold illiquid loans and limit redemptions to avoid fire sales.
- Apollo and Ares accepted ~11% redemption requests but only paid ~5%, citing fiduciary duties and illiquidity concerns.
Liquidity Confusion Came From Poor Communication
- Liquidity confusion arises when distribution channels fail to explain redemption constraints to retail buyers.
- Advisors and global channels may not have clearly communicated that these products limit short-term withdrawals, producing surprised investors.
Redemptions And Inflows coexist In Private Credit
- Private credit funds show both large outflow requests and meaningful inflows simultaneously, creating a non-clearing market.
- Some investors keep sending money at NAV while others demand redemptions, leaving supply-demand imbalances.