The market barely had time to process news that alternative investing giant, Aresm had joined the private credit “gate parade” – where fund after multi-billion fund informed investors they would get only a fraction of their requested redemption from money invested in Software “not so perfectly money good” private credit loans – before finding out that the same Ares private credit fund, posted its steepest monthly loss on record in February, providing further evidence of the rapid decompression in the $1.8 trillion private credit market (which Goldman valiantly defended overnight, in what may prove very quickly to have been a futile endeavor).
The Ares Strategic Income Fund, a non-traded business development company launched in December 2022, lost 0.68% in February, according to Bloomberg calculations based on the fund’s regulatory filings.
