Dominique Toublan said there is stress in private credit, with exposure to the software sector, but it is not systemic. Redemption requests and sector-specific risks, particularly in software, warrant close monitoring, though systemic contagion is unlikely based on current assessments. WATCH because emerging risks could impact performance, and the situation requires attention for potential spillovers or opportunities. If redemptions accelerate or software sector issues worsen, leading to broader credit problems and contagion to public markets.