Francine Lacqua 2.9 1 idea

Blackstone's credit fund has been hit with redemption requests (8% of shares). Investors are concerned about exposure to software companies at risk from AI. "Size can become the enemy of return." When liquidity dries up in private credit during a macro shock (war), redemption gates create panic. The rotation out of "software" private credit suggests weakness for the major asset gatherers exposed to that sector. AVOID or SHORT Blackstone due to liquidity mismatch fears and negative sentiment in private credit. The redemptions stabilize, or the Fed cuts rates aggressively to support asset prices.