For years, private credit investors were told they could have it all — higher yields, low volatility, and relatively little risk. Semiliquid funds became the bridge between Wall Street’s private deals and Main Street’s capital. Smooth returns. Quarterly liquidity. No drama. Until there was. When redemption requests surged at a major private credit fund managed by Blue Owl Capital, the illusion cracked. Gates went up. Liquidity tightened. And a product designed to feel stable suddenly reminded investors that free lunches still don’t exist. This episode dives into the moment sentiment shifted — and what it says about the massive migration of retail money into private markets. How did we get here? Were investors prepared for this possibility? And is this a contained incident… or the first real stress test of the private wealth alternative boom? In bull markets, risk is an afterthought. Once investors lose confidence, it’s hard to get it back. I’m Michael Batnick, and this is Talking Wealth. This episode is sponsored by Betterment Advisor Solutions. Learn more at: https://betterment.com/advisors

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