Morgan Stanley has once again restricted withdrawals from its roughly $7 billion North Haven Private Income Fund, imposing a 5% cap for the third consecutive quarter. Redemption requests hit 11.4% of shares in Q3 2026, while the fund could only honor the standard 5% threshold. In Q2 2026, requests reached 11.6% with roughly 43% fulfilled, and in Q1 they stood at 10.9% with about 45.8% satisfied, translating to approximately $169 million returned to investors. The fund maintains a liquidity buffer of over $2.2 billion in undrawn capacity and approximately $400 million in liquid loans, yet this has proven insufficient against the wave of withdrawal demand. This situation is not isolated: Blackstone, Apollo, BlackRock, and Cliffwater are all facing similar pressures on their private credit and real estate vehicles.
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