Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The private credit market is under renewed pressure with redemption requests surging in 1Q2026.  BDC stock prices are declining as risks mount in the industry.</li>
<li>Managers are using Payment-In-Kind and Amend-and-Extend methods to restructure loans and delay delinquencies and defaults.  Price-to-NAV ratios are declining to historical lows as managers are gating redemption requests beyond 5%.</li>
<li>The private credit market has grown 60% over the last three years, now totals $1.8 trillion, and could pose a risk of financial contagion if underlying asset values deteriorate quickly.</li>
</ul>


The private credit market is under renewed pressure with redemption requests surging in 1Q2026.  BDC stock prices are declining as risks mount in the industry.
Managers are using Payment-In-Kind and Amend-and-Extend methods to restructure loans and delay delinquencies and defaults.  Price-to-NAV ratios are declining to historical lows as managers are gating redemption requests beyond 5%.
The private credit market has grown 60% over the last three years, now totals $1.8 trillion, and could pose a risk of financial contagion if underlying asset values deteriorate quickly.


PRIVATE CREDIT FUNDS: "Where Are the Customer's Yachts?"

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>Caisse has invested $693 million in Australia's NextDC, marking its first foray into the Asia-Pacific data center sector.</li><li>Blackstone has raised $10 billion for a global credit fund, reflecting strong demand for private debt in the market.</li><li>In Greater Seoul, Qube has started building a new warehouse, while a joint venture has bid $476 million for a site in Singapore.</li></ul>

Caisse has invested $693 million in Australia's NextDC, marking its first foray into the Asia-Pacific data center sector.Blackstone has raised $10 billion for a global credit fund, reflecting strong demand for private debt in the market.In Greater Seoul, Qube has started building a new warehouse, while a joint venture has bid $476 million for a site in Singapore.

Asia Real Estate Tracker (08-Apr-2026): Caisse invests $693M in Australia’s NextDC data center.

<ul><li>Kerry Properties has acquired its third luxury site in Hong Kong within a two-month period.</li><li>Nomura Fund has purchased a hotel in Osaka for $241 million from a Thai-led partnership.</li><li>Blackstone appointed Taro Squires as head of Australia Real Estate, succeeding Chris Tynan.</li></ul>

Kerry Properties has acquired its third luxury site in Hong Kong within a two-month period.Nomura Fund has purchased a hotel in Osaka for $241 million from a Thai-led partnership.Blackstone appointed Taro Squires as head of Australia Real Estate, succeeding Chris Tynan.

Asia Real Estate Tracker (01-Apr-2026): Kerry Properties buys third luxury site in Hong Kong.

<ul><li>Blackstone has closed a substantial $6.3 billion life sciences fund, marking a significant investment.</li><li>DWS has acquired a Central Sydney office building for $105 million, highlighting APAC real estate activity.</li><li>Adele Tan has been appointed as the new Chief Executive of Singapore's Urban Redevelopment Authority.</li></ul>

Blackstone has closed a substantial $6.3 billion life sciences fund, marking a significant investment.DWS has acquired a Central Sydney office building for $105 million, highlighting APAC real estate activity.Adele Tan has been appointed as the new Chief Executive of Singapore's Urban Redevelopment Authority.

Asia Real Estate Tracker (31-Mar-2026): Blackstone closes $6.3B life sciences fund; APAC updates.

<ul><li>KKR is strategically investing in Japan's real estate sector amid rising energy costs and market challenges.</li><li>Mapletree is set to close its $1.3 billion student housing fund due to underwhelming performance metrics.</li><li>In Vietnam, BW Industrial aims to develop 700MW in data centers, while Sun Hung Kai Properties secures $2.6 billion refinancing.</li></ul>

KKR is strategically investing in Japan's real estate sector amid rising energy costs and market challenges.Mapletree is set to close its $1.3 billion student housing fund due to underwhelming performance metrics.In Vietnam, BW Industrial aims to develop 700MW in data centers, while Sun Hung Kai Properties secures $2.6 billion refinancing.

Asia Real Estate Tracker (27-Mar-2026): KKR invests in Japan real estate amid risks.

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Blackstone Inc. operates as an investment company. The Company focuses on real estate, hedge funds, private equity, leveraged lending, senior debts, and rescue financing. Blackstone serves customers worldwide.

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Blackstone (BX US)

PRIVATE CREDIT FUNDS: "Where Are the Customer's Yachts?"

The Fed is asking major US banks for details on their exposure to private credit after a surge in redemptions from those funds and a rise in...

David Mudd

Asia Real Estate Tracker (08-Apr-2026): Caisse invests $693M in Australia’s NextDC data center.

Caisse invests $693 million in Australia's NextDC, Blackstone raises $10 billion for a credit fund, and notable real estate deals unfold across the...

Asia Real Estate Tracker

Asia Real Estate Tracker (01-Apr-2026): Kerry Properties buys third luxury site in Hong Kong.

Kerry Properties acquires a third luxury site in Hong Kong, Nomura Fund buys a hotel in Osaka for $241M, and Blackstone appoints Taro Squires as...

Asia Real Estate Tracker

Asia Real Estate Tracker (31-Mar-2026): Blackstone closes $6.3B life sciences fund; APAC updates.

Blackstone closed a $6.3B life sciences fund, DWS acquired a Sydney office for $105M, ESR is selling a Shanghai office at a discount, and Adele Tan...

Asia Real Estate Tracker

Asia Real Estate Tracker (27-Mar-2026): KKR invests in Japan real estate amid risks.

KKR invests in Japan's real estate amid rising energy costs, while Mapletree closes its student housing fund, Centaline buys a hotel, and BW...

Asia Real Estate Tracker

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