Blue Owl Anxiety Rattles $1.8 Trillion Private Credit Market (1)

Blue Owl Capital Inc.’s co-chief reeled off all the times he’d seen this type of fear before. Covid. Silicon Valley Bank’s collapse. Liberation Day.

Marc Lipschultz was addressing analysts on the 11th straight day of losses for the firm’s shares, the worst streak since Blue Owl went public almost five years ago. Just weeks earlier, investors yanked more than 15% of net assets from one of the money manager’s tech-focused funds.

But as Lipschultz saw it, this was par for the course when markets get jittery. Some clients in private credit funds like theirs ask for their cash back in ...