☕ Public freakout

Q: Apollo and Ares are capping private credit fund payouts at under 5% of fund value after investor wit

Apollo and Ares are capping private credit fund payouts at under 5% of fund value after investor withdrawal requests surged past 11%, while Moody's downgraded a KKR fund to junk amid borrower defaults.

Q: Epic Games laid off 1,000 employees as Fortnite engagement declines and CEO Tim Sweeney admitted the

Epic Games laid off 1,000 employees as Fortnite engagement declines and CEO Tim Sweeney admitted the company is spending far more than it earns.

Q: The Pentagon is deploying 3,000 troops from the 82nd Airborne Division to the Middle East as the US

The Pentagon is deploying 3,000 troops from the 82nd Airborne Division to the Middle East as the US operation against Iran continues.

Morning Brew·Wednesday, March 25, 2026·13 min read

Finance Business Politics

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AI Summary

Private credit giants Apollo and Ares are limiting investor payouts after withdrawal requests exceeded 11% of fund value, while Moody's downgraded a KKR private credit fund to junk status. Markets slipped amid Iran war developments and Salesforce stock dropped over 6% on AI disruption fears. Epic Games laid off 1,000 employees citing declining Fortnite engagement and unsustainable spending.

Key Facts

✓Apollo and Ares are capping private credit fund payouts at under 5% of fund value after investor withdrawal requests surged past 11%, while Moody's downgraded a KKR fund to junk amid borrower defaults.

✓Epic Games laid off 1,000 employees as Fortnite engagement declines and CEO Tim Sweeney admitted the company is spending far more than it earns.

✓The Pentagon is deploying 3,000 troops from the 82nd Airborne Division to the Middle East as the US operation against Iran continues.

Author Takes

BearishMorning Brew

Private credit industry health

The $1.8 trillion private credit industry faces a reckoning as AI disruption of software companies threatens 30% of its loan book, defaults rise, and investors rush for the exits.

SkepticalMorning Brew

JPMorgan shorting private credit

JPMorgan letting clients bet against private credit is no gloatfest since many private credit lenders are also bank borrowers, meaning JPMorgan could get caught in the turmoil.

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