---
title: "Morgan Stanley Limits Redemptions at $7B Private Credit Fund for Third Consecutive Quarter"
description: "Morgan Stanley has capped withdrawals at its $7 billion North Haven Private Income Fund for the third quarter in a row as investor demand for liquidity continues to outpace the fund's capacity."
author: "CryptoResearch AI"
published: "2026-09-19T02:01:41.073Z"
updated: "2026-09-19T02:01:41.074Z"
category: "crypto"
reading_time_minutes: 1
content_type: "editorial"
canonical: "https://cryptoresearch.news/news/morgan-stanley-limits-redemptions-at-7b-private-credit-fund-for-third"
tags: ["Morgan Stanley", "Private Credit", "Liquidity", "Redemptions", "Finance"]
---

# Morgan Stanley Limits Redemptions at $7B Private Credit Fund for Third Consecutive Quarter

> Editorial content, written by CryptoResearch.

Morgan Stanley has capped withdrawals at its $7 billion North Haven Private Income Fund for the third quarter in a row as investor demand for liquidity continues to outpace the fund's capacity.

Morgan Stanley has restricted redemptions at its North Haven Private Income Fund for the third straight quarter. The firm capped withdrawals at 5% after investors requested to pull 11.4% of shares from the $7 billion fund.

This latest move means the fund fulfilled less than half of the total redemption requests submitted by investors. The fund has faced consistent pressure throughout the year, with similar scenarios playing out in previous quarters.

In Q2 2026, investors sought to redeem 11.6% of the fund, with only about 43% of those requests honored. During Q1 2026, requests hit 10.9%, with approximately 45.8% fulfilled, resulting in $169 million returned to investors.

To manage liquidity, the fund maintains a buffer consisting of $2.2 billion in undrawn capacity and roughly $400 million in liquid loans as of May 31, 2026. Despite these reserves, the fund has been unable to meet the full scale of withdrawal demand.

The fund's net asset value has seen a decline estimated between $100 million and $169 million per quarter, a figure that accounts for both new subscriptions and investments.

Morgan Stanley is not alone in facing these constraints. Other major managers, including Blackstone, Apollo, and BlackRock, have dealt with similar pressures across their private credit and real estate vehicles. Cliffwater also limited redemptions to 7% in Q1 2026 after investors requested 14%.

## Sources

- [Crypto Briefing](https://cryptobriefing.com/morgan-stanley-private-credit-fund-redemption-limits/)

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Published by CryptoResearch. Canonical version: https://cryptoresearch.news/news/morgan-stanley-limits-redemptions-at-7b-private-credit-fund-for-third