The private equity complex is in the midst of a pretty nasty crash

by

Per Grok:

Drawdown here means the % decline in these public firms’ stock prices from their all-time highs (Nov 2024) to current levels, per the YCharts data—driven by 2026 private credit woes like redemptions, liquidity gates, and software/AI exposure fears.

Carlyle (CG, -25%): Least hit, diversified portfolio cushions it; stable for long-term holders.
Apollo (APO, -39%): Credit/insurance heavy; investor outflows pressure fees.
Ares (ARES, -42%): Credit-focused; similar redemption risks.
Blackstone (BX, -43%): Broad but scale amplifies sentiment hit.
KKR (-44%): Balanced but dragged by sector.
Blue Owl (OWL, -61%): Hardest hit after OBDC II redemption halt & $1.4B asset sales; signals acute liquidity crunch.

Investors in stocks face unrealized losses (high yields help offset), but core AUM fees persist. Public markets: flags private credit cracks, may widen spreads & weigh financials; indirect, not systemic.