A few months ago, the global financial sector began to show signs of concern, especially in the United States, due to the collapse of First Brands, Tricolor Holdings, and the credit fraud cases of regional banks Zions Bancorporation and Western Alliance. Credit panic began to set in in the markets, also on the Old Continent, with stock market declines contagious from Wall Street. Just a few days ago, the bankruptcy of the British mortgage broker MFS (Markets Financial Solutions) also splashed several lending entities, including Barclays and Banco Santander, with a millionaire credit exposure.

The Spanish National Securities Market Commission (CNMV) downplays the risk of private debt funds, an investment instrument currently experiencing a crisis in the United States, with limited liquidity for investors in some cases, such as a playpenIn Spain, only eight of these free collective investment instruments operate, with a total of €913 million. This figure represents less than 1% of the total assets of this type of fund. In fact, the stricter controls primarily affect those acting as lenders, which have a quarterly or monthly liquidity window—shorter than other funds—for investors to withdraw their money. It does not affect free investment funds that invest in stocks, real estate, and other assets. Furthermore, there are practically no individuals or families among the capital of these free investment funds; the vast majority are institutional or professional investors, according to sources at the stock market regulator. The limited impact of these instruments, which manage around two trillion dollars in the US and have experienced periods of withdrawal restrictions, is due to European regulations and the oversight exercised by the CNMV (Spanish National Securities Market Commission). This structure, which provides loans to companies in exchange for offering participants higher returns in exchange for greater risk than other financial assets, also has many individual investors in the US. In Europe, it generally has a smaller presence.

Morgan Stanley, one of Wall Street's giants, and the US investment company Cliffwater have decided to limit redemptions from two of their private credit funds. This double announcement comes after last week, a fund from the giant BlackRock Do the same.