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.