By Nate Wolf

JPMorgan Chase has tightened lending to private credit funds and marked down the value of some loans in their portfolios, according to multiple reports, in yet another blow to a beleaguered private credit industry.

The loans it is devaluing are to software companies, which have come under scrutiny in recent months because of the potential risk of disruption by artificial intelligence. JPMorgan's decision will limit how much money the bank lends to private credit groups against those loans, the Financial Times first reported.

JPMorgan declined to comment to Barron's.

Shares of asset managers with large private credit businesses were down Wednesday. Blue Owl Capital fell 2.3%, KKR dropped 2%, and Ares Management was down 3.9%. Blackstone, BlackRock, and Apollo Global Management all fell.

JPMorgan's action comes as multiple alt managers, including Blue Owl and BlackRock, have moved to limit investor withdrawals from certain private credit funds. A surge in redemption requests across both traded and nontraded funds has shaken the industry and signaled a lack of confidence among investors.

The VanEck Alternative Asset Manager exchange-traded fund, which holds shares in the major publicly-traded private credit players, has fallen 21% in 2026 as of Tuesday's close.

   Corrections & Amplifications:   BlackRock's HPS Corporate Lending Fund limited investor withdrawals earlier this month. A previous version of this article incorrectly said a Blackstone fund had limited withdrawals. 

Write to Nate Wolf at nate.wolf@barrons.com

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March 11, 2026 10:28 ET (14:28 GMT)

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