Blackstone has again blocked investors from pulling all the money they want out of its big private credit fund, a bad sign for private markets and for anyone assuming these funds are easy to exit.

• The fund, BCRED, got withdrawal requests for about 10% of its shares and only let 5% out.
• Wealthy investors are heading for the exits, and more money is leaving the fund than coming in.
• Blackstone says the fund is well capitalized, but capping withdrawals looks like a slow-motion run on the fund.
• Gold and silver have already dropped hard, and September is historically a rough month for stocks and crypto.
• Nike being dropped from the S&P 500 after years of decline is another sign of strain in big-name companies.

Outlook: Withdrawal requests are likely to grow next quarter, and pressure on private credit funds could spread to the broader stock market.