Brandon Rakszawski discusses the pressure facing alternative asset managers as private credit concerns and liquidity mismatches drive investor redemptions. He explains why retail‑focused vehicles are under stress while institutional demand for firms like Blackstone (BX), Brookfield (BAM), and Blue Owl (OWL) remains intact. Despite sharp drawdowns, interest in the VanEck Listed Private Equity ETF (GPZ) suggests long‑term structural tailwinds are still in place.