According to foreign media reports citing sources familiar with the matter, Cliffwater, an alternative investment advisory and fund management company, may receive redemption requests exceeding 7%. Cliffwater's loan fund manages approximately $33 billion in assets and is a time-lapse fund. Sources indicate that the company has not yet decided whether to impose limits on redemptions reaching 5% or 7%. The fund's redemption window closes on Tuesday. Cliffwater is the latest private lending firm to face investor withdrawals. The $1.8 trillion industry is seeing investors withdrawing funds due to concerns about loan quality and exposure to software companies potentially impacted by artificial intelligence. The recent forced restrictions on redemptions by Blackstone and BlackRock have highlighted a liquidity crisis in the UK and US private lending markets.