Fontris Alts beta The source for Alternative Investment intelligence.

The watchlist.

An index of the industry: the three largest funds by net assets in each of private equity, private credit, and private real estate — monitored filing by filing.

22 red flags and 56 yellow flags current on the watchlist. Beyond the watchlist: 36 red flags and 141 yellow flags across universe funds — Alerts.

Funds monitored
73
across 47 managers
Current alerts
255
78 on the watchlist
Data through
2026-07-31
next full report 2026-09-15
01 / The board

Nine funds, three asset classes.

Red-flag/yellow-flag counts are current findings from the trailing 365 days. Net capital flows = subscriptions minus redemptions, independent of investment returns. Leverage utilization (against cap) = borrowings as a share of what the fund's own ceiling permits.

FundWrapperNet assetsNAV/share Net flows (last qtr, % NAV)Leverage utilization (against cap) Red flagsYellow flagsNotable recent development
Apollo Diversified Real Estate Fund
watchlist
Interval Fund
Private Real Estate
$3.34B
2026-03-31
$24.39
Class I · as of 2026-06-18
-4.1% ($-136.5M)
qtr ended 2026-03-31; prior -4.1%
2%
as of 2025-09-30; prior 1%
5 3 Redemptions prorated for the period ending 2026-02-03: only 27.0% of requests fulfilled. (2026-02-03)
Blackstone Private Credit Fund
watchlist
BDC
Private Credit
$45.04B
2026-03-31
$23.65
Class I · as of 2026-06-30
-1.7% ($-780.8M)
qtr ended 2026-03-31; prior +4.1%
66%
as of 2026-03-31; prior 64%
3 6 Redemptions prorated for the period ending 2026-05-29: 10.3% requested, only 48.5% of requests fulfilled. (2026-05-29)
Blackstone Real Estate Income Trust, Inc.
watchlist
REIT
Private Real Estate
$51.33B
2026-06-30
$14.53
Class I · as of 2026-06-30
-0.3% ($-158.9M)
qtr ended 2026-06-30; prior -0.9%
69%
as of 2026-06-30; prior 71%
0 15 Net flows deteriorated to $-158.9M from $-452.4M (period ended 2026-06-30).
Blue Owl Credit Income Corp.
watchlist
BDC
Private Credit
$18.43B
2026-06-30
$9.15
Class I · as of 2026-04-30
-4.6% ($-846.1M)
qtr ended 2026-06-30; prior -1.8%
72%
as of 2026-06-30; prior 70%
5 18 Redemptions prorated for the period ending 2026-06-30: 18.8% requested, only 26.6% of requests fulfilled. (2026-06-30)
Cliffwater Corporate Lending Fund
watchlist
Interval Fund
Private Credit
$31.31B
2026-03-31
$10.52
Filed fund value · as of 2026-03-31
-1.7% ($-540.7M)
qtr ended 2026-03-31; prior +3.3%
36%
as of 2026-03-31; prior 36%
0 4 NAV per share fell 2.3% from $10.77 to $10.52 (2026-03-31).
KKR Private Equity Conglomerate LLC
watchlist
Operating Company
Private Equity
$10.78B
2026-03-31
$34.89
Class I-Series 1 · as of 2026-03-31
+9.1% ($978.8M)
qtr ended 2026-03-31; prior +10.1%
Pending 0 14 On July 2, 2026, the Company entered into the Seventh Amended and Restated Limited Liability Company Agreement (the “Seventh A&R LLCA”), which amended and restated the Company’s... (2026-07-02)
Partners Group Private Equity Fund, LLC
watchlist
Tender-Offer Fund
Private Equity
$15.30B
2026-03-31
$2.22
Filed fund value · as of 2026-03-31
+0.9% ($141.7M)
qtr ended 2026-03-31; prior -2.0%
12%
as of 2026-03-31
0 5 NAV per share fell 3.9% from $2.31 to $2.22 (2026-03-31).
Starwood Real Estate Income Trust, Inc.
watchlist
REIT
Private Real Estate
$4.06B
2026-03-31
$19.52
Class I · as of 2026-06-30
-2.9% ($-117.1M)
qtr ended 2026-03-31; prior -1.6%
99%
as of 2026-03-31; prior 92%
17 13 Redemptions prorated for the period ending 2026-03-31: only 3.0% of requests fulfilled. (2026-03-31)
StepStone Private Markets
watchlist
Tender-Offer Fund
Private Equity
$5.83B
2026-03-31
$61.74
Filed fund value · as of 2026-03-31
+3.7% ($213.5M)
qtr ended 2026-03-31; prior +4.9%
5%
as of 2026-03-31
0 2 Trive Capital Fund III LP marked down -81% (2025-06-30 $21,752,108 -> 2025-09-30 $4,171,009) with par balance unchanged (+-2%) -- a valuation mark, not a trade. (2025-09-30)
02 / Signals

What changed on the watchlist.

The latest current findings across the nine index funds, newest first.

Red flag

Blue Owl Credit Income Corp.

Redemption requests ran at least twice the tender offer's capacity; only 27% of tendered shares were repurchased (offer expired 2026-06-30).

Red flag

Blue Owl Credit Income Corp.

Redemptions prorated for the period ending 2026-06-30: 18.8% requested, only 26.6% of requests fulfilled. (2026-06-30)

Red flag

Blackstone Private Credit Fund

Redemption requests ran at least twice the tender offer's capacity; only 49% of tendered shares were repurchased (offer expired 2026-05-29).

Red flag

Blackstone Private Credit Fund

Redemptions prorated for the period ending 2026-05-29: 10.3% requested, only 48.5% of requests fulfilled. (2026-05-29)

Red flag

Blue Owl Credit Income Corp.

Redemption requests ran at least twice the tender offer's capacity; only 23% of tendered shares were repurchased (offer expired 2026-03-31).

Red flag

Starwood Real Estate Income Trust, Inc.

Redemption requests ran at least twice the tender offer's capacity; only 3% of tendered shares were repurchased (offer expired 2026-03-31).

All current alerts, watchlist and universe →