This is essentially the same as Banks closing their doors and not allowing withdrawals at the beginning of the Great Depression. They are experiencing a Bank Run and are trying to slow it down. Probleem is, that action actually created more panic.
Hedge Funds like Blackstone are the Banks of the rich class today, and they are beginning to PANIC. Blackstone is one of the biggest, which will influence the investors in smaller funds. If a full blown run on the private credit market gets underway, it inevitably will cause a financial crisis, particularly since the Bond Market is so unstable right now. There's no safe haven for people trying to liquidate their investments.
Remember, as I said in a prior post, the only thing backing the Dollar is the "Full Faith & Credit of the FSoA". A run on HFs is a critical sign that the rich have lost faith in the credit worthiness of the FSoA. It's remarkable to me that it has taken this long, mainly because the monopoly on money creation is so comprehensive there's no alternative in the trade clearing biz besides the relatively new BRICS system. Utilizing it would require exchanging Dollars for a BRICS currency, mainly Renminby. That happening at any scale would be WWIII.
RE