Is private credit the next shoe to drop? Where are you short?

Trying to get smarter on where people see real downside risk building in private credit right now.

Between semi-liquid funds hitting redemption limits, some deals getting repriced wider, and what looks like growing stress in sponsor-backed software, it feels like we might be early in a broader shift. At the same time, a lot of portfolios are still being marked pretty optimistically.

Curious where folks are actually bearish:

-Specific funds or vehicles (BDCs, interval funds, evergreen credit funds)

-Particular managers or strategies (direct lending vs asset-based vs opportunistic)

-Sectors showing the most cracks (software, healthcare roll-ups, etc.)

-Structures that feel most vulnerable (unitranche, covenant-lite, PIK-heavy deals)

-Anything showing up in secondaries or marks that isn’t reflected in NAVs yet

Also interested in what people think is not being talked about enough. Is the risk more about liquidity, or actual credit quality starting to turn?

Would especially appreciate perspectives from anyone seeing this from the inside (LPs, lenders, restructuring folks, etc.).