Morgan Stanley has restricted withdrawals from its North Haven Private Income Fund for the third consecutive quarter. The fund, which manages approximately $7 billion, capped redemptions at 5% of shares for the most recent period.
According to a shareholder letter from September 18, 2026, investors requested withdrawals totaling 11.4% of shares. Consequently, the fund fulfilled less than half of the requested amount due to the established cap.
In the second quarter of 2026, investors requested 11.6% in redemptions, with about 43% of those requests honored. During the first quarter of 2026, requests reached 10.9%, and the fund returned approximately $169 million to investors, fulfilling about 45.8% of the demand.
As of May 31, 2026, the fund maintained a liquidity buffer consisting of over $2.2 billion in undrawn capacity and roughly $400 million in liquid loans. Despite these reserves, the fund continues to face high withdrawal pressure.
The net asset value of the North Haven fund has decreased by an estimated $100 million to $169 million per quarter. Other major managers, including Blackstone, Apollo, BlackRock, and Cliffwater, have also implemented similar redemption limits.
