This Is Starting to Look Like a Slow-Motion Bank Run

Ms. Sarin, a contributing Opinion writer, is a professor at Yale Law School and the president of the Budget Lab at Yale.

Over the past few years, one of the signature funds at Blackstone, the private equity giant, has delivered, on average, 10 percent annual returns for its investors. The fund, which specializes in private credit, has lent money to more than 400 borrowers, who in turn have deployed those loans to become more profitable themselves.

And yet, in the first quarter of this year, nearly 8 percent of the fund’s investors........

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