Bloomberg's Nabila Ahmed and James Crombie joins Katie Greifeld on "Bloomberg Real Yield." Ares Management curbed withdrawals from one of its private credit funds for the second consecutive quarter after redemption requests rose to 14.4%, the latest sign that the $1.8 trillion industry remains under pressure. (Source: Bloomberg)

On paper, it seems like a no-brainer trade: Cash out of one private credit fund at 100% of net asset value and plow the money back into a similar vehicle that’s trading at a substantially discounted price.