Yesterday’s market pullback led to renewed interest in redemption headlines, particularly in the alternative investment space. Cliffwater’s Corporate Lending fund reportedly received 17% redemption requests, with more attention on the upcoming BCRED print expected in the low-double-digits. Meanwhile, Partners Group is down high-teens percent in Europe after capping withdrawals at its Global Value SICAV (PE) fund, sparking inbounds on US alt’s exposure to Evergreen PE vehicles.

In other news, Google’s largest equity capital raise in history, totaling $35 billion, beat the previous record held by Boeing. The company is trading well following the raise and seeing constructive follow-through flows.

In terms of volatility, we’ve seen some interest in short-dated SPX wingy/binary type downside with attractive payouts. On the singles/thematic side, we’ve seen short covering and downside buying in financials, particularly. The desk likes ratio put spreads to fade stretched semis/AI names – net sell vol, defined right tail, and monetize expected spot-down/vol-down dynamic if the group unwinds.

Overall, the desk is a 5 out of 10 in terms of activity levels with a -7% sell skew. LOs are -15% better for sale led by TMT, Cons, and HC, while HFs are -6% better for sale led by TMT and Fins.