Morgan Stanley's roughly $7 billion North Haven Private Income Fund capped third-quarter withdrawals at 5% of shares after investors sought to redeem 11.4%, marking the third consecutive quarter of restricted repurchases. The request level was nearly unchanged from 11.6% in the prior quarter, while completed repurchases across the three periods through September will total about $479 million. Nearly two-thirds of the latest requests came from investors whose withdrawals had already been limited in the previous two repurchase offers. After accounting for new subscriptions and dividend reinvestments, the latest restrictions are expected to reduce the fund's net asset value by roughly $101 million. The fund said investors seeking full tenders in the prior two offers will have received more than 80% of their requested amounts after the latest repurchases. Redemption pressure has eased across major private credit vehicles but remains elevated, with roughly $15 billion in unfulfilled requests across the approximately $1.8 trillion market. Morgan Stanley has joined Blackstone and BlackRock in limiting withdrawals, while a smaller Morgan Stanley vehicle also restricted redemptions after requests reached about 6.8% of shares.