I find the money stuff newsletter by Matt Levine (bloomberg) great for this, the link is behind a paywal, but the newsletter is free. strong rec. todays newseltter https://www.bloomberg.com/opinion/newsletters/2026-03-11/pri...

From that newseltter:

> At the Financial Times, Jill Shah and Eric Platt report:

>JPMorgan Chase ... informed private credit lenders that it had marked down the value of certain loans in their portfolios, which serve as the collateral the funds use to borrow from the bank, according to people familiar with the matter. >...

>The loans that have been devalued are to software companies, which are seen as particularly vulnerable to the onset of AI. ...

From what i can tell the problem isn't that an individual who had cash to invest in a private (tech in this case) company goes down

the problem is that a company "private credit firms run retail-focused funds (“business development companies” or BDCs)" which took out a bunch of loans to invest in private tech companies is now having the underlying assets that they got those loans against (long term investments in private tech companies) valued lower.

the link im missing is what happens when people who also invested in BDCs want their money back, where their actual money is locked up in long term investments made to private tech companies, and their ability to get loans is now valued lower. I think this is called a "run" where if someone starts pulling money out, and ultimately you cant, then its a race to get your money out before others do, which applies to both the individuals and the institutional loans.

Note: my quotes are from the bloomberg newsletter i mention, which helped me, not the OP article. And i am writing as much to clarify my own thinking as from a place of understanding. I welcome clarification.