Veteran fund manager George Noble warns that a private credit crisis may be unfolding in real time

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• Veteran investor George Noble sees big problems taking shape in private credit.
• He thinks the booming corner of the debt market has shades of the last financial crisis.
• He said large firms halting redemptions in some private credit funds is a major warning sign.

George Noble, a longtime Fidelity fund manager and Wall Street veteran, sees big problems brewing in the booming private credit market.

The former director...