The Globe and Mail reports in its Wednesday edition that private debt manager Next Edge Capital is gating its flagship credit fund after a surge in redemption requests, meaning clients are unable to get their money out and the portfolio will be wound down over the next two years. The Globe's Tim Kiladze writes that the decision marks Next Edge's second wind-down of a private debt fund. Since 2020, the Toronto asset manager has also been winding down the Next Edge RCM Private Yield Fund, whose credit adviser is R.C. Morris Capital Management Ltd. The fund reported a 25-per-cent loss in the month of March and an 18-per-cent loss in 2023. Based in Vancouver, R.C. Morris is a private lender and has participated in a number of Canadian wealth management deals in recent years. The company lent money to Bridging Finance, the private debt manager that was put in receivership in 2021, and it also backed Gary Ng's acquisition spree of independent wealth management companies between 2018 and 2020. Created in 2015, the Next Edge Private Debt Fund lends to companies that typically cannot obtain bank financing. Next Edge believes the best option is to wind down the portfolio and roll its investors into a different fund in the future.