November 10 Report Details Investor Withdrawals, SEC Outreach to McManus, and Real Estate Losses
When private credit funds start unraveling and the Securities and Exchange Commission reaches out to a critic, it’s a signal that the market’s shadowy corners are getting harder to ignore. A new report from Crain’s New York Business puts the spotlight on Fairbridge Asset Management’s decision to shutter two funds and the growing scrutiny surrounding the private credit industry.
NEW YORK, NY, UNITED STATES, November 11, 2026 /EINPresswire.com/ — Real estate developer, fraud expert, and founder of the Center for Private Credit Accountability (CPCA), James McManus, is featured again in Crain’s New York Business in a November 10 report detailing Fairbridge Asset Management’s decision to wind down two private credit funds following significant real estate losses and investor withdrawal requests. CPCA is a nonprofit organization dedicated to serving the public good and working tirelessly to help protect the hard-earned money of Americans.
According to Crain’s, Fairbridge plans to close Fairbridge Partners LP and Fairbridge Partners Cayman LP after investors sought to withdraw nearly 25% of the funds’ approximately $400 million in assets. The funds declined approximately 4% in September, recording $11 million in writedowns and roughly $7 million in additional losses.
Additionally, Crain’s reports that McManus received an email from two attorneys at the Securities and Exchange Commission inviting him to discuss information concerning Fairbridge. The SEC declined to comment.
“I appreciate Crain’s New York Business continuing to cover this story and bringing attention to what is happening in the private credit industry,” said McManus. “Aaron Elstein has done an excellent job examining these complicated financial issues and explaining why they matter to borrowers and investors. I’m pleased to see this story receiving continued attention.”
McManus recently established the Harlem-based Center for Private Credit Accountability to promote transparency, ethical lending practices, and greater accountability within the private credit industry. He says the organization’s work highlights gaps in judicial safeguards and financial oversight that can leave investors facing substantial losses and borrowers at risk of losing their properties and development projects.
Through CPCA, McManus is calling on lawmakers, public officials, and financial experts to establish clear, enforceable rules governing lending practices for private credit companies, their associates, and the institutions that finance them.
“When investors put their money into private credit funds, they deserve transparency about how that money is being managed and what risks are involved,” McManus added. “We need clear rules about what lenders can and cannot do, meaningful oversight, and accountability when wrongdoing occurs. Protecting people’s savings, pensions, homes, and livelihoods must come first.”
McManus says he will continue advocating for people in the United States and internationally who report being defrauded in private credit transactions. According to McManus, investors in Canada and the United Kingdom have contacted CPCA and his attorney, Andrew Laufer, seeking assistance and stronger legal oversight.
McManus is also calling on the U.S. Department of Justice to investigate potential wrongdoing involving private credit companies and their partners. He says stronger safeguards are needed to protect vulnerable investors and pension beneficiaries and to help prevent large-scale fraud and broader financial harm.
About James McManus
James McManus is a New York and Connecticut-based real estate developer, fraud expert, and founder of the Center for Private Credit Accountability (CPCA), a nonprofit organization promoting transparency, ethical lending, and borrower and investor protection. With more than three decades of experience in construction and real estate development, he advocates for greater accountability in private lending and frequently comments in the media on fraud prevention and financial oversight.
Read the November 10, 2026, Crain’s New York Business article:
Private Credit Firm Accused of Acting Like the Mob Winding Down Funds After Real Estate Losses
Media Contact:
Mark Goldman
Goldman McCormick PR
+1 516-639-0988
mark@goldmanmccormick.com
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Why it matters: The winding down of Fairbridge’s funds and the SEC’s outreach to a critic signal that the largely unregulated private credit market is drawing increased regulatory attention. For investors and borrowers alike, this case underscores the urgent need for clearer rules and stronger oversight to prevent widespread financial harm.
