Private-credit funds faced significant pressure as investors reallocated their portfolios. Shares of Blue Owl, Ares Management, and KKR all tumbled by 3% or more, reflecting the market’s deepening skepticism toward tech-exposed credit vehicles.

Amid this broader rotation, Eide Bailly signaled a move to modernize its operations. The accounting firm confirmed it has agreed to sell a stake to Reverence Capital Partners in a transaction that values the business at approximately $1.8 billion. The partnership aims to fuel an aggressive push into artificial intelligence adoption, marking a shift for the firm as it looks to automate workflows and maintain a competitive edge.