Tariffs require companies to have more capital to fund the same level of operation. So instead of freeing up money for PEUs to return to investors it's conceivable sponsors asked limited partners for more of their committed capital.
China said pass. One article stated Chinese financial firms pulled out of planned deals involving U.S. companies while avoiding new commitments. That would include capital calls.
University endowments are selling chunks of their PEU stakes for a different reason, defense against Trump II's war on knowledge. Both Harvard and Yale plan to sell large stakes on the secondary market.
Trump is burning it all down on the taxpayers dime. I expect "policy making billionaires" will have a breaking point and that time may be nearing. After all, Elon can't fund the whole Congress.
Legislative and Judicial branches, man the fire hoses! Trump's flamethrower is three quarters full.