(Bloomberg) -- Ares Management Corp. is leading a $2.2 billion direct loan to help finance a healthcare services acquisition, in one of the biggest deals since the private credit market was roiled by record redemptions this year. Representatives for MedImpact, Medical Card System and its owner Kinderhook Industries didn't immediately respond to requests for comment. At $2.2 billion, the deal would be one of the largest this year in the $1.8 trillion private credit market that lends to highly-levered companies. Private credit funds have seen investors flee because of concerns about lax underwriting standards and the lenders' exposure to AI-threatened software businesses. Medical Card System was bought in 2022 by Kinderhook Industries, a middle market investment firm.