<\/p>\n
Private credit funds sold to wealthy investors face another test in the second quarter, as early filings point to continued redemption pressures driven \u200bby concerns over software exposure, valuations and limited transparency in \u200cthe asset class.<\/p>\n
Redemption windows at key U.S. non-traded private credit funds began closing last Friday, with investors and analysts watching withdrawal requests for signs of whether first-quarter pressure \u200bis persisting.<\/p>\n
Across eight large vehicles reviewed by Reuters, first-quarter redemptions totalled \u200babout $7.1 billion, the highest in the dataset, as weaker fund \u2060raising and June redemption deadlines set up another test of investor \u200bdemand.<\/p>\n
Blackstone, opens new tab capped \u200bwithdrawals at Blackstone Private Credit Fund after investors sought to redeem 10% of outstanding shares in the second-quarter tender offer, double the fund\u2019s 5% quarterly repurchase limit.<\/p>\n
The fund said \u200bcapital inflows were about 2% of net asset value, resulting in \u200ba net outflow of roughly 3% of NAV, while repayments and inflows outpaced share repurchases.<\/p>\n
BCRED \u200chad \u2060met all withdrawal requests in the first quarter, but said second-quarter repurchase demand eased later in the offer period and was lower for onshore investors than in the previous quarter.<\/p>\n
Cliffwater told investors in a shareholder letter that investors \u200bin its $31.3 billion \u2060private credit fund submitted requests to redeem 17% of shares in the second quarter, while redemptions were capped at \u200b5%.<\/p>\n
The requests rose from the first quarter, when investors sought \u200bto \u2060redeem 14% of shares in the Cliffwater Corporate Lending Fund and redemptions were capped at 7%.<\/p>\n
The fund is structured as an interval fund, which must periodically \u2060offer \u200bto repurchase shares. It holds about 4,000 assets, \u200bincluding direct loans to companies and stakes in funds managed by other investment firms.<\/p>\n
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Private credit funds sold to wealthy investors face another test in the second quarter, as early filings point to continued redemption pressures driven \u200bby concerns over software exposure, valuations and limited transparency in \u200cthe asset class. Redemption windows at key U.S. non-traded private credit funds began closing last Friday, with investors and analysts watching withdrawal […]<\/p>\n","protected":false},"author":1,"featured_media":6194,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bez-rubriki"],"featured_image_src":{"landsacpe":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2026\/06\/Private-credit-funds-7-1140x445.jpg",1140,445,true],"list":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2026\/06\/Private-credit-funds-7-463x348.jpg",463,348,true],"medium":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2026\/06\/Private-credit-funds-7-300x200.jpg",300,200,true],"full":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2026\/06\/Private-credit-funds-7.jpg",1200,800,false]},"_links":{"self":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/6193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/comments?post=6193"}],"version-history":[{"count":1,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/6193\/revisions"}],"predecessor-version":[{"id":6195,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/6193\/revisions\/6195"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media\/6194"}],"wp:attachment":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media?parent=6193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/categories?post=6193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/tags?post=6193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}