Investors requested $15.6 billion in withdrawals from private credit funds during the second quarter of 2026. This demand increased from $13.9 billion in the previous quarter. Fund managers fulfilled only $5.9 billion of these requests, creating a $10 billion backlog and signaling a liquidity squeeze.
Blackstone, Apollo Global Management, and Ares Management enforced contractual withdrawal limits in response. These firms typically cap redemptions at 5% of a fund's net assets per quarter.
Investor concerns regarding portfolio valuations, particularly within the software and SaaS sectors, drove the surge in requests. The move to ration payouts suggests that managers anticipate a prolonged redemption cycle.