The Trading Market Signals Private Credit Redemption Monitor tracks how the largest semi-liquid private credit funds are handling investor withdrawal requests as redemption demand outruns the quarterly limits written into these vehicles. As of June 2, 2026, three of the largest funds tracked here enforced or hit their redemption caps in the first quarter of 2026, and the biggest non-traded business development company met just 45.8% of the requests it received.
Redemption status by fund (Q1 2026)
| Fund (size) | Manager | Structure | Quarterly cap | Latest request | Outcome | NAV signal | As of |
|---|---|---|---|---|---|---|---|
| North Haven Private Income Fund (~$8B) | Morgan Stanley | Non-traded BDC | 5% | 10.9% of shares | Met 45.8% of requests; ~$169M returned | — | Q1 2026 |
| Cliffwater Corporate Lending Fund (~$33B) | Cliffwater | Interval fund | 7% | 14% of shares | Gated at cap; 2x oversubscribed | — | Q1 2026 |
| Blue Owl Capital Corp II / OBDC II (~$1.6B) | Blue Owl | Non-traded BDC | Quarterly | Redemptions closed Feb 18, 2026 | Unsolicited tender (Cox/Saba) at $3.80; $1.4B loan sale | −34.9% to NAV | Feb–May 2026 |
| BCRED — Blackstone Private Credit Fund | Blackstone | Non-traded BDC | 5% | Elevated | Raised limit to 7.9% to meet demand | — | Q1 2026 |
| BlackRock TCP Capital | BlackRock | Public BDC | n/a (daily) | — | 19% NAV writedown (Q4 2025) | Trades at a discount | Q4 2025 |
| Category aggregate — $1B+ NAV non-traded BDCs | — | Non-traded BDC | typ. 5% | +217% QoQ | Multiple funds at or over cap | Public BDCs ~80% of NAV avg | Early 2026 |
What does the monitor track?
This page follows the funds at the center of the 2026 semi-liquid private credit redemption cycle: non-traded business development companies, interval funds, and tender-offer funds sold largely through wealth platforms. For each fund we record the contractual quarterly redemption cap, the most recent disclosed redemption request level, the outcome investors actually received, and any signal from net asset value (writedowns, traded discounts, or tender prices). Figures are sourced to named primary and secondary reporting and carry an explicit “as of” date. We update the table as funds report new quarterly figures or disclose gate changes.
Why are semi-liquid funds gating in 2026?
The category grew to roughly $534 billion in limited-liquidity private asset funds by the end of 2025, much of it gathered through advisor channels. When redemption requests crossed the caps in the first quarter of 2026, managers chose to protect remaining investors from forced asset sales rather than meet every request. Carlyle chief executive Harvey Schwartz put the naming problem bluntly: the industry “did itself a bit of a disservice calling the vehicles semiliquid. We just should have called them ‘sometimes not liquid at all.'” DBRS Morningstar reported private credit downgrades outpacing upgrades by three or four to one, and Partners Group warned that default rates could double from around 2.5%. Morningstar research indicates investors need a seven-to-ten-year commitment to earn even a 2% yield premium over public debt markets.
What it means for advisors
The gate mechanics that looked theoretical in the marketing are now being tested in public. Our full analysis of the pullback, including the liquidity-queue math and the way the same banks selling these funds are protecting their own balance sheets, is in Morgan Stanley fills 45.8% of private credit redemptions as the banks pull back. For the case that built private credit into advisor portfolios in the first place, see our coverage of interval funds crossing $277 billion and public-private model portfolios.
Last updated June 2, 2026. This monitor is provided for information only and is not investment advice. Figures are compiled from public reporting and fund disclosures and are accurate as of the dates shown; reliance on any information is at the reader’s sole risk.