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 July 9, 2026, the second quarter is closed and the results are in: non-traded BDCs met roughly $5.9 billion in redemptions in Q2 and more than $12.7 billion year-to-date, honoring their caps while prorating the excess. Golub Capital logged requests at 8.5% of shares, joining Ares, Apollo, Morgan Stanley, and Blackstone above the 5% cap. The funds gated, and the funds paid.
Redemption status by fund (Q2 2026, with Q1 marquee gates)
| Fund (size) | Manager | Structure | Quarterly cap | Latest request | Outcome | NAV signal | As of |
|---|---|---|---|---|---|---|---|
| Golub Capital Private Credit Fund | Golub Capital | Non-traded BDC | 5% | 8.5% of shares (Q2 tender) | Fulfilling up to the 5% cap; prorated | — | Q2 2026 |
| BCRED — Blackstone Private Credit Fund | Blackstone | Non-traded BDC | 5% | ~10% of shares (Q2 tender) | Prorated to the 5% cap; Q1 had cleared 7.9% (~$3.8B) at 100% | — | Q2 2026 |
| BlackRock Private Credit Fund (BDEBT) | BlackRock | Non-traded BDC | 5% | ~5.3% of shares | Exceeded the 5% cap for the first time since 2022 inception; prorated | — | Q2 2026 |
| Oaktree Strategic Credit Fund | Oaktree | Non-traded BDC | 5% | 6.8% of shares (13.9M shares) | Expanded the cap; paid roughly $310M | — | Q1 2026 |
| Goldman Sachs Private Credit Corp | Goldman Sachs | Non-traded BDC | 5% | Above cap (Q2 tender) | Prorated tender; SC TO-I filings on record | — | Q2 2026 |
| 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 |
| Category aggregate — non-traded BDCs | — | Non-traded BDC | typ. 5% | Ares, Apollo, MS, Blackstone all above 5% | ~$5.9B returned in Q2, >$12.7B YTD; fundraising −55% YoY; net outflow ~$1B | Public BDCs trade ~80% of NAV avg | Q2 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.
What changed between Q1 and Q2 2026?
The Q1 gates were not a one-quarter event. BCRED met every request in the first quarter by lifting its limit to 7.9%, then saw second-quarter demand climb toward 10% of shares and prorated the tender back to the 5% cap, according to InvestmentNews and BNN Bloomberg. BlackRock’s non-traded private credit fund crossed its 5% cap for the first time since inception. Robert A. Stanger & Co. reported that non-traded BDC redemptions outpaced new sales in the first quarter by about $2 billion, the first net outflow the category has recorded. The direction of travel matters more than any single tender: when the marginal investor wants out two quarters running, the queue mechanics that read as fine print at the point of sale become the defining feature of the product. With the second quarter now closed, the funds met their caps: Stanger reported about $5.9 billion returned in Q2 and more than $12.7 billion year-to-date, so the picture is orderly proration rather than frozen redemptions.
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, 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. A repurchase surge reflects investor sentiment and reduced appetite for illiquid wrappers; on its own it is not evidence of credit deterioration in the underlying loans.
What it means for advisors
The gate mechanics that looked theoretical in the marketing are now being tested in public, two quarters in a row. 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. For the Q2 read on whether the wave has peaked, and why met caps are not the same as returning demand, see did the redemption wave peak?
Last updated July 9, 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.