The biggest names in alternative asset management took a beating on June 3, with shares of Apollo Global Management, Ares Management, Blackstone, Blue Owl Capital, and KKR all falling more than 5% in premarket trading. Carlyle Group got off slightly easier, dropping 2.8%.
The catalyst: investors bracing for second-quarter redemption data from non-traded private credit funds, where the news has been getting progressively worse.
The redemption wave keeps building
Private credit funds promise investors periodic liquidity, typically capping quarterly withdrawals at around 5% of total shares. Cliffwater, which runs a flagship private credit fund valued at $31.3 billion, reported that redemption requests hit 17% of its shares in the second quarter of 2026. That’s up from 14% in the first quarter.
Some funds in the space saw redemption requests as high as 41% against that typical 5% quarterly cap. Industry-wide estimates put the shortfall somewhere between $4.6 billion and $5 billion in unmet redemption requests.
