Private-credit funds are starting to feel like a Hotel California situation. Investors wanted $15.6 billion back in the second quarter of 2026. Fund managers handed over $5.9 billion. That means roughly 62 cents of every dollar requested stayed locked inside these funds, whether investors liked it or not.
The withdrawal requests jumped from $13.9 billion in Q1, a trend that suggests the pressure isn’t easing. It’s accelerating.
The redemption wall
Blackstone’s BCRED fund, one of the largest non-traded private credit vehicles, saw redemption requests of roughly 10% of its assets, around $4.4 billion. But the fund’s quarterly cap sits at 5%, meaning it paid out approximately $2.2 billion and effectively told the rest of the line to come back next quarter.
Apollo’s ADS fund had it even worse on a percentage basis. Withdrawal requests hit roughly 16.8% of assets, or about $2.4 billion. With the same 5% quarterly cap in place, the fund is expected to see net outflows of around $400 million, representing about 3% of its net asset value.
