Private credit investors demanded $15.6 billion in withdrawals during the second quarter of 2026. Fund managers returned $5.9 billion, fulfilling just 38% of requests.
Blackstone’s BCRED fund received redemption requests equivalent to 10% of its assets, roughly $4.4 billion. Its 5% quarterly cap limited payouts to approximately $2.2 billion.
Apollo’s ADS fund faced requests hitting 16.8% of assets, about $2.4 billion. Ares’ ASIF fund saw requests climb to 14.4% from 11.6% the prior quarter. Both are bound by identical 5% quarterly caps.
The surge reflects deep exposure to the software and SaaS sector, where AI disruption has triggered valuation uncertainty. These non-traded funds, designed primarily for affluent individuals, are now enforcing strict payout limits to avoid forced asset sales at distressed prices.
A $9.7 billion backlog of unmet withdrawal requests is accumulating. The liquidity crunch has already pressured asset management share prices and raises concerns about potential contagion into liquid markets, including digital assets, as locked-up investors seek cash elsewhere.