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Private Credit Funds Impose 5% Redemption Caps Amid Outflows

6/13/2026

Summary

BlackRock Caps Redemptions

BlackRock’s HPS Partners capped redemptions at 5% on its $25 billion corporate lending fund after 13.3% of the fund was requested for redemption.
Blackstone’s BCRED, Cliffwater’s Corporate Lending Fund and Partners Group each imposed 5% caps after redemption requests rose to 10% of NAV, 17% of shares, and a $6 billion SICAV fund.
Private-credit assets have grown since banks tightened lending post-crisis, but sentiment fell after late-2025 bankruptcies and threats to firms.

Summary

Private Credit Redemptions

HLEND posted a 10.2% annualized return and gated, a signal of private-credit pullback.
Blackstone used firm and employee capital to meet all BCRED redemption requests, avoiding a gate.
Blue Owl’s OCIC fund saw 21.9% redemptions in Q1; its OTIC fund faced 40.7%.
Cliffwater’s corporate lending fund and Morgan Stanley’s North Haven fund each exceeded their 5% redemption caps after requests rose to 17% in Q2 and earlier this year.

Summary

HPS Repurchase

HPS Corporate Lending Fund will repurchase roughly $620 million of its shares because higher interest rates could boost future returns, per a filing.
BlackRock’s BDEBT reports that its private-debt portfolio totals $203 billion.
Thoma Bravo co-founder said the “SaaSpocalypse” is over, calling AI a tailwind for software firms.
Monroe Capital’s Income Plus Corp. capped redemptions at 5% after investors sought about 10% of shares, prompting Zelter to warn of possible cap gaming.

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BlackRock Caps Redemptions

BlackRock’s HPS Partners capped redemptions at 5% on its $25 billion corporate lending fund after 13.3% of the fund was requested for redemption.
Blackstone’s BCRED, Cliffwater’s Corporate Lending Fund and Partners Group each imposed 5% caps after redemption requests rose to 10% of NAV, 17% of shares, and a $6 billion SICAV fund.
Private-credit assets have grown since banks tightened lending post-crisis, but sentiment fell after late-2025 bankruptcies and threats to firms.

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