Trapped in Private Credit, Investors Wait to Pull Out $5 Billion

A wave of redemption requests across the private credit industry has left more than $4.6 billion of investor capital trapped behind withdrawal limits, with more asset managers expected to impose curbs in the coming weeks.

Investors have sought to pull roughly $13 billion from over a dozen funds so far this quarter, according to Bloomberg estimates and data from Robert A Stanger & Co. But since the vehicles can cap withdrawals at 5% of net assets per quarter, they’ve been able to access only about two-thirds of that amount, the data show.

Blue Owl

Photographer: Michael Nagle/Bloomberg

Apollo Global Management Inc. and Ares Management ...