US Private Credit Fund Redemptions Hit Record $15.6B in Q2 2026
Investors requested a record $15.6 billion in redemptions from US private credit funds in Q2 2026, marking the third consecutive quarterly increase. Only 38% of requests were met, leaving a record $9.7 billion backlog.
The US private credit market is under growing strain as redemption requests soared to a record $15.6 billion in the second quarter of 2026. That marks the third straight quarterly increase and a total jump of $13 billion (500%) from earlier levels.
Only 38% of these requests were fulfilled, down from 53% in Q1 2026, resulting in $9.7 billion in unmet redemptions — the largest backlog on record.
Fund-level data shows the pressure is concentrated among the largest players:
- Blue Owl Credit Income was hit hardest: 19% of shares requested, 14% unmet.
- Apollo followed with 16% requested and 11% unmet.
- Ares saw 14% requested and 9% unmet.
Meanwhile, new inflows into the private credit industry plunged 75% since January to just ~$500 million in May, the smallest monthly intake in at least 18 months. The data suggests the private credit crisis is deepening.
Source: The Kobeissi Letter