Goldman Sachs’ non-public credit score fund has reported that buyers sought to repurchase 3.24 per cent of its excellent shares within the second quarter, bucking the latest pattern of elevated redemption requests throughout the non-public credit score sector.
In a shareholder letter, Goldman Sachs Non-public Credit score Corp mentioned buyers requested to withdraw 3.24 per cent of shares excellent, beneath the fund’s 5 per cent quarterly repurchase cap. The requests will probably be fulfilled in full, the financial institution mentioned.
The replace comes as different asset managers together with Ares, Apollo and Morgan Stanley have all confronted withdrawal requests from their non-public credit score funds starting from 12 to 17 per cent, with elevated redemptions extending into the second quarter.
The redemptions pushed by issues over lending requirements in non-public credit score and rising fears that synthetic intelligence might undermine the software program sector, an space to which the asset class has vital publicity.
Consequently, Goldman’s enterprise improvement firm (BDC) has diverged from the broader business pattern, alongside Oaktree Capital Administration’s Strategic Credit score Fund, which recorded redemption requests equal to 4.5 per cent of belongings within the second quarter.
“We view this as a significant expression of shareholder confidence — significantly throughout a interval when the broader non-traded BDC business is experiencing significant repurchase strain — which is deeply appreciated and never taken without any consideration and offers us the soundness and suppleness to take a position with self-discipline and endurance,” Goldman Sachs mentioned in its second quarter shareholder letter.
Goldman Sachs additionally reported that its BDC obtained $275m (£207m) in gross inflows through the quarter, equal to roughly three per cent of web asset worth. The fund generated $1.3bn of complete gross subscriptions within the first half of 2026.
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