Investors filed a record $15.6 billion in redemption requests from private credit funds in Q2 2026, marking the third consecutive quarterly increase totaling $13 billion or 500% growth. Only 38% of these requests were fulfilled, down from 53% in Q1 2026, leaving $9.7 billion in unfilled redemption requests — the largest queue on record.
Blue Owl Credit Income was most affected, with redemption requests equivalent to 19% of its shares outstanding and 14% unfilled. Apollo followed with 16% redemption requests and 11% unfilled, while Ares saw 14% redemption requests with 9% unfilled.
Capital inflows to the private credit industry have declined 75% since January, reaching approximately $500 million in May — the lowest monthly inflow in at least 18 months. The crisis shows no signs of slowing.