Private credit redemption stress hits record high

Stress in U.S. private credit is getting harder to ignore.
Investors requested a record $15.6B in redemptions from private credit funds in Q2 2026.
That marks the third straight quarterly increase, with redemption requests up about 500% over that period.
The bigger issue is liquidity.
Only 38% of requests were met, down from 53% in Q1, leaving a record $9.7B backlog of unmet redemptions.
Blue Owl, Apollo, and Ares were among the large funds facing elevated redemption pressure.
Meanwhile, private credit inflows have collapsed around 75% since January.
The private credit trade is no longer just about yield.
It is becoming a liquidity test.