Private credit redemption wave spreads; Goldman Sachs says its private credit funds are more resilient to institutional capital shocks.

=Goldman Sachs Group said that its private credit fund, with a scale of $15.7 billion, has been able to barely avoid the widespread “redemption and divestment wave” that has troubled its peers this year, thanks to its reliance on more tenacious and patient institutional investors rather than wealthy individuals.

Now, Goldman Sachs is trying to take advantage of the gap while retail funds are exiting, “biding its time” as competitors pull back.

Goldman Sachs Private Credit Corp. manages a so-called “non-publicly traded business development company.” According to documents filed on Monday, the redemption requests it met in the first quarter amounted to 4.999% of its outstanding shares. By contrast, among its peers—including Blue Owl Capital Inc.—redemption requests were far above the industry’s typical 5% cap.

Against the backdrop of this round of outflows, Goldman said the lending environment is undergoing a “significant shift”: after years of intense competition that drove the rapid rise of this $1.8 trillion asset class, signs of cooling are starting to appear. In a letter to shareholders, the fund’s manager said this is causing the balance of negotiations to shift back toward lenders rather than borrowers.

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责任编辑：刘明亮