Goldman's private credit fund gets 2.03% withdrawal requests while big rivals face 10% to 16%

Investors in Goldman Sachs Private Credit Corp., a non-traded fund that lends to mid-sized companies, asked to redeem about 2.03% of its shares in the third quarter, well under the 5% the fund offers to buy back each quarter, according to a tender offer filing made with the SEC on Tuesday. Every request will be paid in full. Reuters reported the figures earlier on Tuesday.

That is a very different picture from the rest of the industry. In a shareholder letter filed with the tender, Goldman says the largest non-traded fund managers, a group it defines as Blackstone, Blue Owl, Apollo, Ares and HPS, have so far reported third-quarter requests of 10% to over 16% of shares, with many hitting or exceeding their 5% limits.

The numbers in the filing

The ratio that matters most is flows. Goldman says new money coming in was 2.1 times what investors asked to take out, while peers that have reported were below 0.5 times. A fund with more money coming in than going out can pay every request without capping withdrawals or selling loans to raise cash.

What a 5% cap means for a rival's investor

The contrast shows up in what an investor actually gets back. When requests exceed the 5% offer, funds pay out pro rata. A holder in a fund with 16% of shares tendered and a 5% cap gets back about 31% of what they asked for, by our arithmetic, and has to ask again next quarter. At Apollo Debt Solutions, requests reached 14.7% and 5% was paid, as we reported. Goldman's letter itself warns that repurchase activity "can fluctuate meaningfully from quarter to quarter."

Who it actually hits: the borrowers

The part of the letter aimed at investors is also a read on credit for mid-sized companies, the businesses that borrow from these funds. Goldman says spreads on new direct loans have widened through 2026, with new unitranche loans about 0.25 percentage point wider than at the end of 2025. New deals carry tighter financial covenants, stronger call protection and more lender remedies. Those loans float, and the letter notes the Fed's hike to a 3.75% to 4.00% range lifted base rates too.

Put a number on it: a company refinancing a $50 million unitranche loan pays about $125,000 a year more from the wider spread alone, before any change in base rates. Goldman also says highly leveraged mid-market software companies still face limited access to capital. When withdrawals drain the biggest funds, they have less new money to lend, and borrowers compete for it.

What to watch

Blue Owl's third-quarter figures, which Reuters said were still pending, and the final results Goldman will file in a later amendment. The SEC's staff has also reminded these funds about how they value loans, as we covered.

Sources: Goldman Sachs Private Credit Corp. Schedule TO-I/A and shareholder letter via SEC EDGAR, Reuters via Investing.com. Pro rata payout and interest cost calculated by The Company Chronicle. This is market information, not investment advice.