Private credit redemption pressure eases as Apollo, Ares, BlackRock funds improve

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3▲3 ▼0Impact / 5
Summary · why it matters

Private credit funds showed signs of stabilizing in September as redemption requests from individual investors eased and investment performance improved after a difficult start to the year, the Financial Times reported Sunday. Flagship funds managed by Apollo Global, Ares and BlackRock reported lower withdrawal requests in the third quarter, while redemptions at Blackstone's large private credit fund held roughly steady. Ares Strategic Income Fund said investors requested withdrawals equal to 13.1% of shares during the third quarter, down from 14.4% in the prior period, while at Apollo's roughly $15 billion flagship debt fund redemption requests fell to 14.7% from 16.8%. Requests at BlackRock's HPS corporate lending fund declined to 11.5% from 13.3%, while Blackstone's $43 billion flagship private credit vehicle held steady at about 10%. Across 13 non-traded business development companies that have reported third-quarter results, investors requested $9.6 billion in withdrawals, or 10.1% of fund value, down from 11.2% in the second quarter, according to RA Stanger. Despite the improvement, the four vehicles fulfilled less than half of requested withdrawals on average as redemption limits remained in place, and limited inflows and constrained asset growth could keep management-fee expansion weak while softer performance is expected to reduce incentive fees.

Impact on assets 4

Aging Population▲ · 1 stocks
Financials▲ · 1 stocks
Ares Management LP
ARES
▲ PositiveCapitalrelevance

Ares Strategic Income Fund's withdrawal requests dropped to 13.1% from 14.4%, indicating stabilizing private credit redemptions.

Digital Finance & Tokenization▲ · 1 stocks
BlackRock Inc
BLK
▲ PositiveCapitalrelevance

BlackRock's HPS corporate lending fund saw redemption requests decline to 11.5% from 13.3%.

Artificial Intelligence▲ · 1 stocks
Blackstone Group Inc
BX
± MixedCapitalrelevance

Blackstone's $43B flagship private credit fund held roughly steady at about 10% redemptions, neither improving nor worsening.

Off-coverage companies 1

Ares Strategic Income FundPrivate± Mixed
relevance

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