Key Takeaways
- • Ares Management capped withdrawals at its USD 22.6 billion Ares Strategic Income Fund (ASIF) at the customary 5% of shares after investors sought to redeem 14.4% in Q2 2026, up from 11.6% in Q1.
- • Apollo Debt Solutions (ADS), a USD 26 billion private credit fund, limited redemptions to 5% against requests for about 16.8% of shares, with gross outflows of USD 700 million versus USD 300 million of inflows on preliminary data.
- • Morgan Stanley's North Haven Private Income Fund (PIF) will meet 43% of Q2 redemption requests after investors sought to withdraw about 10.9% of the fund, with the net hit to NAV around USD 102 million, or 3.2% of its March 31 value.
- • Robert A. Stanger data cited by the article put total private credit fund withdrawals at USD 12.9 billion in the first five months of 2026, driven by concerns over lending standards and AI disruption to software borrowers.
Summary
Alternative investment manager Ares Management has again capped withdrawals at its flagship private credit vehicle, the USD 22.6 billion Ares Strategic Income Fund (ASIF), as redemption requests rose in the second quarter of 2026. Investors sought to pull 14.4% of shares in Q2, up from 11.6% in Q1, and the fund limited withdrawals to 5% of shares, the customary threshold for such vehicles.
According to the article, wealthy individuals have pulled money from non-traded private credit funds in 2026 over concerns about lending standards and the impact of AI disruption on software companies that borrowed heavily from direct lenders. Citing Robert A. Stanger, the article reports that USD 12.9 billion has left private credit funds in the first five months of the year. ASIF stated that most requests were concentrated among a small number of non-US institutions and family offices, representing less than 1% of its more than 20,000 shareholders, and that they accounted for nearly half of second-quarter requests. TD Cowen analyst Bill Katz described the update as "optically, not a great update" but said the finer disclosure was encouraging and that repeat requesters suggested redemption pressures were not building.
Apollo Global's USD 26 billion Apollo Debt Solutions fund also curbed redemptions, limiting them to 5% of shares after investors sought to withdraw approximately 16.8%, up from about 11.2% in the prior quarter. The fund said paying those investors would bring gross outflows to USD 700 million against USD 300 million of inflows based on preliminary data, leaving net outflows of about 3% of asset value so far in 2026. Redemptions from the onshore United States moderated to about 4.3%, while offshore redemptions rose to 12.5%. Apollo President Jim Zelter said in May that he expected continued withdrawals and that "industry turbulence" was not over.
Morgan Stanley's North Haven Private Income Fund, a USD 7 billion flagship private credit fund, will meet 43% of Q2 redemption requests after investors sought to withdraw about 11.6% of units outstanding in the filing, with about half of the latest requests coming from investors who had been unable to fully cash out earlier. As of May 31, the fund was invested in 301 borrowers across 45 industries, with roughly 22.7% exposure to software. The affiliated North Haven Private Income Fund A faced 7.2% redemption requests and will honour 5%.
According to the article, wealthy individuals have pulled money from non-traded private credit funds in 2026 over concerns about lending standards and the impact of AI disruption on software companies that borrowed heavily from direct lenders. Citing Robert A. Stanger, the article reports that USD 12.9 billion has left private credit funds in the first five months of the year. ASIF stated that most requests were concentrated among a small number of non-US institutions and family offices, representing less than 1% of its more than 20,000 shareholders, and that they accounted for nearly half of second-quarter requests. TD Cowen analyst Bill Katz described the update as "optically, not a great update" but said the finer disclosure was encouraging and that repeat requesters suggested redemption pressures were not building.
Apollo Global's USD 26 billion Apollo Debt Solutions fund also curbed redemptions, limiting them to 5% of shares after investors sought to withdraw approximately 16.8%, up from about 11.2% in the prior quarter. The fund said paying those investors would bring gross outflows to USD 700 million against USD 300 million of inflows based on preliminary data, leaving net outflows of about 3% of asset value so far in 2026. Redemptions from the onshore United States moderated to about 4.3%, while offshore redemptions rose to 12.5%. Apollo President Jim Zelter said in May that he expected continued withdrawals and that "industry turbulence" was not over.
Morgan Stanley's North Haven Private Income Fund, a USD 7 billion flagship private credit fund, will meet 43% of Q2 redemption requests after investors sought to withdraw about 11.6% of units outstanding in the filing, with about half of the latest requests coming from investors who had been unable to fully cash out earlier. As of May 31, the fund was invested in 301 borrowers across 45 industries, with roughly 22.7% exposure to software. The affiliated North Haven Private Income Fund A faced 7.2% redemption requests and will honour 5%.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.