Blue Owl Capital (NYSE:OWL) continues to see a large influx of redemption requests across its private credit funds.

Investors asked for 18.8% of the shares ($3.6 billion) from Blue Owl Credit Income Corp. (OCIC) in the second quarter, down from the $4.2 billion requested in Q1, Bloomberg reported.

According to a shareholder letter, 90% of investors remain in OCIC. Craig Packer, Blue Owl’s co-president, and Logan Nicholson, OCIC’s president, said in the letter that "OCIC does not need to sell a single private loan to satisfy the tender offer." The fund has added $1.2 billion in inflows this year.

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In Blue Owl’s smaller credit fund, Blue Owl Technology Income Corp, investors asked to redeem 38.1% of shares ($1.1 billion), in comparison to the $1.2 billion in the first quarter.

The combined total of redemption requests between both funds amounted to $4.7 billion. The firm limited redemptions to its standard 5% quarterly cap, saying most requests came from investors who had already sought withdrawals in the first quarter, with “limited new participation” from additional investors.

Redemption Requests Spike

Other private credit managers have continued to see elevated redemption requests in the second quarter.

So far in Q2, Apollo Global Management (NYSE:APO) has limited withdrawal requests from its non-traded private credit fund, Apollo Debt Solutions, after investors asked to withdraw 16.8% of their shares.

The flagship private credit fund of Cliffwater LLC capped redemptions at 5% in the second quarter after investors sought to redeem approximately 17% of the fund’s shares.

Partners Group is restricting investor withdrawals from its $8.6 billion Global Value SICAV fund after redemption requests exceeded 5% of the net asset value, a move that rattled sentiment across private markets.

The firm pointed to instability across open-ended vehicles since early last year, beginning in private credit and later affecting private equity, Reuters reported.

Goldman Sachs (NYSE:GS) is bucking the trend. The firm received redemption requests under the 5% repurchase cap, with requests totaling about 3.24% of outstanding shares in the second quarter.

The firm honored all redemption requests in full and added $275 million in gross inflows during the quarter. Goldman attributed its experience 

BlackRock, Ares Management, JPMorgan, and Morgan Stanley all capped redemptions in the first quarter.

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