Goldman Sachs’ $18.2bn private credit fund recorded another decline in investor redemption requests during the third quarter, bucking the elevated withdrawal levels reported across much of the private credit market, according to a report by Reuters.
Investors sought to redeem 2% of shares in the latest tender offer for GS Credit, down from 3.2% in the previous quarter, according to figures released by the fund. Repurchase requests have remained below the fund’s 5% limit since its launch.
The latest figures contrast with redemption requests reported by several of the largest non-traded private credit vehicles. Third-quarter requests disclosed so far have ranged from 10% to more than 16% of shares, underscoring the different liquidity pressures facing private credit managers.
Goldman’s fund has faced less redemption pressure in part because a significant portion of its investor base comes through the firm’s private wealth channels. Those investors have historically taken longer-term positions in private credit and may have greater tolerance for holding less-liquid assets.
Redemption pressure across the broader private credit sector has remained elevated during 2026, amid concerns about underwriting standards and the ability of heavily indebted software companies to cope with disruption from artificial intelligence.
GS Credit said those concerns had begun to moderate during the third quarter. The manager said the market had moved on from the sharp widening in credit spreads seen earlier in the year, when worries over software borrowers and uncertainty around enterprise technology spending dominated investor sentiment.
The fund also reported around $400m of gross subscriptions during the quarter, indicating continued demand alongside the lower level of withdrawal requests.
Class I shares had generated a total return of approximately 9.4% since the fund’s inception through 31 August, according to GS Credit.
