Carlyle Credit Solutions Inc., a non-traded business development company, reported that its investors requested to redeem roughly 3.6% of outstanding shares, below the fund’s redemption cap.
The withdrawal demand was lower than in the previous quarter, during which Carlyle Credit Solutions’ investors tendered roughly 4.8% of shares.
Many non-traded BDCs have seen demand for redemptions spike in recent quarters. Ares, Apollo, HPS, Blackstone and Cliffwater each reported double-digit percentages of redemption demand in Q2.
A handful of other BDCs reported withdrawal totals below the typical 5% cap in Q2, including funds managed by Oaktree and Churchill.
Speaking on a July 23 earnings call, Blackstone President & COO Jon Gray pointed to early evidence that investor withdrawal demand has tempered in Q3 compared to previous quarters.
Carlyle Credit Solutions is a private credit fund managed by The Carlyle Group (Nasdaq: CG). As of March 31, the BDC had $2.6 billion of total investments at fair value.
Featured image by Spencer Grant/GHI/UCG/UCG/Universal Images Group via Getty Images
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