Goldman Sachs Group Inc. (NYSE: GS) reported that its $18.2 billion GS Credit private credit fund saw redemption requests drop to 2% of shares in the third quarter, down from 3.2% in the prior period. The firm stated that repurchase requests have remained under the typical 5% cap since the vehicle launched.
During the quarter, the fund brought in approximately $400 million in gross subscriptions. The firm noted that a significant portion of the fund’s investor base comes through its private wealth business, where clients tend to be longer-horizon allocators.
Goldman Sachs highlighted a shift in the credit landscape, stating that concerns around software-related credit quality have moderated. The fund noted that while aggressive spread widening occurred earlier in 2026, the third-quarter landscape has shifted meaningfully.
Performance figures disclosed by the fund show that its Class I shares produced an approximately 9.4% total return since inception through August 31, 2026.
The filing contrasts Goldman’s figures with those of peers. Apollo Global Management (NYSE: APO) capped redemptions at 5% of outstanding shares after investors sought to redeem 14.7% of shares. Cliffwater LLC’s flagship private credit fund also capped redemptions at 5% after investors asked to redeem about 16% of shares. Morgan Stanley (NYSE: MS) faced redemption demand at its North Haven Private Income Fund, where investors attempted to withdraw 11.4% of shares, more than double the 5% the fund planned to buy back.
