Private Credit Fund Redemptions Tracker, October 2026: Which Funds Paid 100% and Which Prorated

How to read this table

Private credit funds for individual investors give you one way out: a repurchase offer, once a quarter, for about 5% of the fund's shares at NAV. There are two kinds, and they are not the same promise.

• A non-traded BDC runs a tender offer at its board's discretion, usually for 5% of shares, and files the result in a Schedule TO-I/A. If holders tender more than 5%, it buys 5% (sometimes up to 2% more) and divides it among everyone who asked, pro rata.
• An interval fund has a fundamental policy of offering at least 5% every quarter and may buy up to 2% more. It reports repurchases in its annual and semiannual reports, and may not say how much was requested.

So the share of your request that gets paid is roughly 5% divided by the share of the fund that was tendered. Everything in the table below is a version of that fraction.

Where each fund stands

Latest completed offer for each fund, sorted by the share of each request paid. “Requests” is the share of the fund's shares tendered: reported by the fund where marked, otherwise our arithmetic from the filing (tendered shares divided by 20 times the shares bought in a 5% offer).

The third column is the story. The funds that prorated had requests of 10% to 38% of their shares; the ones that paid in full had 3% to 5%. Nothing in between: the funds whose requests fell under the 5% limit are the ones that paid in full. Golub went from 8.5% requested in May to 4.8% in July, the only fund here where the queue emptied; its page has the series.

What each fund's filing says

The numbers behind each row, with the filing.

• OTIC. In the offer that expired June 30, 109,888,749 shares were tendered (38.1% of shares per the fund) and it accepted 13.1% (Schedule TO-I/A, accession 0001628280-26-049599); in March, 40.4% tendered and 14.380% accepted. See the OCIC and OTIC page.
• OCIC. June 30: 395,428,504 shares tendered (18.8%), 26.6% accepted, about $955.0 million; March: 463,820,625 tendered (21.9%), 22.822% accepted, about $963.6 million (accessions 0001628280-26-049601 and 0001628280-26-027580). For the third quarter the fund's October 2 letter reports requests of $3.1 billion, 16.8% of shares, and says it will fulfill about 30%.
• ADS. June 15: 101,541,297 shares tendered, 30,224,152 accepted pro rata; March 16: 66,882,332 tendered, 30,261,082 accepted (0001193125-26-337966, 0001193125-26-208953). Third-quarter requests were about 14.7% in the fund's September 22 letter. ADS page.
• HLEND. June 8: 66,718,586 tendered, 25,076,907 accepted; March 4: 45,605,292 tendered, 24,646,802 accepted (0001628280-26-052073, 0001628280-26-029282). Third-quarter requests were about 11.5% of shares. HLEND page.
• ASIF. September 18: 50,400,325 tendered (13.1% of shares), 19,264,139 accepted; June 18: 56,892,248, 19,767,194 accepted; March 20: 45,344,917, 43.1% accepted (0001104659-26-110962, -087531, -044917). ASIF page.
• North Haven PIF. March 7: 47.8% accepted; June 4: 41.6%; September 14: about 43.8% (preliminary), against requests of 10.9%, 11.6% and 11.4% of units. It states units tendered only until December 2025. North Haven page.
• BCRED. May 29: 191,782,834 tendered, 93,100,272 accepted; March 2: 133,689,552 tendered, all accepted using the extra 2% (0001213900-26-084924, 0001213900-26-050688). For the third quarter the fund's September 3 letter put requests at about 10% of shares. BCRED page.
• GCRED. May 1: 15,148,979 tendered, 8,891,200 accepted; July 29: 9,042,171 tendered against a limit of 9,423,269, all accepted (0001104659-26-061258, 0001930087-26-000101).
• Goldman Sachs Private Credit Corp. Offers expired December 30, 2025 (11,258,071 shares tendered), March 27, 2026 (17,281,858 against a limit of 17,285,147) and June 23 (12,076,761 against 18,636,671), each paid 100%; June cost $295.9 million at $24.57 a share. For the September 22 offer the fund's September 29 amendment estimates 7,605,110.708 shares, or 2.03% of shares at June 30, and says it intends to repurchase 100% of requested amounts (0001193125-26-251435, -328577, -407832).
• Fidelity Private Credit Fund. February 27: 1,427,358 shares tendered; May 29: 1,552,234 against a limit of 2,670,303, both paid 100% (the May payment was $38.4 million at $24.72). The August 3 offer, for up to 2,710,510 shares, has not reported (0001193125-26-190112, -322526, -384555). The fund is small: a 5% offer is about 2.7 million shares.
• Carlyle Tactical Private Credit Fund (interval). April 7: 89,867,869 shares tendered (15.65%), 28,703,006 repurchased (5.00%); July 7: 65,877,260 tendered (11.82%), 27,865,369 repurchased (0001725472-26-000005). The offer closes October 6. Carlyle page.
• Cliffwater Corporate Lending Fund (interval). 5.32% of shares repurchased in the December 2025 offer and 7.00% in March 2026, $6.04 billion in its fiscal year; the report does not state shares tendered (accession 0001213900-26-066324). Cliffwater page.

The third quarter, where the funds have said

Where a fund gave a third-quarter request level, it was at or below the second quarter's at most of them: HLEND (13.3% to about 11.5%), OCIC (18.8% to 16.8%), ASIF (14.4% to 13.1%), ADS (16.8% to about 14.7%) and North Haven (11.6% to 11.4%). OTIC's, at about 39.0%, was a notch above June's 38.1%. At 10% to 17% requested they all still get prorated: the 5% cap, not the trend, sets the fill. The result dates are expectations from each fund's last pattern, not filed dates.

What a holder can do with this

• Ask what your fund's number is. Divide the fund's 5% by the share of the fund tendered in the latest offer. If the fund reports requests of 12%, plan on about 40% of a request being paid.
• Do not count on carry-over. In the HLEND, North Haven, GCRED and Carlyle documents we read, unfilled requests do not carry over automatically; you resubmit every quarter and compete again.
• Read the series, not the headline. A fund that prorated once and cleared (GCRED) is a different position from one that has prorated three quarters in a row (HLEND, OCIC, ADS, North Haven). Each fund's page has its full table.
• What would change the picture: requests falling below 5%, which needs new money to return or holders to stop asking, or a board buying the extra 2% it reserves.

FAQ

All figures are from the SEC filings of each fund read on EDGAR on October 5, 2026: the Schedule TO-I/A result filings of Blackstone Private Credit Fund, HPS Corporate Lending Fund, Blue Owl Credit Income Corp., Blue Owl Technology Income Corp., Apollo Debt Solutions BDC, Ares Strategic Income Fund, North Haven Private Income Fund, Golub Capital Private Credit Fund, Goldman Sachs Private Credit Corp. and Fidelity Private Credit Fund, the third-quarter letters filed with them, the June 2026 semiannual report of Carlyle Tactical Private Credit Fund and the March 2026 annual report of Cliffwater Corporate Lending Fund. Requests marked "ours" are tendered shares divided by 20 times the shares bought in a 5% offer. Fill rates, cumulative fills and third-quarter fills marked "our arithmetic" are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.