Goldman Sachs Group Inc. (GS  ) said on Tuesday that investors asked to redeem a smaller slice of its private credit fund in the third-quarter tender offer, suggesting outflow pressure may be easing. The firm's $18.2 billion GS Credit fund reported redemption requests equal to 2% of shares, down from 3.2% in the prior quarter.

The fund reported that repurchase requests have stayed under the typical 5% cap since the vehicle launched, Reuters reported. The fund also brought in about $400 million in gross subscriptions during the quarter.

A sizable portion of GS Credit's investor base comes through Goldman's private wealth business, where clients tend to be longer-horizon allocators that can accept less liquidity.

Goldman's figures land as other large, non-traded private credit funds have been seeing notably higher tender-offer withdrawal demand.

Peers See Heavier Outflows

Apollo Global Management (APO  ) faced elevated redemptions from its private credit fund for the third straight quarter. The $26 billion Apollo Debt Solutions BDC fund capped redemptions at 5% of outstanding shares after investors sought to redeem 14.7% of shares, down from the 16.8% investors had sought during the prior period.

Cliffwater LLC's flagship private credit fund capped redemptions at 5% in the third quarter after investors asked to redeem about 16% of shares.

Morgan Stanley (MS  ) continued to face elevated redemption demand at its North Haven Private Income Fund. Investors attempted to withdraw 11.4% of shares in the latest quarterly repurchase window. That's more than double the 5% the fund plans to buy back.

Blackstone (BX  ) President and COO Jon Gray says investor confidence in private credit will recover and inflows will return despite redemption pressure at the firm's $77 billion private credit fund and broader concerns about valuations and underwriting.

"Over time, investor confidence will be rebuilt, and the inflows will return. There's a lot of noise, a lot of critics; the town criers are proclaiming a global crisis - and then nothing happens," Gray said earlier this month.

Blackstone's private credit vehicle also saw elevated redemption requests this month, capping the withdrawal limit at 5% after investors sought to tender roughly 10% of shares during the third quarter for the $77.2 billion Blackstone Private Credit Fund (BCRED).

'Q3 Landscape Shifted'

Some competing funds have seen heavier redemption activity through 2026 as investors weighed underwriting discipline and the outlook for software borrowers amid shifts tied to AI.

GS Credit pointed to a change in tone around software credit, saying, "The concerns around software-related credit quality that dominated headlines earlier in 2026 have begun to moderate. While Q1's 'SaaSpocalypse' narrative and Q2's enterprise ⁠software spend uncertainty drove aggressive spread widening, the Q3 landscape has shifted meaningfully,"

The fund also disclosed performance figures, saying its Class I shares produced an approximately 9.4% total return since inception through August 31, 2026.

Goldman did not provide additional detail in the statement on what drove third-quarter inflows or the decline in redemption requests.