Goldman Sachs’ Nontraded BDC Fulfills Q2 Tender as Redemption Requests Ease to 3.24%
Goldman Sachs Private Credit Corp. fulfilled 100% of its second-quarter repurchase requests after redemption demand eased to approximately 3.24% of shares outstanding, well below the nontraded business development company’s 5% quarterly cap, the fund disclosed. The fund, also known as GS Credit, took in roughly $275 million in gross subscriptions during the quarter, about 3% of its March 31 net asset value of $9.2 billion.
The result is a meaningful step down from the first quarter, when GS Credit’s tender offer drew requests for 17.28 million shares, or 4.999% of shares outstanding as of Dec. 31 – just short of the 5% cap. That offer was also fulfilled in full.
The comparison matters because of the argument GS Credit made after its first-quarter results. AltsWire reported in June that the fund posted positive net flows of approximately 7.1% of its Dec. 31 NAV in the first quarter, a period in which every peer fund it cited experienced negative net flows. GS Credit attributed the divergence to its institutionally oriented capital base – roughly 40% of first-quarter subscriptions came from institutional investors, many of them first-time allocators – and to the broader Goldman Sachs platform’s role in sourcing, monitoring, and working out credits. At the time, GS Credit said the tender offer priced at NAV as of June 30 would be the first test of whether that advantage held into the second quarter, and it did.
Redemption requests fell rather than climbed, even as the fund continued to draw fresh capital. GS Credit did not disclose the institutional share of second-quarter subscriptions, so it’s not yet clear whether that specific dynamic persisted at the same pace.
The tender offer, covering all three of GS Credit’s share classes – Class I, Class S, and Class D – closed June 23. Payment is due no later than 65 days after the offer’s expiration.
GS Credit’s Q2 2026 fulfillment contrasts with several larger nontraded BDCs, where quarterly redemption demand has consistently exceeded the 5% cap and triggered proration. Ares Strategic Income Fund, for example, reported demand of 14.4% of NAV in its second-quarter tender – nearly three times the repurchase cap. Apollo Debt Solutions BDC saw withdrawal requests of 16.8% in the same period.
Previously reported by AltsWire, GS Credit raised $750 million in an investment-grade bond sale in April, part of a debt financing strategy that has included multiple unsecured note issuances across maturities ranging from 2028 to 2031. Goldman characterized the laddered maturity profile and absence of near-term unsecured maturities as a liquidity buffer relative to sector peers.
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