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Goldman's private credit vehicle sees third straight quarter of slowing withdrawals while maintaining positive net flows, signaling LP selectivity within private credit rather than broad asset-class exit.
$1.7 trillion
private credit market
5%
of fund NAV limits
$50 million
EBITDA tier
150 to 200
basis points
Goldman Sachs' private credit fund reported declining withdrawal requests for the third consecutive quarter in Q3 2024, continuing to deflect redemption pressure that has destabilized portions of the $1.7 trillion private credit market. The fund disclosed the withdrawal statistics Tuesday without releasing precise dollar figures, maintaining its pattern of measured liquidity disclosure while competitors face accelerated gate activations.
Redemption requests to Goldman's vehicle slowed sequentially from Q2 levels, which themselves represented a deceleration from Q1. The fund has not imposed formal gates or suspended withdrawals, instead processing requests within existing quarterly liquidity windows. This stands against industry backdrop where private credit vehicles at Apollo, Ares, and Blue Owl have either delayed redemptions or restructured liquidity terms in the past six months. Goldman's structure allows quarterly redemptions subject to 5% of fund NAV limits, a threshold the firm has stayed beneath.
The divergence matters because it signals bifurcation in private credit LP confidence. Institutional allocators distinguish between vehicles with transparent underlying collateral and those carrying higher proportions of unitranche loans or sponsor-dependent credits. Goldman's fund skews toward direct lending to middle-market companies with $50 million to $500 million EBITDA, a segment that has shown more stable cash generation than the sub-$50 million EBITDA tier. Pension funds and insurance companies redeeming from private credit broadly are making named-vehicle decisions, not asset-class exits. The funds seeing net outflows carry higher concentrations of floating-rate exposure originated in 2021-2022 at compressed spreads, now facing refinancing cliffs with borrowers whose interest coverage ratios have deteriorated 150 to 200 basis points.
Operators should watch Q4 redemption queue behavior at Goldman and peer funds, typically disclosed in January earnings. If Goldman's withdrawal velocity continues declining while industry requests stabilize, that confirms flight-to-quality within private credit rather than systemic LP retreat. Allocators need visibility into which funds are processing redemptions through asset sales versus using subscription lines to fund exits, the latter indicating illiquidity stress. The $450 billion private credit fundraising pipeline for 2025 will price based on how many vehicles maintain orderly liquidity through year-end.
Goldman's fund now holds roughly $18 billion in assets, up from $14 billion at year-end 2023, meaning it absorbed net inflows despite processing withdrawals. That spread between gross redemptions and net flows tells the allocation story.
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