Goldman Sachs Private Credit Corp quietly did something that’s becoming increasingly rare in the private credit world: it let investors leave without a fight.

The $15.7 billion non-traded business development company reported redemption requests of approximately 3.24% of its shares in the second quarter of 2026, well below the 5% quarterly cap that serves as the fund’s speed limit for outflows. Every single request was honored in full. That’s now two consecutive quarters where GSCR has managed to stay comfortably under the wire.

Certain Blue Owl funds have seen redemption requests blow past their caps entirely, forcing the firm to impose withdrawal restrictions. GSCR’s relative calm traces back to a structural advantage. The fund draws primarily from institutional investors rather than retail money. Institutional capital, think pension funds and endowments, tends to be stickier. The private credit sector is navigating a cocktail of concerns: questions about asset valuations, high-profile borrower defaults, and the disruptive effects of artificial intelligence on software company revenue streams, which happen to be a significant portion of many private credit portfolios.

The Q2 numbers look even more notable when you consider how close GSCR came to its limit just one quarter earlier. In Q1 2026, redemption requests hit 4.999% of shares outstanding. Goldman honored every request that quarter too, but the margin for error was essentially zero. The fund reported redemption requests of 3.5% back in Q4 2025, which was already considered below the industry average at the time. So the Q2 figure of 3.24% represents a return to that more comfortable range after the Q1 scare.

Non-traded BDCs offer exposure to private credit, essentially loans to mid-sized companies that can’t or won’t tap public debt markets, but without the daily liquidity of a publicly traded fund. Investors can typically only redeem shares during specific windows, subject to those quarterly caps. When redemption requests exceed the cap, investors receive only a portion of their requested withdrawal, prorated across all requestors.

The composition of a fund’s investor base is arguably as important as the underlying portfolio. Goldman’s track record of honoring full redemptions across multiple quarters could create a flywheel effect: funds that demonstrate reliable liquidity tend to attract more institutional capital, which in turn makes future redemption events more manageable. Conversely, funds that gate investors risk losing the confidence of their most stable capital providers.