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Investors rushed to pull cash from non-traded private credit funds late last year, causing a jump in redemption requests across business development companies, a popular structure for packaged private credit exposure to individual investors.

The heavy pullback is one of the loudest signals this cycle of growing concern around private credit. Fresh from banner years dubbed the 'golden age' of private credit, the asset class has been hit by a string of high-profile losses, tougher market dynamics, and increased regulatory scrutiny.

Non-traded BDCs were hit with average redemptions of 5 percent of net assets in the fourth quarter, up from around 2 percent historically, according to research from Goldman Sachs Group. Redemptions from funds with more than $1 billion in assets jumped 200 percent in the last three months of 2025 from the prior period.

Last month, Blue Owl Capital lifted the quarterly redemption cap at Blue Owl Technology Income Corp. to as much as 17 percent of the non-traded fund’s net assets, well above its previous 5 percent limit, according to regulatory filings. The firm has said actual redemptions are not expected to match the full amount permitted.

This is after a notably rough year for publicly traded BDCs, which posted their worst performance since 2020 relative to the S&P 500. Several listed vehicles have been trading at double-digit discounts to book value in recent months.

After the collapse of auto lender Tricolor Holdings and car-parts supplier First Brands Group late last year, there have been renewed warnings about the health of private credit as an asset class.

One of the loudest critics, DoubleLine Capital founder Jeffrey Gundlach, believes private credit has become rife with "garbage lending".

“The next big crisis in the financial markets is going to be private credit,” he said. “It has the same trappings as subprime mortgage repackaging had back in 2006.”

“There’s only two prices for private credit — 100 or zero,” Gundlach said. “It looks like it’s safe because you could sell it any day, but it’s not safe because the price at which you sell will be gapping lower day after day after day.”

Adding to negative sentiment, the Department of Justice recently questioned “creative” fund marks and valuation practices, the SEC has launched an inquiry into the private credit ratings practices of Egan-Jones, a BlackRock CLO failed over-collateralization tests at waived fees, and Blue Owl scrapped a planned fund merger after investor pushback (attempted in response to the aforementioned redemption pressures).

Despite headlines and the occasional dire prediction from observers like Gundlach, an imminent systemic crisis still seems unlikely. Selective default rates, inclusive of restructurings, have trended lower in recent quarters, and a combination of lower interest expense and EBITDA growth among private credit issuers should improve fundamentals.

Going forward, what's more probable is a shift in private credit's returns profile.

Pitched as a double-digit asset class, funds are likely to fall short of that lofty bar. As the Federal Reserve cuts rates and competitive pressures compress average spreads on private credit deals—now less than 500 basis points over the base rate from 650 basis points in the first quarter of 2023, according to data from Wells Fargo—private credit's golden age is now squarely in the rearview mirror.

• Merck & Co. (NYSE: MRK) is in talks to acquire Revolution Medicines (Nasdaq: RVMD), a Redwood City-based cancer drug developer, in a deal valued at up to $32 billion, per the Financial Times.

• Constellation (Nasdaq: CEG) acquired Calpine Corporation, an independent power producer with natural gas and geothermal assets, from Energy Capital Partners, Access Industries, and CPP Investments for approximately $26.6 billion.

• Chevron (NYSE: CVX) and Quantum Capital Group are partnering to bid for the international assets of Lukoil, a sanctioned Russian oil producer, in a deal valued at $22 billion, per the Financial Times.

• Hg agreed to acquire OneStream (Nasdaq: OS), an enterprise finance management platform, for $6.4 billion, alongside General Atlantic and Tidemark.

• Advent International is leading a group that submitted an indicative proposal to acquire InPost, a Polish parcel locker operator and owner of UK delivery firm Yodel, in a deal that could value the company at over €6 billion.

• I Squared Capital agreed to acquire Ramudden Global, a provider of traffic management and infrastructure safety services, for around €2.5 billion from Triton Partners.

• KKR and Oak Hill Capital invested nearly $2 billion in Global Technical Realty, a London-based built-to-suit data center platform.

• Allegiant (Nasdaq: ALGT) agreed to acquire Sun Country Airlines (Nasdaq: SNCY), a low-cost leisure airline, for $1.5 billion in cash and stock.

• TPG (Nasdaq: TPG) is nearing a deal to acquire Optum UK, a supplier of GP patient records systems, from UnitedHealth Group (NYSE: UNH) for up to £1.4 billion, per Sky News.

• Eli Lilly and Company (NYSE: LLY) agreed to acquire Ventyx Biosciences (Nasdaq: VTYX), a clinical-stage biopharmaceutical company focused on oral therapies for inflammatory-mediated diseases, for approximately $1.2 billion in cash.

• Haveli Investments acquired a majority stake in Sirion, a Lehi, Utah-based AI-powered contract lifecycle management platform backed by Partners Group and Tiger Global, at a valuation of around $1 billion.

• Snowflake (NYSE: SNOW) agreed to acquire Observe, a San Mateo-based AI-powered observability platform, for around $1 billion.

• CVC DIF agreed to acquire iPark, an Iberian parking infrastructure platform, for more than €500 million from Elliott Investment Management.

• L Catterton agreed to acquire a majority stake in Good Culture, a cottage cheese maker, from Manna Tree for more than $500 million.

• Jacobs Capital is exploring a sale of Mammut Sports Group, a Swiss outdoor gear maker, which could be valued at more than €500 million, per Bloomberg.

• Bob's Discount Furniture, a home furnishings retailer backed by Bain Capital, filed for a U.S. IPO that could raise around $400 million and plans to list on the NYSE (BOBS).

• Vickery Energy Partners, a portfolio company of Quantum Capital Group, acquired Tribune Resources, an owner of Marcellus Shale natural gas assets in West Virginia, for around $400 million.

• MidEuropa agreed to acquire a majority stake in Optika Anda, a Croatian optical retail chain with 64 stores, from the founding family.

• TPG Capital is nearing a deal to acquire a 30-40 percent stake in IIFL Capital Services, an Indian financial services firm, per The Economic Times.

• LongRange Capital and founder Mark Mastrov agreed to acquire 24 Hour Fitness, a gym chain, from Monarch Alternative Capital, Sculptor Capital Management, and Keyframe Capital Partners.

• 11:11 Systems, a portfolio company of Tiger Infrastructure Partners, acquired Ntirety, an Austin-based managed and professional IT services firm.

• Cleanova, a portfolio company of PX3 Partners, acquired Airflotek and TES-Clean Air Systems, US-based providers of custom air filtration and controlled environment solutions.

• Gryphon Investors acquired a majority stake in Fortreum, a Lansdowne, Virginia-based provider of cybersecurity audit, advisory, and technical testing services for regulated industries.

• Grant Avenue Capital acquired PatientCare EMS Solutions, a Tyler, Texas-based ground medical transportation provider.

• Capitol Meridian Partners and Stellex Capital Management acquired Beaufort, a UK-based aerospace and defense survival equipment manufacturer, from Survitec, a portfolio company of Searchlight Capital Partners, M&G, and CQS.

• Gryphon Investors acquired Safety Management Group, an Indianapolis-based provider of outsourced safety services, from NMS Capital.

• TA Associates invested in PureSpectrum, a Westlake Village, California-based provider of market research technology and information services.

• Prescient Healthcare Group, a portfolio company of Bridgepoint, acquired Uptake Strategies, a healthcare consultancy serving the pharmaceutical and biotech industries.

• Currier Plastics, a portfolio company of Sheridan Capital Partners, acquired Springboard Manufacturing and MOS Plastics, two California-based medical contract manufacturers.

• Gemspring Capital Management acquired TRG, a Cleveland-based provider of enterprise mobility lifecycle management and cybersecurity solutions.

• Innio, an Austrian power equipment maker backed by Advent International, has selected banks for a planned U.S. IPO, per Bloomberg.

• Antin Infrastructure Partners agreed to acquire Emsere, a provider of medical equipment rental and support services for clinical trials, from Gryphion.

• Platinum Equity invested in Norton Packaging, a Hayward, California-based manufacturer of plastic pails and rigid packaging.

• Blackstone (NYSE: BX) acquired the remaining stake it doesn't already own in Air Control Concepts, a Norfolk, Virginia-based commercial HVAC, electrical, and controls platform, from Madison Dearborn Partners.

• Brightwood Capital Advisors and Constitution Capital Partners acquired a majority stake in Museum of Illusions, a global chain of immersive museums, from Invera Capital Partners.

• Ranger Fire and Security, a portfolio company of Hyperion Equity Partners, acquired Partnership Fire and Security, a Dorset, England-based alarm and security services provider.

• Artis BioSolutions, a San Diego-based portfolio company of Oak HC/FT, agreed to acquire Syngoi Technologies, a Bilbao-based developer of synthetic DNA manufacturing technologies, from Columbus Venture Partners.

• NextEra Energy Resources acquired Symmetry Energy Solutions, a Houston-based natural gas supplier and logistics platform, from Energy Capital Partners.

• Fusion Capital Partners acquired Excel Engineering, a Diagonal, Iowa-based provider of testing services for engine, powertrain, and battery systems.

• Vanda, a portfolio company of FPE Capital, acquired Exante Data, a provider of macro strategy and capital flow analytics.

• H&MV Engineering, a portfolio company of Exponent, acquired Cooke Power Services, an Amarillo, Texas-based provider of high-voltage electrical services.

• Sigma Companies International, a portfolio company of Wind Point Partners, acquired Masonry Supply, a Selma, North Carolina-based manufacturer of municipal waterworks castings and polymer enclosures.

• Greenbriar Equity Group acquired eShipping, a Parkville, Missouri-based provider of managed transportation, logistics and supply chain technology, from Ridgemont Equity Partners.

• InterProse, a portfolio company of Wingman Growth Partners, acquired Beam Software, a Sarasota, Florida-based collections platform for debt buyers and servicers.

• Calera Capital acquired ReVamp Companies, a provider of residential concrete coatings, fencing, and decking installation services, from Bertram Capital.

• Bregal Sagemount agreed to acquire a majority stake in Redgate Software, a UK-based provider of database DevOps solutions.

• DirectMed Imaging, a portfolio company of Frazier Healthcare Partners, acquired Tri-Imaging Solutions, a Tennessee-based provider of aftermarket diagnostic imaging parts, equipment, and services.

• Radial Equity Partners acquired Cortina, a Franklin Park, Illinois-based manufacturer of traffic and work zone safety products, merging the business with portfolio company Plasticade.

• Fenceworks, a portfolio company of Gemspring Capital, acquired Accurate Fence, a Lawrenceville, Georgia-based provider of permanent fencing installation services.

• Altaris acquired Tegria, a Spokane-based healthcare IT consulting and services provider, from Providence St. Joseph Health.

• WindRose Health Investors invested in Avalon Healthcare Solutions, a Tampa-based lab benefit management platform, joining existing backer Francisco Partners.

• ATL Partners acquired SkyMark and Rampmaster, manufacturers of aircraft refueling trucks and specialty vehicles for the aviation and transportation sectors.

• East Coast Power, a portfolio company of A&M Capital Partners, acquired United Powerline Solutions, an Indiana-based provider of overhead distribution services for electric utilities.

• The Blackhawk Group, a portfolio company of New State Capital Partners, acquired Silver Sky Aviation, a Wasilla, Alaska-based provider of aircraft maintenance and performance upgrade services.

• Kelvin Group, a portfolio company of Southfield Capital, acquired PermaCold Engineering, a Portland, Oregon-based provider of industrial refrigeration systems.

• Superior Health Holdings, a portfolio company of Renovus Capital Partners, acquired the Bayou Country hospice operations of Hope Healthcare & Hospice, a Houma, Louisiana-based provider of community hospice services.

• PestCo Holdings, a portfolio company of Thompson Street Capital Partners, acquired Bio-Tech Pest Control, a Spring, Texas-based provider of residential and commercial pest control services.

• Arxis, a portfolio company of Arcline Investment Management, acquired Micro-Tronics, a Tempe, Arizona-based manufacturer of engineered elastomeric and metallic components for commercial aerospace and defense applications.

• New Directions Aromatics, a portfolio company of TruArc Partners, acquired Aromatic Fragrances International, a Cartersville, Georgia-based e-commerce-enabled fragrance supplier for beauty, personal care, and home care.

• AxioAero Group, a portfolio company of CORE Industrial Partners, acquired Airway Aerospace, a Florida-based provider of maintenance, repair, and overhaul services for commercial and defense aviation components.

• UserTesting, backed by Thoma Bravo and Sunstone Partners, acquired User Interviews, a participant recruitment platform for user research and AI training, from Sageview Capital and Teamworthy Ventures.

• PureStar, a portfolio company of Cornell Capital, acquired Emerald Textiles, a West Coast-based provider of healthcare linen and laundry services, from Pacific Avenue Capital Partners.

• Service Express, a portfolio company of Warburg Pincus, merged with Park Place Technologies, a data center services provider acquired from GTCR and Charlesbank Capital Partners.

Tech, Vertical SaaS, & Misc. Enterprise

• Anthropic, the AI startup behind the Claude chatbot, raised $10 billion in new funding at a $350 billion valuation co-led by Coatue Management and GIC, with participation from Microsoft and Nvidia.

• Nscale, a London-based AI infrastructure hyperscaler, raised $1.1 billion in Series B funding led by Aker ASA, with participation from Sandton Capital, Blue Owl, Dell, Fidelity Management & Research Company, G Squared, Nokia, Nvidia, Point72, and T.Capital.

• Cyera, a data security platform, raised $400 million in Series F funding at a $9 billion valuation led by Blackstone, with participation from Accel, Coatue, Cyberstarts, Georgian, Greenoaks, Lightspeed, Redpoint, Sapphire, Sequoia Capital, and Spark.

• LMArena, an AI benchmarking platform, raised $150 million in Series A funding at a $1.7 billion valuation co-led by Felicis and UC Investments, with participation from Andreessen Horowitz, The House Fund, LDVP, Kleiner Perkins, Lightspeed Venture Partners, and Laude Ventures.

• Torq, an AI security operations platform, raised $140 million in Series D funding at a $1.2 billion valuation led by Merlin Ventures, with participation from Evolution Equity Partners, Notable Capital, Bessemer Venture Partners, Insight Partners, Greenfield Partners, and J.P. Morgan Private Bank.

• Photonic, a developer of silicon spin-photon quantum computing systems, raised $130 million in Series C funding led by Planet First Partners, with participation from Royal Bank of Canada, TELUS, BCI, and Microsoft.

• Swap, a London-based e-commerce operating system, raised $100 million in Series C funding co-led by DST Global and ICONIQ.

• GS Microelectronics, a San Jose-based semiconductor provider, raised $35 million in Series B funding led by Maverick Silicon.

• Protege, an AI data platform for real-world datasets, raised $30 million in Series A extension funding led by Andreessen Horowitz, with participation from Footwork, CRV, Bloomberg Beta, Flex Capital, Shaper Capital, and Liquid 2 Ventures.

• Blackbird.AI, a narrative and risk intelligence platform tracking disinformation, raised $20 million in Series B funding led by Ten Eleven Ventures, with participation from Dorilton Capital, Generation Ventures, StartFast Ventures, and Trousdale Ventures.

• Qualinx, a Delft-based developer of ultra-low-power GNSS chips, raised €20 million in new funding led by Invest-NL, with participation from FORWARD.one, InnovationQuarter Capital, and Waterman Ventures.

Fintech

• Rain, a stablecoin payments infrastructure, raised $250 million in Series C funding at a post-money valuation of $1.95 billion led by ICONIQ, with participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst.

• Corgi, an AI insurance carrier for startups, raised $108 million in Series A funding at a $630 million valuation co-led by Y Combinator, Kindred Ventures, Leblon Capital, Contrary, and Glade Brook Capital, with participation from SV Angel, Phosphor Capital, Tekedia Capital, Seven Stars, Fellows Fund, Alumni Ventures, Quadri Ventures, and Vocal Ventures.

• Payhawk, a Bulgarian spend management platform, is in discussions to raise over $100 million in new funding at a $2 billion valuation.

• Biller Genie, an accounts receivable automation platform for SMBs, raised $22 million in Series B funding led by Radian Capital.

Consumer & Media

• Semafor, a digital news platform, raised $30 million in new funding at a $330 million post-money valuation from PSP Investments and Carlyle Group.

• Spangle AI, an agentic infrastructure platform for e-commerce personalization, raised $15 million in Series A funding at a $100 million post-money valuation led by NewRoad Capital Partners, with participation from Madrona, DNX Ventures, and Streamlined Ventures.

Healthcare

• Parabilis Medicines, a clinical-stage oncology biotech focused on undruggable targets, raised $305 million in Series F funding co-led by RA Capital Management, Fidelity Management & Research Company, and Janus Henderson Investors, with participation from Frazier Life Sciences, Soleus Capital, venBio Partners, Cormorant Asset Management, Nextech Invest, and ARCH Venture Partners.

• Orca Bio, a biotech company developing cell therapies for blood cancer and autoimmune diseases, raised $250 million in Series F funding led by Lightspeed Venture Partners.

• AirNexis Therapeutics, a clinical-stage biotech developing pulmonary disease treatments, raised $200 million in Series A funding led by Frazier Life Sciences, with participation from OrbiMed, Life Sciences at Goldman Sachs Alternatives, SR One, Longitude Capital, and Enavate Sciences.

• Soley Therapeutics, an AI oncology biotech with a cell stress sensing platform, raised $200 million in Series C funding led by Surveyor Capital, with participation from HRTG Partners, RWN Management, Breyer Capital, and GordonMD Global Investments.

• Alveus Therapeutics, a clinical-stage biotech developing obesity and metabolic disease therapies, raised $160 million in Series A funding, co-led by New Rhein Healthcare Investors, Andera Partners, and Omega Funds, with participation from Sanofi Capital, Kurma Partners, and Avego BioScience Capital.

• Diagonal Therapeutics, a biotech developing clustering antibodies for genetic diseases, raised $125 million in Series B funding co-led by Sanofi Ventures and Janus Henderson Investors, with participation from Deep Track Capital, EcoR1 Capital, Atlas Venture, Balyasny Asset Management, Biovision Ventures, BVF Partners, Checkpoint Capital, Frazier Life Sciences, Logos Capital, RA Capital Management, RV Invest, and Velosity.

• EpiBiologics, a developer of tissue-selective protein degraders for cancer and immune diseases, raised $107 million in Series B funding co-led by GV and JJDC, with participation from Novartis Venture Fund, Aulis Capital, Avego BioScience Capital, Samsara BioCapital, Polaris Partners, Digitalis Ventures, Taiho Ventures, Vivo Capital, Codon Capital, and Mission BioCapital.

• Rakuten Medical, a biotechnology company developing photoimmunotherapy treatments, raised $100 million in Series F funding led by TaiAx Life Science Fund, with participation from Daiwa Securities, Mitsui Sumitomo Insurance, Sumitomo Mitsui Banking, ABIES Capital, and Nexus CVC.

• ViCentra, an insulin patch pump developer, raised $98 million in Series D funding led by Innovation Industries, with participation from ROM Utrecht Region, Venturing Tech, Partners in Equity, Invest-NL, EQT Life Sciences, and Health Innovations.

• Corsera Health, a biotech developing RNAi medicines and AI tools for cardiovascular disease prevention, raised $80 million in Series A funding, co-led by Forbion and Population Health Partners.

• Beacon Therapeutics, a clinical-stage retinal gene therapy company, raised $75 million in Series C funding led by Life Sciences at Goldman Sachs Alternatives, with participation from the Retinal Degeneration Fund, Syncona Limited, Forbion, Oxford Science Enterprises, Advent Life Sciences, and TCGX.

• Spiro Medical, a pulmonary neuromodulation platform for asthma treatment, raised $67 million in Series A funding co-led by Andera Partners, Omega Funds, and Sherpa Healthcare Partners, with participation from Hero Group, HSG, Supernova Invest, and Northern Light Venture Capital.

• Vibrant Therapeutics, a clinical-stage biotech developing logic-gated T-cell engagers for solid tumors, raised $61 million in Series A funding co-led by Pfizer Ventures and Apricot Capital, with participation from Bayland Capital, HSG, Northern Light Venture Capital, and First Principles Capital.

• bit.bio, a Cambridge-based human cell programming biotech, raised $50 million in Series C funding led by M&G Investments.

• Boltz, an open-source AI biomolecular research and drug discovery platform, raised $28 million in seed funding at a $125 million valuation co-led by Amplify Partners, Andreessen Horowitz, and Zetta Venture Partners, with participation from Factorial Capital and Obvious Ventures.

• Engitix, a London-based biotech targeting the extracellular matrix to treat cancer and fibrosis, raised $25 million in Series A extension funding led by Netherton Investments.

• Canopy, a safety platform for health systems, raised $22 million in Series B funding co-led by 111° West Capital and ACME Capital.

• Enodia Therapeutics, a biotech developing small-molecule protein degradation therapies, raised €20.7 million in seed funding co-led by Elaia, Pfizer Ventures, and Bpifrance, with participation from Wallonie Entreprendre, Argobio Studio, MACSF, Institut Pasteur, InvestSud, Sambrinvest, and Mission BioCapital.

Industrials, Greentech, & Other

• Lyte, a developer of robotics perception systems, raised $107 million in Series A funding led by Atreides Management, with participation from Fidelity Management & Research Company, Exor Ventures, Key1 Capital, and Venture Tech Alliance.

• Valinor Enterprises, a defense and government technology holding company, raised $54 million in Series A funding led by Friends & Family Capital, with participation from Narya, XYZ Venture Capital, Fifth Down Capital, General Catalyst, Founders Fund, and Red Cell Partners.

• Vizgen, a spatial multi-omics company, raised $48 million in Series E funding co-led by ARCH Venture Partners, M Ventures, and Northpond Ventures.

• Array Labs, a developer of space-based radar for 3D Earth mapping, raised $20 million in Series A funding led by Catapult Ventures, with participation from Washington Harbour Partners, Kompas VC, Y Combinator, Maiora Ventures, SuperOrganism, Gaingels, Hexagon, Animal Capital, Aera VC, Cultivation Capital, and Clearance Ventures.

• Mosa Meat, a Dutch cultivated beef developer, raised €15 million in Series C extension funding from Invest-NL, LIOF, and PHW Group.

• Andreessen Horowitz raised over $15 billion across a new slate of funds, including $6.75 billion for its fifth growth equity fund, $1.7 billion for an Apps-focused fund, and $1.2 billion for its American Dynamism fund.

• Monroe Capital raised $6.1 billion for its fifth private credit fund.

• Warburg Pincus raised $3 billion for its third financial services fund, exceeding its $2.5 billion target.

• KKR raised $2.5 billion for its second Asia-focused private credit fund.

• Parthenon Capital Partners is pitching a single-asset continuation fund that could top $1.7 billion to extend its ownership of Kroll Bond Rating Agency, with Lazard advising.

• Onex raised $1.6 billion for a continuation fund to house PowerSchool, Sedgwick, and Fidelity Building Services Group, with backing from Neuberger Berman, Apollo, GIC, and StepStone Group, per Bloomberg.

• Lux Capital raised $1.5 billion for its ninth fund, the firm's largest to date, focused on frontier science and defense technology.

• Bansk Group raised $1.45 billion for its second fund focused on consumer packaged goods, exceeding its $1 billion target.

• Apheon raised €1.3 billion for its sixth flagship middle market buyout fund, exceeding its €1.25 billion hard cap.

• Eir Partners raised $1 billion for its third fund focused on healthcare technology and tech-enabled services, exceeding its $800 million target.

• Guidepost Growth Equity raised $521 million for its fourth growth fund focused on enterprise-oriented technology companies, exceeding its $500 million target.

• Catalio Capital Management raised more than $325 million for its second structured credit fund focused on life sciences and healthcare.

• Rosberg Ventures, a Monaco-based venture capital firm founded by former Formula 1 champion Nico Rosberg, raised $100 million for its third fund.

• Arkin Capital raised $100 million for its third early-stage biotech fund focused on advanced pre-clinical and early clinical-stage drug development.

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