News & Press
The latest from Sekond and the alternatives industry.
Q2 2026 Liquidity Runway: What Changed Across Private Credit Funds
Sekond’s Q2 2026 Liquidity Runway Benchmark shows a median runway of 1.56 years, up from 1.29 years in Q1*, an increase of approximately 21%.
Q1 2026 State of Liquidity: Semi-Liquid Funds
Redemption activity, payment timing, and liquidity runway across the private credit semi-liquid fund market.
Latest Articles
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Blue Owl’s OCIC Repurchase Requests Remain Elevated
This week's updates show the continued trend of redemption stress varying widely across semi-liquid vehicles.
Liquidity Roundup: Getting Clients Out of Gated Funds
This week's tender offer results reflect persistent redemption stress for non-traded BDCs, and in a special report: how to evaluate liquidity options in gated funds
Blue Owl’s OTIC Shrinks Credit Facility
North Haven saw heavy redemption demand, while InPoint, Cottonwood, and Blue Owl each took different approaches to liquidity, balance sheet management, and growth.
HLEND Faces Continued Redemption Stress in Q3
This week’s redemption data pointed to a mixed but generally improving liquidity picture, with KREST and HLEND both seeing lower redemption demand than last quarter and BlackRock Private Credit Fund coming in below its 5% cap. Meanwhile, Invesco Real Estate Income Trust launched a new subscriber incentive program offering up to 5% bonus shares to attract new capital.
Private credit funds are gating. Here's which ones have runway — and which ones don't.
Sekond published the first benchmark for liquidity runway — how long each fund can sustain redemptions at full gate utilization before available liquidity runs out.
BCRED Faces Q3 Redemption Pressure
This week’s liquidity filings highlight continued redemption pressure at BCRED, a discounted self-tender from Highlands REIT, and expanded borrowing capacity at CION Ares Diversified Credit Fund.
Blue Owl Amends Credit Facility
Partners Group Next Generation Infrastructure and 83 Investment Group Income Fund both fulfilled 100% of tender requests this week, but through notably different settlement approaches.
Ares Holds Distribution Rate Steady
Jefferies closed a new $404M CLO, JPMREIT upsized its repurchase facility by $150M, and Ares maintained its distribution rate through year-end with substantial cash and undrawn credit capacity.
Nuveen Expands and Restructures Credit
This week’s filings offered a few examples: Apollo completed its third CLO, Nuveen Churchill refinanced and expanded its credit facilities, and T. Rowe Price OHA Select saw Q2 redemption demand remain below its 5% cap.