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Blue Owl BDCs Impose Caps on Two Private Credit Funds
Posted
April 2, 2026
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April 2, 2026
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2:36Now PlayingBloomberg Private Credit Reporter Olivia Fishlow discusses Blue Owl Capital's move to impose caps on two of its private credit funds.
Blue Owl Capital Inc. will limit redemptions from two of its private credit funds after facing a surge in withdrawal requests that is unprecedented among major firms in the $1.8 trillion market.
Investors in its $36 billion Blue Owl Credit Income Corp. fund, one of the industry’s largest, asked to pull 21.9% of shares in the three months ended March 31, according to an investor letter, up from 5.2% in the prior period. The smaller Blue Owl Technology Income Corp. saw shareholders ask for 40.7% back, compared with 15.4% three months earlier, according to a separate letter.
Both funds had previously met the requests in excess of its 5% tender offer. This time, though, Blue Owl said it would join industry peers in capping redemptions at that level, “in accordance with the fund structure, reflecting our commitment to balancing the interests of both tendering and remaining shareholders.”
For the bigger fund, OCIC, that amounts to $988 million of redemptions honored and about $3.2 billion remaining in the fund, while for OTIC it means redeeming $179 million and keeping roughly $1 billion of investors’ cash.
While Blue Owl joins industry peers including Apollo Global Management Inc., Ares Management Corp. and BlackRock Inc. in sticking to their redemption threshold on non-traded business development companies, the magnitude of the requests underscores how Blue Owl has found itself squarely in the middle of worries about private credit.
Blue Owl shares fell as much as 8.7% on Thursday to a record intraday low of $7.95.
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