Carlyle’s flagship private credit interval fund fulfilled repurchases for about 5% of outstanding shares after receiving elevated redemption requests in Q1, making it the latest vehicle in the asset class to see heightened investor demands for liquidity.
The fund, named Carlyle Tactical Private Credit Fund, received repurchase requests of about 15.7% of shares outstanding in the first quarter, according to a shareholder letter seen by PitchBook LCD.
A spokesperson for the firm said that the heightened redemption requests were driven by the relatively late timing of the fund’s redemption window, falling after many of its peers closed their tender offer period, which left the fund “exposed to those looking for liquidity that didn’t get it other places.”
The shareholder letter also said that the interval fund structure’s periodic liquidity features were intentionally designed to allow the firm to manage liquidity in a way that allows the fund to avoid “forced asset sales” and “preserve the integrity of the portfolio, particularly in periods of market volatility.”
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Additionally, a Carlyle spokesperson said that the fund’s AUM has increased 15% year-over-year, and that Carlyle’s global wealth fundraising was up 30% in March 2026 compared to the March 2025 monthly average.
The spokesperson also said that the fund’s direct lending exposure and Carlyle’s direct lending platform more broadly have had zero software defaults over the past five years.
Many of the private credit funds that saw elevated redemptions in the first quarter limited repurchases at 5%, including funds managed by Blue Owl, Apollo, Ares, HPS, and Barings.
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