This week's filings contained examples of managers actively reshaping their balance sheets in response to the elevated redemption environment. T. Rowe Price OHA Select Private Credit Fund completed a $400M unsecured notes, while CION Ares Diversified Credit Fund proceeded with a scheduled $60M mandatory preferred share redemption at par. Perhaps most notably, Blue Owl Technology Income Corp. voluntarily reduced its committed debt capacity by $500M to $3.5B across three SPV facilities, citing borrowing cost reduction and leverage alignment rather than any liquidity constraint.

Weekly Liquidity Roundup

Blue Owl Technology Income Corp. (OTIC) Reduces Debt Capacity 

Blue Owl Technology Income Corp. voluntarily reduced its aggregate committed debt capacity by $500M to $3.5B in order to reduce borrowing costs and align with its target leverage. The fund explicitly stated the reductions did not affect available liquidity, which remained at $1.3B as of May 31, 2026. Despite experiencing 38%+ in redemption requests in the second quarter, this move signals they view the current redemption levels as manageable within existing resources rather than requiring additional capacity.

Post-reduction total committed debt capacity of $3.5B consists of a $1.1B revolving credit facility, $2.1B in SPV asset facilities, a $270M CLO, and $175M in unsecured notes, against $2.3B in total debt outstanding and $2.9B NAV.


StepStone Private Markets 2Q26 Tender Offer Undersubscribed

StepStone Private Markets (SPRIM) accepted 100% of shares tendered across all share classes, paying out approximately $135.6M against a fund with $5.8B in net assets as of March 31, 2026. The multi-asset fund hasn’t faced the same redemption dynamics that are dominating oversubscription headlines in private credit. 


CION Ares Diversified Credit Fund Redeems Preferred Shares

CION Ares Diversified Credit Fund has notified the SEC of its intention to redeem all 2,400,000 issued and outstanding Series A Mandatory Redeemable Preferred Shares on July 30, 2026, at the liquidation preference of $25.00 per share — implying a total redemption payment of approximately $60M. The redemption is being executed pursuant to the original terms of the Series A MRP Share governing document dated July 30, 2021, suggesting this is a scheduled mandatory redemption at maturity rather than an early or discretionary call. The fund retiring a fixed-term preferred equity tranche on its scheduled redemption date. CION Ares is replacing or retiring $60M of preferred equity capital, which will reduce the fund's leverage and potentially its distribution obligations, consistent with the broader trend of funds actively managing their liability structures this cycle.


T. Rowe Price OHA Select Private Credit Fund Issues Unsecured Notes

T. Rowe Price OHA Select Private Credit Fund completed a $400M issuance of 6.500% unsecured notes due July 2, 2031, generating net proceeds of approximately $391.4M after discounts and expenses with J.P. Morgan, BNP Paribas, SMBC Nikko, and Wells Fargo acting as initial purchasers. Proceeds will be used for investments, to repay revolving credit facility borrowings, and for general corporate purposes.


Open Redemption Windows

Golub Capital Private Credit Fund

Apollo Diversified Real Estate Fund

Lord Abbett Credit Opportunities Fund

Carlyle Credit Solutions

Pomona Investment Fund


Recent Redemption Results

Barings Private Credit Corp | Q2 | $$318.9M tendered, 46% repurchased (5% of NAV, vs 5% cap)



Liquidity Roundup is a 5-minute briefing created by Sekond and designed to keep you current on liquidity events across evergreen funds. For full details on deadlines, caps, and more, sign into your Sekond account.