News & Press
The latest from Sekond and the alternatives industry.
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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%.
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.
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.
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.
Starwood Receives Investment from Apollo
SREIT announced a $1.02B Apollo joint venture amid continued liquidity pressure. Antares exceeded its redemption cap, while Golub improved to just under its 5% cap.
HPS and Ares Both Report on Cox Tender Offer
Third-party tender offers are becoming an increasingly visible part of the evergreen fund market, with HPS Corporate Lending Fund and Ares Strategic Income Fund both formally responding to Cox Capital Partners’ latest offers.
BREIT and AREIT Report Strong Results
BREIT's stronger performance in four years, AREIT's momentum recent tender results, and the latest liquidity developments across evergreen funds.