This week's filings continue to illustrate the bifurcation between funds showing strong liquidity dynamics and those facing meaningful redemption pressure. Fidelity Private Credit Fund and StepStone Private Markets stand out as the clearest positive data points — Fidelity fulfilled 100% of Q2 requests at just 2.9% of shares outstanding while generating positive net flows, and StepStone grew net assets by $1.4B for the fiscal year as inflows materially outpaced redemptions. At the other end of the spectrum, Monroe Capital Income Plus received requests nearly 1.8x its 5% cap, fulfilling only 56.3% on a pro rata basis. HPS Corporate Lending Fund reported the most acute redemption pressure of the week, though their liquidity position remains strong and inflows are expected to fully offset repurchases. Nuveen Churchill Private Capital Income Fund's continued incentive fee waivers reinforce the broader pattern across non-traded BDCs of using temporary fee relief to maintain distribution coverage ratios and investor confidence during periods of market stress.

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*Weekly Liquidity Roundup*

*Nuveen Churchill Private Capital Income Fund Waives Incentive Fee*

Nuveen Churchill Private Capital Income Fund waived 50% of its incentive fee based on income for April 2026. Notably, the fund has applied this waiver every month since January, a signal of fee sensitivity relative to current fund performance. The partial incentive fee waiver is common as managers seek to preserve NAV and investor confidence in a spread-tightening environment.

*First Eagle Private Credit Fund Reports 2Q26 Tender Offer Results*

First Eagle Private Credit Fund reported that no shares were tendered in its 2Q26 offer. This result places the fund (which has a net asset value of $296.8 million) at the opposite end of the liquidity stress spectrum relative to the broad-based redemption pressure in private credit.

*Monroe Capital Income Plus Corporation Fulfills 56% of 2Q26 Tender Requests*

Monroe Capital Income Plus Corp received $246.92 million in redemption requests for its April 30, 2026 tender offer, exceeding the $139.16 million cap by 77.4 percent. The fund repurchased $139.02 million in shares, representing 5.0 percent of its $2.78 billion net asset value, and fulfilled requests on a pro rata basis at 56.3 percent. Shareholders received payment on May 29, 2026.

*Fidelity Private Credit Fund Fulfills 100% of 2Q26 Repurchase Requests*

Fidelity Private Credit Fund fulfilled 100% of Q2 repurchase requests, estimated at approximately 2.9% of shares outstanding — well within the 5% cap and accompanied by positive net flows of approximately $42.4M in Q2 subscriptions, resulting in both a quarterly and year-to-date net inflow.

*StepStone Private Markets (SPRIM) Reports Strong Fiscal Year 2026*

StepStone Private Markets reported a strong fiscal year ended March 31, 2026, as the fund grew net assets from $4.4B to $5.8B, driven by $1.0B in net new capital and $497M in investment gains — demonstrating that inflows are meaningfully outpacing redemptions.

*HPS Corporate Lending Fund Fulfills ~40% of 2Q26 Redemption Requests*

HPS Corporate Lending Fund (HLEND) received Q2 repurchase requests totaling approximately 13.3% of shares outstanding and will fulfill at the standard 5% cap, resulting in approximately $620M in repurchases. Despite the severe oversubscription for the second consecutive quarter, the fund reports $7.2B in estimated liquidity comprising $4.9B in available debt capacity, $700M+ in cash, and $1.6B in liquid assets, with leverage at a conservative 1.0x. Subscriptions and distribution reinvestment are expected to more than fully offset repurchases during the first half of 2026.

Open Redemption Windows:

Recent Redemption Results:

  • Ares Private Markets Fund | Q1 | $128.18M shares tendered, 100% repurchased
  • Private Debt & Income Fund | Q1 | $1.16M shares tendered, 100% repurchased

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.