Liquidity runway across private credit evergreen funds improved in the second quarter, even as redemption pressure remained elevated across parts of the market. 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%. Sekond’s Liquidity Runway estimates how long a fund can sustain redemption demand at a full-gated scenario using the liquidity available to it.
The improvement at the median is directionally positive. But the fund-level picture remains highly uneven, with some funds meaningfully extending their runway while others saw declines.
For advisors, that makes trends increasingly important. A fund’s current runway provides one piece of the picture; how that position is changing quarter over quarter can provide an equally important signal about how its liquidity profile is evolving.
*Note: Historical benchmark values may be restated as the Sekond Coverage expands and historical data for newly covered funds becomes available. Restating prior periods allows for more consistent quarter-over-quarter comparisons by reducing the impact of changes in sample composition.
Fund | Full Gate Runway (Years) |
Fortress Private Lending Fund | 6.6 |
North Haven Private Income Fund | 6.5 |
Fidelity Private Credit Fund | 5.9 |
Golub Capital Private Credit Fund | 5.2 |
Antares Strategic Credit Fund | 4.6 |
Stepstone Private Credit Fund LLC | 4.6 |
Bain Capital Private Credit | 4.0 |
BlackRock Private Credit Fund | 3.7 |
First Eagle Credit Opportunities Fund | 3.3 |
Oaktree Strategic Credit Fund | 3.0 |
KKR FS Income Trust | 2.7 |
TPG Twin Brook Capital Income Fund | 2.6 |
Nuveen Churchill Private Capital Income Fund | 2.5 |
Barings Private Credit Corp | 2.3 |
HPS Corporate Lending Fund | 2.3 |
HPS Corporate Capital Solutions Fund | 2.2 |
Blackstone Private Credit Fund | 2.1 |
Apollo Debt Solutions BDC | 1.9 |
T. Rowe Price OHA Select Private Credit Fund | 1.9 |
Blue Owl Technology Income Corp | 1.7 |
Goldman Sachs Private Credit Corp | 1.6 |
Ares Strategic Income Fund | 1.6 |
Blue Owl Credit Income Corp | 1.5 |
BlackRock HPS Credit Strategies Fund | 1.5 |
AB CarVal Credit Opportunities Fund | 1.3 |
T. Rowe Price OHA Flexible Credit Income Fund | 1.2 |
Cliffwater Corporate Lending Fund | 1.1 |
Blue Owl Capital Corp II | 1.0 |
Cliffwater Enhanced Lending Fund | 1.0 |
Jefferies Credit Partners BDC Inc. | 1.0 |
Monroe Capital Income Plus Corp | 0.8 |
Carlyle Credit Solutions | 0.7 |
Carlyle Tactical Private Credit Fund | 0.6 |
StepStone Private Credit Income Fund | 0.5 |
Bluerock High Income Institutional Credit Fund | 0.4 |
Fidelity Multi-Strategy Credit Fund | 0.4 |
CION Ares Diversified Credit Fund | 0.3 |
Apollo Diversified Credit Fund | 0.3 |
Calamos Aksia Alternative Credit & Income Fund | 0.3 |
Jackson Credit Opportunities Fund | 0.2 |
Denali Structured Return Strategy Fund | 0.2 |
Lord Abbett Credit Opportunities Fund | 0.1 |
Manulife Private Credit Plus Fund | 0.1 |
What changed in Q2
At the end of Q2, 15 funds had less than one year of runway, while 17 funds had more than two years. Several funds saw substantial increases in their liquidity buffer. Golub Capital Private Credit Fund increased from 2.61 years to 5.24 years, while Antares Strategic Credit Fund increased from 1.29 years to 4.57 years.
Others moved in the opposite direction. Ares Strategic Income Fund declined from 2.61 years to 1.56 years, and T. Rowe Price OHA Flexible Credit Income Fund from 2.11 years to 1.20 years.
The result is a market where the median alone can obscure significant changes at the fund level, including the direction of travel. The heatmap below shows that quarter-over-quarter movement across the benchmark.
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Why this matters
Redemption demand and liquidity capacity are related, but they are not the same thing.
A fund can receive redemption requests above its quarterly repurchase cap and still have substantial liquidity available to manage those requests. Likewise, liquidity pressure can begin influencing portfolio and financing decisions before a fund formally restricts redemptions.
For advisors, the key questions are becoming:
- Is runway improving or deteriorating?
- What is driving the change?
- How is the manager responding?
The Q2 benchmark reinforces why liquidity should be monitored over time rather than viewed as a single-quarter snapshot. The question is no longer simply “How much runway does this fund have?”It is “How is that runway changing, and why?”
Sekond tracks 140+ evergreen funds using publicly available regulatory filings compiled into a continuously updated decision-intelligence platform. Advisors can compare liquidity runway, redemption activity and other fund-level metrics across the evergreen market at www.sekond.co.