Democratisation

Despite discussions of declining investor demand for liquidity, both funds saw requests for double-digit amounts of shares to be tendered

Retail money may be fleeing BDCs right now, but that doesn’t mean private credit’s dalliance with retail money is over, writes David Brooke.

Some investors have been ‘housing capital’ in evergreens before redeeming to fund a Hamilton Lane SMA, co-chief Erik Hirsch said on a Tuesday earnings call.

The multi-strategy fund is the latest offering of the duo’s strategic collaboration announced in September 2025

Geared to private wealth clients, the end funds will combine public and private assets and have limited distribution at first.

The trend among retail investors that started in Q1 accelerates, on average, and involves many of the same large fund managers.

Timescales matter to investors, often in very different ways, and GPs need to think about how they can cater to those with different outlooks on the future.

Apollo Debt Solutions saw gross outflows of $400m for the second quarter of 2026.

The deal will make Ares’s private markets products available to a wider range of wealth managers.

Both BDCs will retain their investment-grade ratings despite the pessimistic near-term outlook.