Goldman Sachs’ $18.2 billion GS Credit fund received redemption requests for 2% of its shares in its third-quarter tender offer, down from 3.2% in the previous quarter. The fund said requests have remained below its typical 5% repurchase cap since launch and reported about $400 million in gross subscriptions during the quarter. Its Class I shares returned about 9.4% since inception through Aug. 31, 2026. The result contrasts with heavier withdrawal demand at several large non-traded private credit funds. Apollo Debt Solutions BDC, Cliffwater’s flagship fund, Morgan Stanley’s North Haven Private Income Fund and Blackstone Private Credit Fund all received requests exceeding their planned or imposed 5% repurchase limits. GS Credit said concerns about software-related credit quality had moderated in the third quarter after earlier spread widening tied to software spending uncertainty.