Cliffwater $33 Billion Private Credit Fund Redemptions Reach 14%

Cliffwater LLC’s flagship private credit fund capped redemptions at 7% in the first quarter, after investors sought to pull about 14% of shares in one of the biggest withdrawal requests for such a vehicle in the $1.8 trillion market.

Shareholders on Tuesday requested a record amount of their money back from the $33 billion Cliffwater Corporate Lending Fund, the second largest private credit vehicle targeting retail investors. As an interval fund, it’s required to repurchase shares every quarter.