Goldman Sachs Group Inc. (NYSE: GS) reported that redemption requests for its $18.2 billion GS Credit fund fell to 2% of shares in the third-quarter tender offer, down from 3.2% in the prior quarter. This decline suggests easing outflow pressure for the vehicle, which has maintained repurchase requests below the typical 5% cap since its launch.

The fund attracted approximately $400 million in gross subscriptions during the period. Goldman noted that a significant portion of the investor base originates from its private wealth business, where clients typically possess longer investment horizons and accept lower liquidity compared to institutional allocators. The firm did not provide additional detail on what drove the third-quarter inflows or the decline in redemption requests.

Peers face elevated withdrawal demands

While Goldman saw moderation, other major non-traded private credit funds continued to manage significant redemption pressure by enforcing caps.

Apollo Global Management (NYSE: APO) capped redemptions at 5% after investors sought to redeem 14.7% of shares in the Apollo Debt Solutions BDC, a decrease from the 16.8% requested in the prior period. This marks the third consecutive quarter of elevated redemptions for the fund. Morgan Stanley (NYSE: MS) faced similar constraints at its North Haven Private Income Fund, where investors attempted to withdraw 11.4% of shares, more than double the 5% buyback limit.

Blackstone (NYSE: BX) also capped withdrawals at 5% for its $77.2 billion Blackstone Private Credit Fund (BCRED) after investors tendered roughly 10% of shares. Jon Gray, President and COO of Blackstone, stated earlier this month that investor confidence in private credit would recover despite broader concerns about valuations and underwriting. "Over time, investor confidence will be rebuilt, and the inflows will return," Gray said. "There's a lot of noise, a lot of critics; the town criers are proclaiming a global crisis - and then nothing happens."

Market sentiment shifts on software credit

Competing funds have experienced heavier redemption activity through 2026 as investors assessed underwriting discipline and the outlook for software borrowers amid AI-related shifts. However, GS Credit indicated a change in tone regarding this sector.

"The concerns around software-related credit quality that dominated headlines earlier in 2026 have begun to moderate," the fund stated. "While Q1's 'SaaSpocalypse' narrative and Q2's enterprise software spend uncertainty drove aggressive spread widening, the Q3 landscape has shifted meaningfully."

What the numbers show

A divergence exists between Goldman’s organic liquidity management and its peers' forced caps. While Apollo, Cliffwater, Morgan Stanley, and Blackstone all hit the 5% redemption ceiling—indicating unmet demand exceeding 9% to 11% of assets—Goldman’s GS Credit fund absorbed requests at just 2% without needing to cap withdrawals. This suggests that Goldman’s specific investor mix, heavily weighted toward long-horizon private wealth clients, provided structural stability absent in funds with broader retail or institutional bases. Additionally, the fund reported an approximate 9.4% total return for Class I shares since inception through August 31, 2026.

The Goldman Sachs Group (NYSE: GS) is scheduled to release its third-quarter earnings report before the opening bell on Tuesday, October 13.

Analysts expect the New York-based bank to report quarterly earnings of $15.39 per share, up from $12.25 per share in the year-ago period. The consensus estimate for Goldman’s quarterly revenue stands at $17.42 billion, compared to $15.18 billion reported last year.

Analyst revisions and price targets

Ahead of the earnings call, several high-accuracy analysts have adjusted their price targets while maintaining their ratings. The following table summarizes recent changes from key analysts:

What the Numbers Show

A divergence exists between revenue growth expectations and analyst sentiment. While consensus forecasts indicate a robust 14.7% increase in revenue and a significant jump in EPS from $12.25 to $15.39, three of the five listed analysts either cut or slashed their price targets in July and September. This suggests that despite strong projected financial performance, concerns regarding valuation or future guidance may be tempering upside potential in analyst models.

Leadership and market context

The company’s board has reportedly discussed a succession plan in which CEO David Solomon would step down and hand the top job to President and Chief Operating Officer John Waldron.

Goldman Sachs shares fell 2.1% to close at $916.28 on Monday.