Private-Credit Investors Are Cashing Out in Droves

For the first time since the start of the private-credit boom, large numbers of individual investors are trying to get their money out.

Several of the biggest funds eligible to wealthy individuals received requests from about 5% of shareholders to cash out at the end of last year, well above the normal volume, according to Securities and Exchange Commission filings. One, managed by Blue Owl OWL -0.44%decrease; red down pointing triangle, got redemptions for about 15% of its shares, primarily from Asian clients, a person familiar with the matter said.