Home / Signals / Redemption gates
Redemption gates
Gates at several managers at once
- Status
- flashing
- Trend
- steady
- Layer
- 4. Funds feel pressure
- Evidence dated
- Oct 20, 2026
- Source
- Angel Investors Network: BDC redemption crisis, $15.6B gated
- Checked
- Oct 26, 2026
Score
Score 100 of 100 · news 100. Hard data is scored against its own last few years: a normal day is 0, worse than 90% of its history is 80.
What happened
Ten of 16 non-traded BDCs Fitch tracks couldn't meet Q2 requests, leaving about $15.6B unpaid, and Apollo's flagship capped withdrawals for a third straight quarter. EDGAR shows no new tender results since BIP Ventures (Oct 16) and Barings (Oct 6); Q4 tender offers should start showing up next month.
What we watch
Non-traded BDCs and semi-liquid funds capping or suspending withdrawals. One manager is watch; several at once is flashing.
Past readings
| Checked | Status | Trend | Reading |
|---|---|---|---|
| Oct 26, 2026 | flashing | steady | Gates at several managers at once |
| Oct 25, 2026 | flashing | worsening | Gates at several managers at once |