Ares Management said in a filing that investors in the Ares Strategic Income Fund, a non-traded private credit fund with about $22.6 billion in assets, submitted second-quarter repurchase requests equal to 14.4% of outstanding shares, up from 11.6% in the first quarter.
The fund accepted repurchases for 5% of shares under its quarterly limit, the standard threshold used by this type of vehicle when requests exceed available liquidity. In the first quarter, the fund said it would honor 5% of shares, or about $524.5 million, after requests exceeded the cap.
Ares said most second-quarter requests were concentrated among a small group of non-U.S. institutions and family offices, representing less than 1% of the fund’s more than 20,000 shareholders but accounting for nearly half of the requests. Nearly two-thirds of the second-quarter requests came from investors who had also tendered shares in the prior quarter.
Ares also disclosed that withdrawal requests from U.S. private-wealth investors, the fund’s largest shareholder segment, were 2.4% of shares and were down 35% from the previous quarter, while that segment accounted for nearly half of second-quarter inflows. Reuters reported that Robert A. Stanger data showed investors withdrew a combined $12.9 billion from private credit funds for wealthy individuals in the first five months of 2026.