April 6 (Reuters) - Goldman Sachs' private credit fund said its investors sought to repurchase just under 5% of shares in the first quarter, which were fulfilled and below its quarterly repurchase cap.
"We believe these results highlight the strong position of GS Credit relative to the broader non-traded BDC (Business Development Company) industry," it said in a regulatory filing on Monday.
Fears that artificial intelligence could erode the earnings power of software companies and weaken their ability to repay loans are rippling through the private credit industry, a key lender to the technology sector, prompting investors to reassess their exposure, redemption risks and fundraising prospects.
Several asset managers have capped redemptions at the standard 5% quarterly limit after a recent surge in withdrawal requests, driven by negative headlines that have put the roughly $2 trillion private credit industry under intense scrutiny over lending standards, valuations and transparency.
"We are the only non-traded BDC in the peer group whose repurchase requests came in below the standard 5% quarterly cap," Goldman said.
The Wall Street firm added that the fund generated roughly $823 million of proceeds from repayments and sales of portfolio investments, up from $669 million in the previous quarter.
(Reporting by Manya Saini in Bengaluru; Editing by Shinjini Ganguli)
