Private Credit Bosses Defend Software Loan Exposure

Private credit executives defended their software loan exposures this week after scrutiny of Blue Owl's tech-focused funds and rising redemption requests. Fitch reported industry-wide redemptions nearly tripled to 4.5% of fund net asset value in Q4 2025, with Blue Owl's fund at 15.4%; firms said software loans represent a small share of AUM and noted low loan-to-value ratios as cushions.