Total Requested (1Q26)
$13.9B
Total Fulfilled
$7.4B
Unfulfilled
$6.5B
Median Request (% NAV)
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Each cell shows requested % of NAV. When gated: requested / fulfilled.
Background: white < 2%, yellow near cap, red above cap.
How to read this table
Requested = what investors asked to redeem, as a % of the fund's NAV. Fulfilled = what the fund actually paid out. Excess = the gap, i.e., demand that was gated or prorated.
Most funds cap quarterly redemptions at 5% of NAV. When requests exceed the cap, the fund gates: it repurchases only the capped amount and prorates across all requesting investors. A fund showing 40% requested but 5% fulfilled means investors wanted to pull 8x more than the fund allowed.
Where does this data come from?
- Non-traded BDCs: SEC Form SC TO-I/A (tender offer results amendments), filed quarterly on EDGAR. Contains amount offered, amount tendered, and amount repurchased.
- Interval funds: SEC Form N-23C3A (repurchase offer notification) plus results disclosed in N-CSR shareholder reports and 10-Q footnotes.
See also: Ewens & Faber (2026), "Liquid Claims on Illiquid Assets", which constructs the comprehensive sample of 114 registered private-asset wrappers using these filings.