A Switzerland-based pension fund sought to redeem all of its shares of a Vista Equity Partners private credit fund, pushing the firm to cap redemptions at 5% during the first quarter.
The name of the pension fund could not be identified, Bloomberg reported. However, Switzerland has one of the region’s largest pension markets. Five funds alone manage over $37.7 billion as of 2025, according to an Investments and Pensions Europe report.
One of the firm’s most significant investors, Partners Capital, noted on its website that it manages a "bespoke private markets-only mandate for a Swiss pension fund."
The firm has approximately 5.5 million shares of the Vista Credit Strategic Lending Corp fund, U.S. regulatory filings reveal. As of April 30, the firm's share count has dropped by approximately 1.4 million. The firm redeemed approximately 2.4 million shares, staying within its 5% cap, Bloomberg reported.
Vista noted in its April filing that the portfolio remains "fundamentally strong." All of its investments are performing "at or above underwriting expectations and zero non-accruals."
The filing also noted that net inflows hit a record $360 million in the last three months of 2025.
Recently, banks and asset managers have issued warnings or restricted lending within their private credit portfolios amid market ripples.
Ares Management (NYSE:ARES) announced it would limit withdrawals from its Ares Strategic Income Fund. The firm faced a significant increase in redemption requests. The decision comes as the fund, which targets affluent investors, saw redemptions rise to 11.6% in the first quarter, prompting the firm to cap outflows at 5%.
JPMorgan Chase & Co. (NYSE:JPM) started restricting lending to software-related companies in its private credit funds, while Morgan Stanley (NYSE:MS) curbed redemptions after investors sought to withdraw nearly 11% of shares from its North Haven Private Income Fund.
BlackRock Inc (NYSE:BLK) limited withdrawals from its $26 billion HPS Corporate Lending Fund after redemption requests surged to 9.3% of the fund's net asset value.
Barings also limited redemptions in its private credit fund, capping withdrawals at 5% of shares. Investor requested to pull out 11.3% of shares in the first quarter, as revealed in a regulatory filing.
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