Goldman: Alternatives Demand Holds Despite Private Credit

TL;DR: Goldman Sachs Asset Management, the investment arm of Goldman Sachs, ran a survey, and CNBC reported that 93% of current alternative owners were still happy with their investments. Another 97% said those investments had performed as expected or better. After a year of private credit redemption requests piling up, those numbers look strange. I think they are real. They are also easy to misread, because of who was left to answer.

What did Goldman's survey actually find?

The headline numbers come from a poll of 1,000 U.S. high-net-worth investors with at least $1 million of investable assets, plus ultra-high-net-worth investors with at least $30 million. CNBC reports that the polling ran from June 29 to July 31.

The more interesting split is how people reacted to the bad private credit headlines. Among those who knew about them, 56% said their view of alternatives had not changed, 30% said they had become more cautious, and 14% said they felt more positive.

Survey question	Result	Source
Current alternatives owners who are satisfied	93%	CNBC
Said performance met or beat expectations	97%	CNBC
Aware of headlines, view unchanged	56%	CNBC
Aware of headlines, more cautious	30%	CNBC
Aware of headlines, more positive	14%	CNBC

Nearly one in three informed investors got more nervous. That is the number I would keep in your head while reading the 93%.

A figure nobody has tried to break is not verified yet. A satisfaction score feels solid right up until you ask who was left to answer, and in this survey the people who sold are not in the room.

Why does it matter that private credit had a rough year?

Because the people who needed to leave already left. CNBC notes that retail investors flooded into private credit in recent years and then made a hasty retreat in early 2026. I covered one case of it when Cliffwater's CCLFX faced a wave of redemption requests.

A survey of people who still own alternatives cannot tell you about the people who sold. That is a selection effect, and it is built into the design.

Are redemptions actually easing?

Goldman thinks so. Kristin Olson, global head of alternatives for wealth at Goldman Sachs Asset Management, said that "redemption requests have stopped increasing and are beginning to stabilize," according to Yonhap Infomax's account of the CNBC report. She also expects investors to return to private credit over time.

That is a forecast from a firm that wants to gather those assets, and I would treat it as a view, not a measurement. Stabilizing requests beat rising ones. But they say nothing about whether your own fund can honor a full withdrawal in a bad quarter, which is the question I would ask before wiring a dollar. My guide to interval funds and their fine print shows where the redemption terms sit.

What does the SEC have to do with it?

The regulator is moving on who gets in. CNBC reports that the SEC said earlier this month it wants to widen the path to qualify as an accredited investor. Today that means income above $200,000 for individuals and $300,000 for married couples, or a net worth of at least $1 million excluding your primary residence.

More people qualifying means more first-time buyers of products that have not been held through a downturn. This survey cannot speak for them. They are not in it yet.

How much should go into alternatives?

Olson's answer depends on how wealthy you are. CNBC reports that the ultra wealthy might allocate more than 20% to alternatives, with percentages falling from there. That range is for people with $30 million or more, and I would not copy it onto a $1 million balance sheet. Illiquidity is a cost, and the smaller your cushion, the more it costs you.

Common mistakes when reading a survey like this

The first mistake is treating satisfaction as performance. Someone can be satisfied with a position they have never tried to sell, and satisfaction on paper is a different thing from getting your money out on the date you need it.

The second is ignoring who asked. Goldman Sachs Asset Management is a major alternatives manager, and a survey like this supports its business. That does not make it wrong. It means you should hold it up against independent data, such as private credit default rates across three indices, before you lean on it.

The third is skipping the fee and liquidity terms because the sentiment sounds good. Downside first means reading how you lose money before you read how you make it.

What to watch next

Watch the next quarter's redemption data from the large non-traded credit funds, and watch what the SEC finalizes on accreditation. If requests keep falling while the rule change brings in new buyers, Goldman's read looks sound. If requests turn up again, this survey will look like a snapshot of the calm. For the wider backdrop, my piece on private credit in 2026 lays out the systemic-risk warnings.

FAQ

Is private credit an alternative investment?

Yes. Private credit means loans made outside public bond markets, usually by funds, and it sits in the same bucket as private equity and infrastructure. It is typically less liquid than stocks or bonds, which is why redemption terms matter.

What did Goldman's survey measure?

It polled 1,000 U.S. high-net-worth and ultra-high-net-worth investors between June 29 and July 31. It measured satisfaction and sentiment among people who already hold alternatives, not investment returns.

Does this mean private credit is safe again?

No. The survey says nothing about default risk or your fund's withdrawal terms. Read the redemption language in the prospectus and check how the fund handled requests in recent quarters.

Will the SEC change who can invest?

The regulator said it wants to widen the path to accredited status. Until a rule is final, the current income and net worth tests still apply.

Your next step today

Open the prospectus of any private credit or interval fund you own or are considering, find the redemption section, and write down the quarterly cap and whether the board can suspend withdrawals. Then join the free AIN briefing, and I will send you the next round of redemption data when it lands.

Educational content only. Not investment, tax, or legal advice. Not an offer or solicitation to buy or sell securities. Past performance does not guarantee future results. Private-market investments are illiquid and involve risk of loss, including total loss of capital. Consult qualified advisers. Angel Investors Network is not a broker-dealer or investment adviser.