The redemption figures, tracked by Robert A. Stanger & Co., show a significant jump from the $7.7 billion requested in the prior quarter. Blackstone and BlackRock products are among the four large credit funds feeling the pressure as capital flows toward the exit, compounding the difficulties firms face amid a broader slowdown in fundraising.

Corporate activity remains active despite the cooling sentiment. Deluxe, a veteran in the paper-check printing industry, announced a $625 million all-cash acquisition of the payment-processing firm Celero Commerce. Meanwhile, regulatory and competitive tensions are mounting; CME Group initiated a lawsuit against the top U.S. derivatives regulator on Thursday. The exchange aims to block Kalshi, a prediction-markets platform, from entering a space that CME has long dominated.