James Reynolds, Co-Head of Global Private Credit at Goldman Sachs Asset Management, has said  that the private credit industry continues to demonstrate resilience, with very few borrowers struggling to repay loans. In a recent interview, Reynolds noted that the fundamentals remain very strong at this stage. He explained that the default rate remains low, between 1% and 2%. He indicated that the firm has been actively investing in various credit strategies in Asia and Australia. This week, Blackstone allowed investors to redeem its flagship private credit fund, which set a record with a 7.9% redemption rate. Reynolds mentioned that, like other companies in the market, Goldman Sachs has observed an increase in capital outflows in the fourth quarter of 2025 and is monitoring whether this trend will extend into the first quarter of 2026.