Investing.com -- A private credit fund managed by Oaktree Capital Management experienced a wave of redemptions in the first quarter, according to a regulatory filing on Friday.

Investors in the Oaktree Strategic Credit Fund requested withdrawals of approximately 13.9 million shares, representing 6.8% of the fund's outstanding shares.

In response to the redemption requests, Oaktree increased its tender offer to 7% of shares from the previous 5% to accommodate all withdrawal demands.

The increase in redemptions follows a period of heightened scrutiny of the private credit industry, which has grown to roughly $2 trillion in size, amid negative headlines in recent months.