Investing.com -- Carlyle reported Monday that one of its private credit funds saw its net asset value per share fall to $15.89 at the end of March, down roughly 2.3% from the previous quarter.

The global investment firm attributed the decline in Carlyle Secured Lending primarily to unrealized losses from widening spreads, or higher borrowing costs, according to its earnings filings.

The firm's Carlyle Tactical Private Credit Fund faced elevated withdrawal pressure in the first quarter. Investors requested to pull 15.7% of their shares during the period, more than three times the 5% maximum threshold the fund allows for repurchases.

Approximately 10% of Carlyle Secured Lending's portfolio consisted of software-sector borrowers at the end of March, according to its quarterly report. Investors have taken a closer look at portfolios of private credit funds known as business development companies, as advances in artificial intelligence threaten the business models of certain companies in the software sector.

The fund's rate of non-accruals, where a borrower has fallen behind on interest payments, declined to 0.9% at fair value from 1.2% in the fourth quarter.

New loan originations totaled $217.5 million in the first quarter, while loan repayments and sales combined were $216 million, according to its filings.