Brown University’s $8 billion endowment cut its position in a Blue Owl Capital Inc. private credit fund by more than half last quarter, joining retail investors in scaling back exposure to the $1.8 trillion market.

Brown reduced its stake in Blue Owl Capital Corp, one of the firm’s publicly traded business development companies, by 1.7 million shares to 1.52 million, according to a regulatory filing Friday. It also holds 2.57 million shares of the parent company, unchanged from the end of 2025, according to the 13F filing, which details its holdings of US equities.