Facing huge redemption requests for a distressed assets hedge fund, Highland Capital Management is promising to fill all withdrawals. Eventually.

The Dallas firm told investors in the $2.3 billion Highland Crusader Fund on Friday that it will return their money in installments, but that it may take as much as nine months, The Wall Street Journal reports. The firm has received redemption requests for more than 20% of its equity capital, almost all from funds of funds.

“We believe that paying out redemptions in this manner is the logical, responsible and balanced approach to managing the situation given extraordinary market conditions,” the fund’s managers wrote.

Highland said that this was the second so-called “holdback” for the fund: Another was put into place earlier this year to deal with redemption requests submitted late last year. According to the firm, about 77% of those withdrawals have been filled since then.

Highland, which manages about $4.5 billion in hedge fund assets, said the holdback was necessary because much of the Crusader fund’s assets are illiquid, including investments in the automotive and healthcare sectors. The fund is down almost 15% on the year.