Apollo caps private credit fund exits at 5% after $2.4 billion in requests

Apollo Global Management limited withdrawals from its Apollo Debt Solutions fund after investors sought to redeem about $2.4 billion, or 16.8% of shares, in the second quarter. The firm said it will honor only up to 5% of shares for the period, leaving the retail-focused private credit vehicle with expected net outflows of about $400 million for the quarter and year to date, or roughly 3% of net asset value. Apollo said U.S. onshore clients requested withdrawals of about 4.3%, while offshore investors sought 12.5%. The restrictions highlight mounting liquidity strain in semi-liquid private credit products, which hold harder-to-sell assets while offering investors periodic exits. Blackstone this month also limited withdrawals from BCRED, and Partners Group has warned it may do the same in some vehicles.