Apollo is the latest private credit investor to limit redemptions to investors in the first quarter as anxieties over non-bank lending grow.
The private credit fund, the $25 billion Apollo Debt Solutions BDC, received requests for redemptions from 11.2% of outstanding shares in the first quarter, according to an SEC filing.
The total amount of requested redemptions is more than $1.5 billion.
The fund decided to gate these requests to just 5%, or roughly $730 million, in keeping with the vehicles’ “designated liquidity objectives,” the filing said. The vehicle saw $724 million in inflows in the same period.
This is a breaking story, and will be updated.
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