Apollo is halting redemptions in its private credit fund after 11% of investors request withdrawals
Apollo sees over $1.5 billion in requested outflows from investors in its private credit fund, but only allowed $730 million to redeem.
PATRICK T. FALLON/AFP via Getty Images
- Apollo's semi-retail private credit fund saw investors request to redeem 11.2% of outstanding shares.
- The firm gated requests at 5%, only paying out $730 million of the more than $1.5 billion requested.
- Private credit funds have been facing record numbers of investor requests to return their money.
Apollo is the latest private credit investor to face massive repurchase requests and choose to gate payouts to shareholders.
The private credit fund, $14.5 billion Apollo Debt Solutions BDC, received requests for redemptions from 11.2% of shareholders 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.
