Apollo caps withdrawals at 5% after $2.4B redemption surge in private credit fund amid liquidity fears.

Apollo is limiting withdrawals from its Apollo Debt Solutions private credit fund to 5% after investors requested to redeem nearly 17% ($2.4 billion) in the second quarter. This move highlights growing liquidity concerns in retail-focused private credit funds, following similar restrictions by Blackstone and Partners Group. The fund's exposure to U.S. software companies is noted as a key challenge area. Industry experts warn that such redemption pressures are testing the stability of semi-liquid private credit vehicles and signal a shift toward stricter liquidity controls and governance in private credit markets.