Investor withdrawal requests at Apollo Global Management’s flagship retail private credit fund rose sharply in the second quarter, reaching 17% of the vehicle’s value and prompting the company to cap redemptions at 5% of fund assets, according to a report by the Financial Times.
The $15bn Apollo Debt Solutions fund received around $2.4bn in redemption requests during the period, but was only able to meet just under 30% of those demands due to internal liquidity limits. The 5% cap is in line with gating mechanisms commonly used across retail-facing private credit vehicles.
Outflows have accelerated from the previous quarter, when redemption requests stood at 11%, underscoring sustained investor caution despite broadly supportive public market conditions.
The fund, which manages close to $26bn in assets, has become a key fundraising channel for Apollo but now reflects broader stress signals emerging across the private credit industry. Across the market, investors have attempted to pull billions from major funds, with managers only partially able to meet withdrawal requests due to structural liquidity constraints.
Apollo noted that new inflows helped offset some of the pressure, limiting net outflows for the quarter, and said most redemption activity came from offshore investors. The firm emphasised that the majority of investors remain committed and that the fund continues to operate within its designed framework.
