Apollo Debt Solutions, Apollo Global Management’s roughly $26 billion private credit fund, said in an SEC filing that it is applying its quarterly 5% redemption limit after withdrawal requests for the period reached about 16.8% of total shares, up from about 11.2% in the prior quarter.
The filing showed expected gross outflows of roughly $700 million and inflows of about $300 million, leaving net outflows at around 3% of net asset value year to date. Apollo also disclosed that offshore redemption requests were about 12.5% of holdings, while U.S. onshore requests were about 4.3%.
In a March shareholder letter, the fund said it had already begun prorating repurchase requests after requests exceeded the 5% quarterly cap, and its prospectus states that repurchases may be fulfilled on a pro rata basis when offers are oversubscribed.
Apollo Debt Solutions is structured as a perpetual non-traded BDC that offers limited periodic liquidity while investing in private credit assets.