Apollo caps private credit fund again as 14.7% look to exit
It joins peers that continue restricting withdrawals amid a rush to exit sparked by fears around loan quality
Published Wed, Sep 23, 2026 · 10:18 AM
[NEW YORK] Apollo Global Management is limiting redemptions from a private credit fund for the third straight quarter, as its investors join the rush to pull cash from the US$1.8 trillion direct lending market.
Apollo Debt Solutions, which has about US$26 billion in assets, told investors on Tuesday (Sep 22) that it would again cap withdrawals at 5 per cent of outstanding shares after 14.7 per cent sought to pull their cash, according to a shareholder letter.
That was down from the 16.8 per cent its investors had asked for in the period prior.
Apollo’s results mirror those of its peers, including BlackRock and Cliffwater, which have continued to restrict withdrawals from their own private credit funds.
A record rush to exit has upended the private credit market in 2026, as investors looked to pull cash over fears around loan quality and exposure to legacy software businesses.
The fund recorded about US$200 million of gross inflows in the third quarter, including dividends that investors reinvested into new shares rather than taking as cash.
After paying out US$700 million to repurchase shares, its expected net outflows total around US$500 million, or 3 per cent of net asset value.
The fund said it has generated 8.2 per cent in returns since it was launched in 2022.
Apollo said most of the redemption requests were repeat requests from investors whose earlier submissions had not been fully met. Investors who sought to redeem this year will have about 75 per cent of their requested capital back after the repurchases, according to the letter.
The fund said it will continue to work through outstanding repurchase requests, noting that it has substantial sources of liquidity and can “add leverage modestly when warranted”. BLOOMBERG
