Apollo limits private credit withdrawals for third consecutive quarter

Apollo limited withdrawals from its flagship retail private credit fund to 5% for the third consecutive quarter. Investors requested withdrawals equal to 14.7% of their shares. The fund has limited withdrawals for at least nine months. Apollo Debt Solutions BDC is a retail private credit vehicle holding a $25.9 billion portfolio of senior secured loans. Investors requested withdrawals equal to 11.2% of shares in the first quarter. The fund said investors should expect about 45 cents per dollar of those requests. Investors requested withdrawals equal to 16.8% of shares in the second quarter. The fund honored 5% of those requests. Apollo calls its 5% quarterly limitation "Quarterly Liquidity: Considered & Intentional." Cliffwater's $31 billion Corporate Lending Fund limited withdrawals to 5% this month after investors requested about 16%. The Cliffwater fund imposed its third consecutive withdrawal limitation. Blackstone's $77 billion BCRED fund limited third-quarter withdrawals to 5%. BCRED withdrawal requests were roughly double that threshold. BlackRock's HPS Corporate Lending Fund received requests equal to 11.5% of shares. The fund will honor 5% of those requests this quarter. Apollo claimed that most third-quarter requests reflected investors resubmitting unfulfilled requests from prior quarters. Apollo reported $200 million in gross subscriptions for the quarter. Apollo reported a net total return of 8.2% since launch. Apollo's common stock was down 14% year-to-date. The S&P 500 was up 12% year-to-date. Blackstone was down 22% year-to-date. Ares was down 24% year-to-date. KKR was down 23% year-to-date. Carlyle was down 33% year-to-date. Blue Owl was down 36% year-to-date. Fitch analysts estimated the U.S. private credit default rate at 6.3% for the 12 months ending August 2026.