Apollo Caps Private Credit Fund Withdrawals as Requests Jump (1)

Apollo Global Management Inc. is curbing redemptions from one of its largest non-traded private credit funds for retail investors, becoming the latest alternative asset manager to grapple with a surge in such requests.

The $25 billion business development company, Apollo Debt Solutions, capped withdrawals at 5% of outstanding shares Monday after clients sought to redeem 11.2%, according to a shareholder letter.

With redeeming investors receiving just 45% of their capital, Apollo Debt Solutions is returning less cash to clients than some of its peers that capped withdrawals.

While BlackRock Inc. capped redemptions from its $26 billion non-traded BDC at ...