Apollo capped redemptions at 5% after investors sought to redeem 14.7% of shares, showing clear withdrawal pressure on its private credit fund.
Redemption requests forced Apollo to cap withdrawals and to repurchase shares, which tightens liquidity in its private credit vehicle. That raises questions about investor confidence in Apollo's private credit business. The fund's reported 8.2% annualized return and some inflows partly cushion the concern but do not erase the withdrawal pressure.
Blackstone also capped withdrawals at 5% after investors sought roughly 10% of shares, but management says confidence will return, so the report leaves its outlook unchanged.
Morgan Stanley's North Haven fund saw investors seek to withdraw 11.4% of shares while the fund plans to buy back 5%, indicating stress in its private credit exposure.
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