Apollo gives investors only 45% of requested withdrawals from $15 billion private credit fund

Core Viewpoint - Apollo Global Management is limiting withdrawals from its flagship private credit fund to just under half of the requests, indicating stress in the private credit asset class [1] Group 1: Fund Performance and Withdrawal Limits - Apollo Debt Solutions BDC received redemption requests amounting to 11.2% of shares outstanding in the first quarter, exceeding the 5% quarterly cap [2] - The fund expects to return approximately $730 million to investors on a prorated basis, meaning redeeming shareholders will receive about 45% of the capital they requested [3] - The fund's net asset value (NAV) is reported at $15.1 billion as of February 28 [3] Group 2: Strategic Decisions and Market Position - Apollo emphasizes its commitment to long-term value creation and balancing the interests of shareholders seeking liquidity with those remaining invested [4] - The fund's NAV per share declined by 1.2% over the past three months, outperforming the U.S. Leveraged Loan Index, which fell by 2.2% [4] - Apollo has differentiated itself from competitors by focusing on loans to larger, more stable companies, despite software companies being the largest sector at 12.3% of loans in the Apollo Debt Solutions BDC [5]