Apollo Global Management has limited redemptions from one of its flagship private credit vehicles, becoming the latest investment manager seeking to staunch outflows as wealthy investors retreat from the industry.
The New York-headquartered group said investors sought to pull about $1.6bn from its Apollo Debt Solutions BDC, equal to 11.2 per cent of its net assets of $15bn — well above the 5 per cent threshold that allows Apollo to cap outflows from the fund.
Apollo honoured just under half of the withdrawal requests, according to a letter the fund sent to investors on Monday. Several other money managers, including Morgan Stanley and BlackRock, have made similar moves.
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