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 ...
