00:00Apollo's flagship private credit fund was overwhelmed with redemption requests,
00:05totaling 11.2% of shares outstanding, and will return only about 45% of requested capital,
00:12or roughly $730 million. Unlike rivals such as Blackstone, Apollo is holding firm on its
00:19withdrawal limits, rather than relaxing them to meet investor demand. The stress exposes
00:25a contradiction in Apollo's recent messaging, as the firm has publicly distanced itself from
00:30troubled peers. Yet software loans, the sector at the center of private credit concerns,
00:36make up its single largest sector at 12.3% of the portfolio.
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