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00:02Apollo Global Management's $26 billion private credit fund capped redemptions at 5% for the
00:07third straight quarter, Bloomberg reported, citing an investor letter.
00:11The firm's Debt Solutions fund capped redemptions at 5% after investors sought to withdraw 14.7%
00:18of shares, down from 16.8% in the prior period.
00:22The fund expects about $500 million in net outflows after $200 million of gross inflows
00:28and $700 million in share repurchases.
00:31The fund has delivered an annualized return of 8.2% since its 2022 debut, according to
00:38Apollo.
00:38Apollo said many requests came from investors whose earlier withdrawals were not fully satisfied.
00:43Similar redemption pressure has hit private credit funds managed by Cliffwater, Morgan
00:48Stanley and Blackstone.
00:49Blackstone's $77.2 billion fund also capped withdrawals at 5% after investors sought to
00:55redeem roughly 10% of shares.
00:57For all things money, visit Benzinga.com.
