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

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Apollo

, the asset management giant, told investors in its flagship private credit fund that it will limit withdrawals this quarter to just under half of requests, the latest sign of stress in the asset class.

In a filing with the Securities and Exchange Commission late Monday, Apollo Debt Solutions BDC said that it received redemption requests equal to 11.2% of shares outstanding in the first quarter, far exceeding the 5% quarterly cap the fund allows.

Unlike some other private credit players, Apollo is sticking with the 5% cap, an industry standard that rivals including Blackstone