Apollo Global Management Reports Lower Private Credit Withdrawals

Apollo Global Management reported a decline in withdrawal requests for its flagship private credit fund, Apollo Debt Solutions BDC, during the third-quarter tender offer. According to a regulatory filing, investors sought to withdraw approximately 14.7% of shares, down from 16.8% in the previous quarter.

The $25.9 billion fund will repurchase 5% of shares, following the customary threshold for such vehicles. Apollo noted that the decrease in requests occurred among both US onshore and offshore investors, with many requests being resubmissions from prior quarters. Quarterly net outflows are expected to be roughly $0.5 billion, or 3% of net asset value, while the fund received $0.2 billion in gross subscriptions through September 1.

This trend follows a similar decline in redemption requests reported by BlackRock earlier this month. The shift suggests a broader easing of liquidity pressure in non-traded private credit funds after a period of record demand driven by concerns over lending standards and AI disruption.