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

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.

Unlike some other private credit players , Apollo is sticking with the 5% cap, an industry standard that rivals including Blackstone have recently relaxed to satisfy investor demands for their funds.

The withdrawals show that Apollo didn't avoid the rush of investor redemptions plaguing rivals, driven by concern over private credit loans to software companies.

Apollo executives have sought to distance themselves from other players recently, saying the firm typically made loans to larger, more stable companies.

At 12.3% of loans, software is the single biggest sector in the Apollo Debt Solutions BDC, according to the company.