Apollo President Defends Credit Amid 11% Redemptions

Apollo President Jim Zelter defended private credit, calling retail redemption concerns “growing pains” and a “skirmish on the sidelines”.
Apollo capped withdrawals from its $25 billion Apollo Debt Solutions fund at 5% after investors sought to redeem 11.2%, per shareholder letter.
Other firms—BlackRock, Blue Owl Capital, and Ares—also imposed similar 5% caps on private‑credit funds amid rising redemption requests.
Zelter warned channels may have under‑communicated private‑credit risks to retail investors and noted Gulf sovereign wealth funds may shift to domestic capex.