Private Credit Is Passing Its First Real Liquidity Test

According to recent filings, Apollo's flagship retail private credit fund received redemption requests equal to roughly 17% of net asset value during the quarter, up from 11% in the previous quarter. Because the fund operates with a 5% quarterly redemption limit, most investors who wanted to exit were unable to fully redeem their capital. Apollo isn't an isolated case. Across several of the largest retail private credit funds, investors reportedly requested close to $15 billion of withdrawals during Q2, whi