Apollo Global Management is limiting withdrawals from its $26 billion Apollo Debt Solutions BDC for a third straight quarter as redemption requests remain well above the fund's repurchase capacity. Investors sought to redeem 14.7% of outstanding shares, down from 16.8% in the prior period, while the fund will repurchase no more than 5%. The vehicle recorded $200 million in gross inflows during the third quarter, including dividends, but expects $700 million in share repurchases to produce a net outflow of about $500 million, or 3% of net asset value. Apollo said many requests came from investors whose earlier redemption orders were not fully met, and investors seeking withdrawals this year are expected to receive about 75% of the capital requested. The fund, which debuted in 2022, has delivered an annualized return of 8.2%. The pressure reflects broader liquidity concerns in private credit, where Cliffwater, Morgan Stanley and Blackstone vehicles also faced elevated redemption requests and 5% withdrawal caps.