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The development ‌comes at a time when non-traded BDCs such as Apollo Debt, which allow investors to redeem a portion of shares each quarter, are under pressure, ​with several imposing limits on withdrawals. Most of the 20 ​biggest BDCs in the U.S. have also seen their stock ⁠prices fall relative to asset values over the past year, and ​nearly all now trade at discounts.
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Apollo said in a regulatory filing ​that it will honor redemption requests for 5% of shares outstanding, which the manager of more than $930 billion said was consistent with its objectives for liquidity, or ​the ability to meet its payment obligations without damaging the value ​of its assets. It said the withdrawals would represent about $730 million of outflows. ‌Inflows ⁠and outflows would balance each other out in the first quarter, Apollo added.
It expects to return about 45% of the requested capital to each redeeming investor. Funds like Apollo Debt Solutions, which is structured as ​a business development ​company or ⁠BDC, often offer to buy back 5% of the fund’s shares every quarter.
Cracks in confidence around private credit — lending directly ⁠to companies ​outside the banking system — have widened amid ​investor concerns over limited transparency and weaker lending discipline.
Reporting by Isla Binnie in New ​York, Pritam Biswas and Utkarsh Shetti in Bengaluru; Editing by Alan Barona