Two of the biggest names in private credit, Ares Management and Apollo Global Management, blocked investors from getting even half of the money they wanted out of their funds, a sign of mounting strain in the $US1.8 trillion ($2.6 trillion) market.
The $US10.7 billion Ares Strategic Income Fund limited withdrawals to 5 per cent of shares after clients sought to redeem 11.6 per cent, according to a letter to shareholders on Tuesday (Wednesday AEDT). That followed the $US15.1 billion business development company, Apollo Debt Solutions, which said on Monday it was imposing the same cap after requests to pull 11.2 per cent.
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Bloomberg