Anonymous11 days ago
Apollo Global Management told investors in its $15 billion flagship private credit fund that it would honor only 45% of redemption requests this quarter, enforcing a 5% quarterly cap after withdrawal demands hit 11.2% of shares outstanding. The restriction is not an isolated event: Blackstone, BlackRock, Morgan Stanley, Blue Owl, and Cliffwater have all imposed similar limits on their private credit funds in early 2026, exposing a structural liquidity mismatch across the $2 trillion private credit market that some analysts compare to the early stages of the 2008 financial crisis.