Troubled Product
Apollo Debt Solutions BDC: The Line at the Exit
Investors asked to cash out about 16.8 percent of the fund's shares in one quarter. The fund honored 5 percent.
What It Is
Apollo Debt Solutions BDC is a large non-traded business development company that lends to private companies. Like most non-traded funds, it offers to buy back only a limited amount of shares each quarter.
What Happened
- The requests. In a June 2026 shareholder letter, the fund said repurchase requests came to about 16.8 percent of its shares outstanding as of March 31, 2026, based on preliminary results.
- The answer. The fund said it would honor requests for 5 percent of shares outstanding, which it estimated at about $0.7 billion.
- Where the requests came from. The fund said requests from U.S. investors were about 4.3 percent and requests from investors outside the U.S. rose to 12.5 percent.
The fund reported $4.3 billion of immediately available liquidity. It chose to stick to its 5 percent limit anyway, and it made no promise about future quarters. If you asked to get out and the requests were cut back, part of your money stayed in.
Sources
Every fact in this story comes from the public record. Read it for yourself:
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