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924 Private credit gates are spreading. Why Apollo’s 45% redemption cap is a structural warning for the entire $1.7T asset class

Silicon Canals
Marcus Webb @ Silicon Canals · 03/24/2026 04:37 EDT

Private credit gates are spreading. Why Apollo’s 45% redemption cap is a structural warning for the entire $1.7T asset class

Apollo Global Management's decision to cap redemptions at 45% of requested withdrawals from its $15 billion private credit fund is not an isolated operational event — it is a structural warning signal for the entire $1.7 trillion semi-liquid private credit asset class, whose liquidity architecture was never built to withstand the conditions it now faces.

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