Overview
- Ares Strategic Income Fund capped quarterly withdrawals at 5% after investors asked for 11.6%, paying about 43.1% of requests, or $524.5 million.
- Apollo Debt Solutions BDC reported roughly $1.6 billion in redemption requests, equal to 11.2% of assets, and said it met slightly less than half.
- Across more than half a dozen private-credit funds, investors sought about $11.7 billion and managers delivered roughly 66%, according to Financial Times figures cited in the coverage.
- Other large managers also used gates, with BlackRock’s HPS Corporate Loans Fund approving 54% of $1.2 billion requested but paying only its 5% cap, and Morgan Stanley’s North Haven fund filling about 45.8% of requests.
- Firms frame the curbs as liquidity management for semi‑liquid vehicles that offer limited withdrawal windows, while Spain’s market regulator said local exposure to these U.S. funds is small and spillover risk looks low.