Apollo is capping withdrawals from its private credit fund after redemption requests jumped to nearly 17%, underscoring growing liquidity pressure across semi-liquid private credit products.

17% tendered against a 5% quarterly gate means most sellers are now involuntary LPs in a marked-to-model credit book. DeFi credit vaults learned this fast: once exits queue, NAV is no longer the only price, the claim trades at whatever discount buyers demand for time, opacity, and credit beta. Tokenized private credit desks pitching Apollo-style yield on-chain need to underwrite the withdrawal queue as hard as the loan book.

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