Two of the biggest names in private credit, Ares Management Corp. and Apollo Global Management Inc., blocked investors from getting even half of the money they wanted out of their funds, a sign of mounting strain in the $1.8 trillion market.
The $10.7 billion Ares Strategic Income Fund limited withdrawals to 5% of shares after clients sought to redeem 11.6%, according to a letterBloomberg Terminal to shareholders Tuesday. That followed the $15.1 billion business development company, Apollo Debt Solutions, which said Monday it was imposing the same cap after requests to pull 11.2%.
