Fund database › Private Credit
Apollo Global ManagementLU2599742165Class I4
The Apollo U.S. Private Credit Fund pools US direct lending to large and upper-mid-market companies, mostly indirectly through Apollo's US credit vehicle Apollo Debt Solutions — the North American complement to Apollo's European credit vehicles, as a Luxembourg Part II SICAV, launched in 2023.
Monthly subscription; quarterly redemption with about a month's notice; the quarterly limit is measured across the sub-fund and all parallel vehicles. Since the first quarter of 2026 redemption requests have exceeded this limit and are filled pro rata. Since the second quarter the unfilled part is not carried forward but lapses and has to be resubmitted. Redemptions in the first year incur a fee; recommended holding period five years.
Subscription from EUR 25,000, for institutional, professional and retail investors depending on the country; not registered for distribution in Germany.
The US building block in this database's Apollo credit trio; the European counterpart and the global multi-credit variant sit alongside as their own pages. In 2026 the fund shows how the mechanism works under pressure: the gate spreads the available liquidity evenly across all redeeming investors and protects those who stay from fire sales. Because unfilled requests lapse, however, an investor who wants out has to resubmit every quarter.
Figures for class I4 (LU2599742165) · product data 13 Oct 2026 · sources: prospectus (as at 1 Jun 2026), PRIIPs-KID — full list under 08 documents.
Outdated (May 2026)
2 monthly values · Source: price feed / provider document, secondary source (data portal) · Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and dealing costs of reinvestment are not considered. Past performance is not a reliable indicator of future results.
What the prospectus permits: Directly originated, floating rate first-lien senior secured loans to large-cap and upper-middle-market borrowers; access predominantly through Apollo Debt Solutions BDC and Apollo Broad Middle Markets Lending Fund; smaller liquid credit sleeve
Apollo Debt Solutions BDC (SEC CIK 1837532) Participation 79.23% · as at 30 Jun 2026
This fund invests only part of its assets through Apollo Debt Solutions BDC (SEC CIK 1837532) and holds the rest itself. The figures below describe that vehicle — not the fund’s own portfolio. They are set apart here so they cannot be mistaken for the fund’s figures.
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
3 holdings; the five largest account for 13.0% of the fund. 2.3% is held in the liquidity reserve — enough for 1 month of maximum redemptions.
How the reserve is invested: State Street Institutional U.S. Government Money Market Fund Opportunity (ADS) 1.8% · Goldman Sachs Financial Square Government Fund Institutional (ADS) 1.1%. It covers 1 month of the maximum net redemption (at most 20% per year under the gate) — what that means for redemptions is in 06.
Focus according to fund documents: Diversified, no sector breakdown 100%
Focus according to fund documents: North America 100%
Among the ten largest: 10 loans.
Undisclosed US borrower in the media sector, listed in the filing as Mari Events Midco LLC and Mari Miami II LLC. The names point to an events business with a connection to Miami …
MRO Holdings is a US provider of maintenance, repair and overhaul (MRO) services for commercial aircraft operated by airlines and lessors.
Delivery Hero operates online platforms for food and grocery delivery as well as quick commerce, with brands including foodpanda, Glovo, talabat, PedidosYa and Baemin …
Enverus provides SaaS, data and analytics solutions for the energy industry, covering oil and gas, power and renewables, for uses such as exploration, trading and risk management.
One Call (Jacksonville, Florida) coordinates medical services such as diagnostics, physical therapy and transportation for injured workers on behalf of workers' compensation insurers …
Opseo is a German provider of out-of-hospital intensive care, serving ventilated patients and others requiring intensive care in their own homes and in shared intensive care residential …
Undisclosed US borrower in the technology hardware, storage and peripherals sector …
U.S. provider of laundry and linen services, delivering linen care and linen management primarily to hotels, resorts and healthcare facilities.
Leaf Home is a US direct-to-consumer provider of home improvement products and services, including LeafFilter gutter protection, stairlifts and bathroom remodeling …
Adevinta (Oslo) operates online classifieds marketplaces in Europe, including leboncoin, mobile.de, Kleinanzeigen and Marktplaats.
Provider figures for the credit portfolio, not calculated by semiliquid.info. Providers report yield, remaining life and credit ratings under differing definitions — the basis of calculation is therefore shown with every figure. A comparison across funds only holds where the basis is the same.
Positions and shares according to the provider; short descriptions by semiliquid.info from public sources; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
Cost figures of the main class according to provider documents. On top comes a performance fee of 12.50% above a hurdle of 5%.
For 25,000 USD, no charge on purchase and up to 500 USD on redemption.
Based on the PRIIPs key information document of class I4, hence comparable across providers.
Units can be subscribed monthly. The price is the NAV at the end of the previous month — it is not known when the order is placed and is published only 35 business days later.
5 business days before Dealing Date, 17:00 CET
The period may be waived at the Administrator's discretion.
Price = NAV at the end of the previous month.
Valuation Day = last business day of the calendar month.
pre-funding: 4 business days before dealing day
An order placed today is invested in — days (—); the money is due on —. Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Dealing day | 1st business day of the month |
| Cut-off | 5 business days before dealing day · 17:00 CET · (before the anchor date) |
| Price | previous month-end |
| NAV publication | Valuation Day = last business day of the calendar month; NAV per share available approx. 35 business days after month end. |
| Payment | pre-funding: 4 business days before dealing day |
| Minimum investment | EUR/USD/GBP/CHF 25,000; AUD 40,000; SGD 35,000; ILS 100,000 |
| Subscription limit | Acceptance, rejection or deferral to a later Dealing Date at the discretion of the Board; no quantitative cap |
| KYC / documents | 5 business days before Dealing Date, 17:00 CET |
| Business day | banks open for business in Luxembourg, the United Kingdom and the United States (p. 20) |
Dates calculated from the prospectus rules (bank holidays: GB, LU, US); only the transfer agent’s confirmation is binding. Data as at 13 Oct 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate), lock-up 12 months. How quickly the money arrives and what happens if many want out at once is set out below.
Gating means the fund meets redemption requests only in part. If net redemptions in a period exceed the limit set in the prospectus, all requests are scaled back pro rata — the unmet portion lapses and has to be requested again. This is not a default but protection for remaining investors against forced sales in an illiquid portfolio; it does, however, lengthen the exit considerably.
Details of the ongoing limitation · as at 13 Oct 2026 · sources: Apollo, USPC Notice to Shareholders Q1 2026: “for the first time, the Fund has applied the 5% quarterly redemption limit and satisfied redemption requests on a pro rata basis” · Notice to Shareholders Q2 2026: “redemption requests were approximately $94.6 million, which exceeded the Fund’s quarterly redemption limit of 5%” · Notice to Shareholders Q3 2026: “redemption requests were approximately $146.2 … Earlier limitations are not shown here: the history before the current episode has not been conclusively verified.
Soft lock: redemption within one year of subscription only subject to an Early Redemption Deduction of 2% of …
NAV per unit less redemption fee (up to 2%)
NAV at previous quarter-end (—)
redemption day
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Money typically only after more than a year — on average 848 days from decision to cash.
Rank 93 of 112 · rank 31 of 31 in Private Credit · 12 months lock-up · no fixed redemption fee
Money typically only after more than a year — on average 483 days from decision to cash.
12 months lock-up — expired for existing holdings · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 1 Jun 2026 · score run 16 Oct 2026 · How 848 days become 5 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.
| Character | redemption right |
|---|---|
| Frequency | quarterly |
| Valuation day | quarter-end |
| Notice | 30 calendar days before redemption day · 17:00 CET |
| Price | quarter-end |
| Payout | 36 business days after redemption day |
| Gate | 5% net of NAV at the previous quarter-end per quarter |
| Scaled-back portion | scaled-back portion lapses; new request required, no priority |
| Redemption fee (max.) | up to 2% (12 months, cliff (lapses after the period)) |
| Lock-up | investor-level, 12 months (subscription) |
| Suspension | material detriment to the fund/investors; NAV suspension; protection of remaining investors |
| Liquidity tools | Suspension of NAV and redemption, quarterly gate of 5% net, pro-rata scale-back, Early Redemption Deduction of 2%, redemption in kind, liquidity reserve and … |
| Switch / transfer | permitted with the consent of the Board; silence within 30 calendar days is deemed a refusal |
| Compulsory redemption | Prohibited Person; falling below the minimum holding or the eligibility criteria; early compulsory repurchase once all investments have been sold |
5% of the aggregate NAV per calendar quarter, measured without double counting across the sub-fund and all Parallel Vehicles established in Luxembourg on the basis of the NAV at the end of the preceding quarter; any redemption discount is disregarded.
The 5% gate is measured against the aggregate NAV of the sub-fund and of all parallel vehicles established in Luxembourg at the end of the preceding quarter; any early redemption deduction is disregarded in the calculation.
Dates calculated from the prospectus rules (bank holidays: GB, LU, US); only the transfer agent’s confirmation is binding. Data as at 13 Oct 2026 · Documents: 08.
16 classes. All cost and risk figures on this page refer to the basis class I4.
PRIIPs KID ✓: a key information document exists and is the source of the costs. —: no KID documented — the class is distributed outside the EEA or to investors not covered by the KID requirement, or the document is not available.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Prospectus Sub-Fund Supplement No. 23 'Apollo U.S. Private Credit Fund', p. 316-384 | 1 Jun 2026 | — |
| Key information document (PRIIPs KID) | 1 Apr 2026 | — |
| Annual / semi-annual report | 31 Dec 2025 | — |
| Annual / semi-annual report | 30 Jun 2025 | — |
| NAV series price feed / provider document, secondary source (data portal) | 29 May 2026 | Performance (01) |
| Positions and reserve | 30 Jun 2026 | Portfolio (03) |
All figures are taken from provider documents (product data as at 16 Oct 2026, distribution data as at 5 Oct 2026) and have not been conclusively verified.
Pro-rata scale-back since 31 Mar 2026: redemptions are currently met only in part. Details under “Redemption & liquidity”.
25,000 USD in class I4.
Not as a retail investor. According to our evidence, in Germany it is open only to semi-professional investors (as at 5 Oct 2026). The Access check shows the details.
Yes. Pro-rata scale-back since 31 Mar 2026 (as at 13 Oct 2026). Details under “Redemption & liquidity”.
Same asset class, similar sub-strategy.
Apollo Global Management · Part II SICAV · quarterly
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Apollo Global Management · ELTIF 2.0 · quarterly
Ares Management · ELTIF 2.0 · monthly
Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.