Private Credit Impact on Apollo, Ares & Oaktree: 1) United States $938 Billion Private Equity Firm Apollo Capital Management Flagship $15.1 Billion Private Credit Fund (Apollo Debt Solutions BDC) Received 11.2% Redemption Requests Exceeding 5% Redemption Limit Per Quarter, Will Follow Mandate to Allow 5% Redemption Limit Per Quarter, 2) United States $623 Billion Alternative Investment Manager Ares Management Corp Limits Redemption to 5% on $10.7 Billion Private Credit Fund (Ares Strategic Income Fund) after Receiving 11.6% Redemption Requests, 3) Brookfield’s United States $223 Billion Alternative Investments Manager Oaktree Capital Management to Allow All 8.5% Redemption Requests for Private Credit Fund (Oaktree Strategic Credit Fund) Comprising of 6.8% Buyback & Parent Brookfield Buying 1.7% of Shares
28th March 2026 | Hong Kong
Private Credit Impact on Apollo, Ares & Oaktree – 1) United States private equity firm Apollo Capital Management ($938 billion AUM) flagship $15.1 billion private credit fund (Apollo Debt Solutions BDC) has received 11.2% redemption requests exceeding 5% redemption limit per quarter, and will follow mandate to allow 5% redemption limit per quarter. 2) United States alternative investment manager Ares Management Corp ($623 billion AUM) is limiting redemption to 5% on $10.7 billion private credit fund (Ares Strategic Income Fund), after receiving 11.6% redemption requests. 3) Brookfield United States alternative investments manager Oaktree Capital Management ($223 billion AUM) will allow all 8.5% redemption requests for private credit fund (Oaktree Strategic Credit Fund), comprising of 6.8% buyback & parent brookfield buying 1.7% of shares. In 2026 March, Private Credit Impact on JP Morgan, Deutsche Bank, Morgan Stanley, Cliffwater & Partners Group – 1) JP Morgan decreased valuation of loans provided to private credit funds, 2) Deutsche Bank reports $30 billion (5% of $600 billion loan book) exposure to private credit, 3) Morgan Stanley imposed 5% redemption limit on $8 billion North Haven Private Income Fund, 4) United States alternative investment manager Cliffwater imposed 7% redemption limit on $33 billion flagship Corporate Lending Fund, 5) Switzerland $185 billion private markets asset manager Partners Group Chairman Steffen Meister issues warning of above 5% private credit default rate from previous 2.6% annual average default rate over last 10 years due to impact of artificial intelligence. In 2026 March, the world’s largest private equity firm Blackstone ($1.3 trillion AUM) flagship $83 billion private credit fund BCRED (Blackstone Private Credit Fund) has reported 0.4% loss for the month of 2026 February, with previous monthly loss of 1.3% reported in 2022 September. In 2026 March, Blackstone BCRED (Blackstone Private Credit Fund) was reported to have received $3.7 billion withdrawal requests & $2 billion new commitments, equivalent to $1.7 billion net outflow. BCRED (Blackstone Private Credit Fund) was launched in 2021, with current annualized distribution rate at 8.9%. In 2026 March, Japan Sumitomo Life Insurance Company is planning to allocate $1.9 billion (JPY 300 billion) in private credit starting in 2026 April. In 2026 March, Morgan Stanley forecasts private credit / direct lending default rates to increase to 8% due to AI (artificial intelligence) disrupting the software industry. In 2026 March, the world’s largest asset manager BlackRock ($14 trillion AUM) imposed a 5% withdrawal limit on flagship $26 billion private credit fund (HPS Corporate Lending Fund) after receiving increased withdrawal requests, with shareholders submitting 9.3% withdrawal requests but the fund imposed a 5% withdrawal limit. HPS Corporate Lending Fund is a non-traded Business Development Company (BDC). BlackRock acquired HPS Investment Partners in 2025. In 2026 March, BlackRock $1.5 billion specialty finance company (BDC) BlackRock TCP Capital Corp reported full write down of $25 million private credit loan to Infinite Commerce Holdings. For 2025 December (31/12/25), BlackRock TCP Capital Corp reported $1.5 billion fair value, $1.7 billion total assets & $598 million net asset, and 10.2% weighted annual effective yield of total portfolio in 2025. In 2026 March, the world’s largest private equity firm Blackstone ($1.3 trillion AUM) flagship $82 billion private credit fund BCRED (Blackstone Private Credit Fund) received $3.7 billion withdrawal requests & $2 billion new commitments, equivalent to $1.7 billion net outflow. BCRED (Blackstone Private Credit Fund) was launched in 2021, with current annualized distribution rate at 8.9%. In 2026 March, Goldman Sachs CEO Lloyd Blankfein issued a warning of distributing private credit investments to retail investors at current late cycle in private credit risks. In 2026 February, UBS strategists increased private credit default forecast to 15% in worst-case scenario from 13% default forecast in 2026 January. In 2026 February, Bank of America ($380 billion market value) will be investing $25 billion capital from Bank of America balance sheet into private credit deals, with plans to originate the deals from Capital Markets Division (Investment Banking).
“ Private Credit Impact on Apollo, Ares & Oaktree: 1) United States $938 Billion Private Equity Firm Apollo Capital Management Flagship $15.1 Billion Private Credit Fund (Apollo Debt Solutions BDC) Received 11.2% Redemption Requests Exceeding 5% Redemption Limit Per Quarter, Will Follow Mandate to Allow 5% Redemption Limit Per Quarter, 2) United States $623 Billion Alternative Investment Manager Ares Management Corp Limits Redemption to 5% on $10.7 Billion Private Credit Fund (Ares Strategic Income Fund) after Receiving 11.6% Redemption Requests, 3) Brookfield’s United States $223 Billion Alternative Investments Manager Oaktree Capital Management to Allow All 8.5% Redemption Requests for Private Credit Fund (Oaktree Strategic Credit Fund) Comprising of 6.8% Buyback & Parent Brookfield Buying 1.7% of Shares “
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Private Credit Impact on Apollo, Ares & Oaktree: 1) United States $938 Billion Private Equity Firm Apollo Capital Management Flagship $15.1 Billion Private Credit Fund (Apollo Debt Solutions BDC) Received 11.2% Redemption Requests Exceeding 5% Redemption Limit Per Quarter, Will Follow Mandate to Allow 5% Redemption Limit Per Quarter, 2) United States $623 Billion Alternative Investment Manager Ares Management Corp Limits Redemption to 5% on $10.7 Billion Private Credit Fund (Ares Strategic Income Fund) after Receiving 11.6% Redemption Requests, 3) Brookfield’s United States $223 Billion Alternative Investments Manager Oaktree Capital Management to Allow All 8.5% Redemption Requests for Private Credit Fund (Oaktree Strategic Credit Fund) Comprising of 6.8% Buyback & Parent Brookfield Buying 1.7% of Shares
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