When multiple large funds start limiting withdrawals at the same time, that is not random. That is a signal.

While headlines are fixated on the Iran war and today’s “feel good” market rally, it is worth noting that beneath the surface, hours ago credit markets just got worse.

The latest example comes from Apollo, which has been forced to put the brakes on investor withdrawals from one of its largest retail focused funds, according to Bloomberg. Its $25 billion Apollo Debt Solutions vehicle is the latest private credit flaming bag of shit that has hit redemption limits after investors tried to pull more than double what the structure allows.

In other words, investors want out and are being treated like the old ladies on line at the South Philly Acme trying to buy liverwurst and chicken salad at the deli counter. That is, to say, they’re being told to take a number.

https://www.zerohedge.com/markets/trapped-private-credit-exit-door-has-been-locked-and-sealed-shut