Fund database › Private Credit

Apollo U.S. Private Credit Fund

Apollo Global ManagementLU2599742165Class I4

Redemptions currently limited ↓Part II SICAVPrivate CreditLuxembourgSFDR Article 6both16 share classes ↓
What the fund does

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.

Liquidity

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.

Access

Subscription from EUR 25,000, for institutional, professional and retail investors depending on the country; not registered for distribution in Germany.

Price & return
NAV29 May 2026121.79 USD
Performance 12 monthsprovider figure+6.8%
Since launch p.a.provider figure+8.4%
Costs & risk
Performance feeabove 5% hurdle12.50%
Access & liquidity
Minimum investmentclass I425,000 USD
Liquidity scoreavg. 848 days to cash5very low
Redemptiongate 5% per quarterquarterly
Recommended holding periodper key information document5 years
Compared with the asset classMedian of Private Credit funds in this database with a documented value · data run 16 Oct 2026
Liquidity score
5this fund
36median
Redemption
quarterlythis fund
quarterlytypical
ContextEditorial

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.

01Performance

Outdated (May 2026)

Class I4 · Net asset value (NAV) in USD
121.79 USDNAV as at 29 May 2026Move the pointer over the line
120.00120.50121.00121.50Dec 2025Feb 2026Mar 2026Apr 2026May 2026
PerformanceOutdated (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.

02Strategy

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

prospectus (as at 1 Jun 2026)
Launch1 Oct 2023
Fund size601 m USDas at 30 Jun 2026
Sub-strategyDirect Lending
SFDRArticle 6
Liquid assetstarget 10%actual 2% · see 03
Leverage limit55%

Target vehicle metrics

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.

Portfolio yield8.6%Weighted Average Yield at Amortized Cost
Average spread480 bpsreference rate not stated
Floating rate96.1%
First lien / senior secured99.6%
Borrower loan-to-value41%weighted
Borrower EBITDA284 m USDweighted
Non-accrual0.4%

Internal risk rating

10%
296.9%
32.6%
40.4%
50.1%

Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.

03Portfolio

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.

30 Jun 2026
Where the money is% of fund assets · 30 Jun 2026
Private markets 97.7%Liquidity reserve 2.3%

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.

SectorsApproximation from fund documents, not actual values · 21 Aug 2026

Focus according to fund documents: Diversified, no sector breakdown 100%

Regions and structureApproximation from fund documents, not actual values · 21 Aug 2026

Focus according to fund documents: North America 100%

3Holdings
13.0%Top 5 of NAV
3.0%largest position

Among the ten largest: 10 loans.

The five largest positions% NAV Master ADS · 30 Jun 2026 · top 10 together 22.2%
  1. 1
    Mariloan · Media
    3.0%

    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 …

  2. 2
    MRO Holdingsloan · Aerospace & Defense
    2.8%

    MRO Holdings is a US provider of maintenance, repair and overhaul (MRO) services for commercial aircraft operated by airlines and lessors.

  3. 3
    Delivery Heroloan · Hotels, Restaurants & Leisure
    2.6%

    Delivery Hero operates online platforms for food and grocery delivery as well as quick commerce, with brands including foodpanda, Glovo, talabat, PedidosYa and Baemin …

  4. 4
    Enverusloan · Software
    2.5%

    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.

  5. 5
    One Call Medicalloan · Health Care Providers & Services
    2.2%

    One Call (Jacksonville, Florida) coordinates medical services such as diagnostics, physical therapy and transportation for injured workers on behalf of workers' compensation insurers …

Positions 6 to 10together 9.1% · Opseo · Valor 1 · PureStar · Leaf Home · Adevinta
  1. 6
    Opseoloan · Health Care Providers & Services
    2.0%

    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 …

  2. 7
    Valor 1loan · Technology Hardware, Storage & Peripherals
    1.8%

    Undisclosed US borrower in the technology hardware, storage and peripherals sector …

  3. 8
    PureStarloan · Commercial Services & Supplies
    1.8%

    U.S. provider of laundry and linen services, delivering linen care and linen management primarily to hotels, resorts and healthcare facilities.

  4. 9
    Leaf Homeloan · Building Products
    1.8%

    Leaf Home is a US direct-to-consumer provider of home improvement products and services, including LeafFilter gutter protection, stairlifts and bathroom remodeling …

  5. 10
    Adevintaloan · Interactive Media & Services
    1.7%

    Adevinta (Oslo) operates online classifieds marketplaces in Europe, including leboncoin, mobile.de, Kleinanzeigen and Marktplaats.

Portfolio credit metrics as at 31 Jul 2026

Average spread481 bpsreference rate not stated
Floating rate97%
First lien / senior secured100%
Borrower loan-to-value41%weighted
Borrower EBITDA291 m USDweighted

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.

04Costs

Cost figures of the main class according to provider documents. On top comes a performance fee of 12.50% above a hurdle of 5%.

PRIIPs-KID I4
Ongoing costsper year, % of unit value
  • Total ongoing costsnot documented
  • of which management fee1.25%
  • Performance fee12.50%
  • Hurdle rate5%
  • High-water marknot documented
One-off costsmaximum per prospectus
  • Entry charge (for distribution)0%
  • Redemption feeup to 2%

For 25,000 USD, no charge on purchase and up to 500 USD on redemption.

  • Several layers of fees possible. Feeder structure into a US private credit target structure (US BDC/master). According to the disclosures, fees are charged at one level only; at feeder level, administration, depositary and distribution costs are added. The exact master-level fees are not public - double charging cannot be ruled out

Based on the PRIIPs key information document of class I4, hence comparable across providers.

05Subscription

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.

calculated on —
Next subscription cycleDealing day — · calculated on — Your step Fund-internal
  1. Documents complete
    —recommendation

    5 business days before Dealing Date, 17:00 CET

  2. Order cut-off
    —17:00 CET

    The period may be waived at the Administrator's discretion.

  3. Dealing day
    —T

    Price = NAV at the end of the previous month.

  4. NAV published
    —T+35 BD

    Valuation Day = last business day of the calendar month.

  5. Payment due
    —T−4 BD

    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 —.

Before placing the orderwhat can delay, add cost to or scale back the subscription
  • Payment: pre-funding. Subscription is not accepted and is deferred until receipt of funds; failing receipt by the next Dealing Date it is deemed revoked
  • Scaling back possible. Acceptance, rejection or deferral to a later Dealing Date at the discretion of the Board; no quantitative cap
  • Clarify the share class first. EUR/USD/GBP/CHF 25,000; AUD 40,000; SGD 35,000; ILS 100,000
  • Number of units is fixed later — 100,000 USD at the latest NAV (121.79 USD, 29 May 2026) would equal roughly 821 units.
All prospectus details on subscription11 items · incl. procedure, KYC, business-day definition
Frequencymonthly
Procedurefully paid-in
Dealing day1st business day of the month
Cut-off5 business days before dealing day · 17:00 CET · (before the anchor date)
Priceprevious month-end
NAV publicationValuation Day = last business day of the calendar month; NAV per share available approx. 35 business days after month end.
Paymentpre-funding: 4 business days before dealing day
Minimum investmentEUR/USD/GBP/CHF 25,000; AUD 40,000; SGD 35,000; ILS 100,000
Subscription limitAcceptance, rejection or deferral to a later Dealing Date at the discretion of the Board; no quantitative cap
KYC / documents5 business days before Dealing Date, 17:00 CET
Business daybanks 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.

06Redemption & liquidity

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.

calculated on —
Currently limited

Pro-rata scale-back. The 5% of NAV limit has been in force since 31 Mar 2026. Trigger: redemption requests above the quarterly limit of 5% of NAV: Q1 2026 around USD 39.8 million (around 6.6% of NAV), Q2 around USD 94.6 million, Q3 around USD 146.2 million

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.

Gate limit5% of NAVper quarter · based on NAV at the previous quarter-end
In force since31 Mar 2026ongoing, no end announced
Last paid out20.6%of the amount requested · Q3 2026

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.

All ongoing cases with fulfilment rates: gating monitor ›

Next redemption cyclePricing date — · calculated on — Your step Fund-internal
  1. Request by cut-off
    —17:00

    Soft lock: redemption within one year of subscription only subject to an Early Redemption Deduction of 2% of …

  2. Pricing date
    —T

    NAV per unit less redemption fee (up to 2%)

  3. Gate check
    on the pricing date

    NAV at previous quarter-end (—)

  4. NAV published
    —T+35 BD
  5. Payout
    —T+36 BD

    redemption day

A request made today is paid out on — — — days; from the cut-off to cash it is — days.

Liquidity scoreHow quickly can you get your money out, according to the prospectus?
5/100very low

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

16/100very low

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

one dot = one fund (112, view as of today) · ● Private Credit · ● other asset classesMedian of all funds: 29
And if many want out at the same time?
  • At most 5% of NAV at the previous quarter-end per quarter can be redeemed (net, subscriptions are offset).
  • Scaled-back portion lapses; new request required, no priority.
  • Currently limited — details in the box above.
  • The prospectus does not say how long a suspension may last.

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.

All prospectus details on redemption14 items · incl. grounds for suspension, in-kind redemption, transfer, compulsory redemption
Characterredemption right
Frequencyquarterly
Valuation dayquarter-end
Notice30 calendar days before redemption day · 17:00 CET
Pricequarter-end
Payout36 business days after redemption day
Gate5% net of NAV at the previous quarter-end per quarter
Scaled-back portionscaled-back portion lapses; new request required, no priority
Redemption fee (max.)up to 2% (12 months, cliff (lapses after the period))
Lock-upinvestor-level, 12 months (subscription)
Suspensionmaterial detriment to the fund/investors; NAV suspension; protection of remaining investors
Liquidity toolsSuspension 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 / transferpermitted with the consent of the Board; silence within 30 calendar days is deemed a refusal
Compulsory redemptionProhibited 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.

07Share classes

16 classes. All cost and risk figures on this page refer to the basis class I4.

0 of 16 classes with a key information document
ISINClassCurrencyIncomePRIIPs KIDMinimum investmentMgmtOngoing costs
LU2599742165I4basisUSDaccumulating—25,000 USD1.25%—
LU2599741605A1EUR hedgeddistributing—25,000 EUR2%—
LU2599741514A2EUR hedgedaccumulating—25,000 EUR2%—
+ show 13 further classesshow fewer
LU2599741431A3USDdistributing—25,000 USD2%—
LU2599741357A4USDaccumulating—25,000 USD2%—
LU2599741274A5GBP hedgeddistributing—25,000 GBP2%—
LU2599741191A6GBP hedgedaccumulating—25,000 GBP2%—
LU2599740979A7CHF hedgeddistributing—25,000 CHF2%—
LU2599740623I1EUR hedgeddistributing—25,000 EUR1.25%—
LU2599742322I2EUR hedgedaccumulating—25,000 EUR1.25%—
LU2599742249I3USDdistributing—25,000 USD1.25%—
LU2599742082I5GBP hedgeddistributing—25,000 GBP1.25%—
LU2599741944I6GBP hedgedaccumulating—25,000 GBP1.25%—
LU2599741860I7CHF hedgeddistributing—25,000 CHF1.25%—
LU2599741787I8CHF hedgedaccumulating—25,000 CHF1.25%—
LU3248340955M1 (EUR, hedged, Institutional, Distribution)EUR——25,000 EUR——

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.

08Master data & documents

Who is behind the fund, where it may be distributed — and which documents were evaluated.

AIFM / ManCoCarne Global Fund Managers (Luxembourg) S.A.
DepositaryBNP Paribas, Luxembourg Branch
Investor baseretail investors with restrictions, professional investors
Distribution authorisationAustria, Belgium, Bulgaria, Croatia, Cyprus and 29 further countries
DomicileLuxembourg
Legal wrapperPart II SICAV
Fund currencyUSD
BaFin marketing notificationno entry in the BaFin fund database
Documents evaluateddata as at 13 Oct 2026
DocumentAs atUsed 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 report31 Dec 2025—
Annual / semi-annual report30 Jun 2025—
NAV series
price feed / provider document, secondary source (data portal)
29 May 2026Performance (01)
Positions and reserve30 Jun 2026Portfolio (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.

Frequently asked questions about the Apollo U.S. Private Credit Fund

How quickly can I get out of the Apollo U.S. Private Credit Fund?

Pro-rata scale-back since 31 Mar 2026: redemptions are currently met only in part. Details under “Redemption & liquidity”.

What is the minimum investment in the Apollo U.S. Private Credit Fund?

25,000 USD in class I4.

Can I buy the Apollo U.S. Private Credit Fund as a retail investor in Germany?

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.

Is the Apollo U.S. Private Credit Fund currently gated?

Yes. Pro-rata scale-back since 31 Mar 2026 (as at 13 Oct 2026). Details under “Redemption & liquidity”.

Similar funds

Same asset class, similar sub-strategy.

Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.

Important notes. semiliquid.info does not provide investment advice or any recommendation to buy, sell or hold fund units; no ranking, no offer, no solicitation to subscribe. Only the prospectus and the key information document (PRIIPs KID) of the respective fund are authoritative. We accept no liability for the accuracy, completeness or timeliness of the information. Semi-liquid funds invest in illiquid assets: redemptions are restricted and may be capped, deferred or suspended; there is a risk of total loss. Past performance is not a reliable indicator of future results. Read the prospectus and KID before any investment decision and seek professional advice where appropriate.