Apollo's stock was down as one of its private-credit funds said it was honoring less than half of the redemption requests it received in the latest quarter.
The withdrawals show that Apollo didn't avoid the rush of investor redemptions plaguing rivals, driven by concern over private credit loans to software firms.
Some investors exposed themselves to potentially devastating losses through riskier plays; consumer-product companies expanded factories and revamped production lines on a bet that working from home is here to stay, and some turned Christmas trees into edibles.
