The update supports the view that the private credit redemption wave is past its peak rather than still building, which could steady sentiment toward alternative asset managers and their wealth-channel fundraising. Still, a fund paying out only a third of what investors ask for is a reminder that "semi-liquid" products can behave like illiquid ones under stress, a point regulators and distributors are likely to keep pressing. With resubmitted requests inflating headline figures across the sector, fresh withdrawal demand is the number to watch in upcoming tender results from rival managers. Any renewed concern over lending standards or loan quality could quickly reverse the easing trend.---Apollo's private credit investors are still being made to wait at the exit, but the queue is getting shorter rather than longer.Summary:Apollo Debt Solutions BDC, a roughly $26 billion fund, capped withdrawals at 5% of shares for a third consecutive quarterRedemption requests fell to about 15% of shares in the third quarter, from about 17% in the second quarter, having been around 11% in the firstRequests declined among both US onshore and offshore investors, and most came from investors resubmitting requests left unfilled in earlier quartersApollo estimates investors who sought liquidity during 2026 will have received about 75% of the capital they requested once third-quarter payments are madeRedemption pressure has recently begun to ease across major non-traded private credit funds, with BlackRock also reporting lower requests this monthApollo Global Management is limiting withdrawals from its flagship private credit fund for the third quarter in a row, although falling redemption requests suggest the backlog of investors waiting to exit is beginning to clear.Apollo Debt Solutions BDC, a fund with about $26 billion in assets, told shareholders on Tuesday that it would again cap repurchases at 5% of outstanding shares after investors sought to redeem about 15% of the fund, according to a shareholder letter reported by Bloomberg. That was down from nearly 17% in the second quarter.The headline figure overstates fresh demand to leave. The fund said requests fell among both US onshore and offshore investors, and that most came from investors resubmitting requests that had gone unfilled in earlier quarters. Because the fund pays out only up to 5% a quarter, any excess demand rolls forward, keeping the tender figure elevated even as the queue shortens.Apollo also estimated that, after third-quarter payments, investors who asked to withdraw during 2026 will have received about 75% of the capital they requested. The fund reported a net total return of about 8% since inception for its Class I shares as of 31 August.The easing marks a turn from earlier in the year. Requests at the fund stood at about 11% in the first quarter before jumping to almost 17%, or roughly $2.4 billion, in the second, when Apollo reported a sharp gap between offshore investors and US onshore clients. At the time, Apollo president Jim Zelter said he expected wealthy clients to keep seeking cash back from private credit products and warned the firm was not yet through the turbulence.Apollo's experience reflects a broader shift in the sector. Demand from wealth investors to exit private credit funds hit record levels this year, driven by concerns over lending standards and the risk of disruption from artificial intelligence to some borrowers. Redemption pressure has lately begun to ease across major non-traded private credit funds, as managers work through backlogs and sentiment improves. BlackRock also reported a decline in withdrawal requests at its private credit funds earlier this month. Most such funds have applied the customary 5% limit this year, which has kept request levels high as investors resubmit.The next few tender cycles will show whether the improvement holds. A continued drop in resubmitted requests would suggest the queue is close to clearing, while any rise in new withdrawal demand would signal that concerns over private credit remain unresolved. This article was written by Eamonn Sheridan at investinglive.com.