Apollo U.S. Private Credit Fund

Apollo U.S. Private Credit Fund is an open-ended private debt vehicle managed by Apollo, pursuing a direct lending approach from its Luxembourg domicile since 2023. It is set up as a SICAV under the UCI Part II regime and is recorded as Non-ELTIF, with ELTIF versioning shown as N/A; the base currency is USD and distribution is pan-European to professional investors. Within a coverage universe of 494 funds as of 31 Aug 2026, it sits among 148 private debt vehicles, 347 funds domiciled in Luxembourg, and 108 that combine both characteristics, with reported assets of measured against that same peer set.

Dealing mechanics follow the semi-liquid evergreen template used across much of the Luxembourg private debt cohort: capital is taken in at a monthly subscription frequency from a minimum of 25,000 USD, pricing is struck at a monthly NAV, and exits are processed at a quarterly redemption frequency subject to a notice period of 40 days and an initial soft lock-up. Redemptions are met from loan repayments, portfolio income and liquidity sleeves rather than secondary sales, so the notice period and the gap between subscription and redemption windows are the main determinants of time-to-cash for an investor.

The fee structure combines a management fee of with a performance fee of , both of which can be compared directly against the 108 funds sharing the same asset class and domicile. The fund is classified Article 6 under SFDR and carries a summary risk indicator of 3, positioning it in the lower-to-middle band of the private markets vehicles covered here. Underlying exposure is concentrated in corporate direct lending, with the regional breakdown shown in and loan-level diversification driven by sponsor relationships rather than broadly syndicated market access.