Apollo U.S. Private Credit Fund

USPC

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Overview Strategy Performance Allocations Key terms Share classes FAQ

Overview

Legal Name:

Apollo U.S. Private Credit Fund, a sub-fund of Apollo Private Markets SICAV

Manager:

Apollo Global Management

Website:

https://www.apollo.com/

Fundraising Status:

Open

Domicile:

Luxembourg

Legal Form:

Lux SICAV (S.A.)

Regulatory Regimes:

Lux UCI (Part II)

Term:

Perpetual-Life

Base Currency:

USD

Launch Year:

2023

Inception Date:

Oct 1, 2023

Size:

$594M (as of Jan 31, 2026)

No. of Investments:

460 (as of Jan 31, 2026)

Investor Eligibility Segments:

Institutional, Professional / Accredited, Retail

Permitted Distribution Countries:

Austria, Belgium, Bulgaria, Croatia, Cyprus

Strategy

USPC invests predominantly in U.S. private credit via directly originated, floating-rate, first-lien senior secured loans to large-cap and upper-middle-market borrowers, targeting income with capital preservation. The evergreen fund accesses Apollo’s global direct lending platform, with exposure largely through Apollo Debt Solutions BDC and Apollo Broad Middle Markets Lending Fund, and may hold a smaller sleeve of more liquid credit to support portfolio diversification and liquidity management.

Asset Classes:

Private Credit

Strategy:

Direct Lending (PC)

Underlying Investment Type:

Direct investments

Geographic Focus Region:

North America

Geographic Focus:

U.S.

Sector Focus (GICS):

Diversified

Sector Focus (not standardized):

Software, Financial Services, Health Care Providers & Services, Commercial Services & Supplies, Insurance, Professional Services

Leverage Limits Summary:

Fund-level leverage capped at 55% LTV; underlying Apollo vehicle capped at 66.67% LTV.

Performance

for I4 share class

Total Returns (% Net of Fees)

Net returns (since inception)	I4
Total Return	20.7%
Annualized Return	8.4%
Best Month	(Dec 2023)1.5%
Worst Month	(Oct 2023)0.1%
Risk metrics (since inception)
Volatility	1%
Sharpe Ratio (4.3% risk-free)	4.05

Yearly returns (since inception)

Allocations

Seniority allocation

Seniority

as of Jan 31, 2026Include liquidity sleeve

Target

Seniority

as of Jan 31, 2026

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Seniority

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Sector allocation

Sector

as of Jan 31, 2026Include liquidity sleeve

Target

Sector

as of Jan 31, 2026

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Sector

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Rate Type allocation

Rate Type

as of Jan 31, 2026Include liquidity sleeve

Target

Rate Type

as of Jan 31, 2026

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Rate Type

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Key terms

for I4 share class

Share Class

Minimum Subsribtion:

$25,000

Currency:

USD

Inception Date:

Oct 1, 2023

Distribution Type:

Accumulating

Investor Type:

Institutional

Liquidity

Gate:

5% of NAV per quarter.

Gate Level:

Fund level NAV

Redemption Frequency:

Quarterly

Redemption Basis:

NAV at quarterly dealing date.

Subscribtion Frequency:

Monthly

Subscribtion Basis:

NAV at monthly dealing date

Fees

Management Fee:

1.25%

Payable monthly.

Management Fee Basis:

NAV

Performance Fee:

12.50%

Two componenets: 12.5% of net investment income (subject to 5% annualized hurdle rate and 100% adviser catch-up), paid quarterly; and 12.5% of realized gains net of realized and unrealized losses, paid annually.

Performance Fee Basis:

Net Investment Income, Realized Capital Gains

Hurdle rate:

5.00%

Applies to net investment income component.

Catch-up:

100.00%

Adviser catch-up on net investment income after annualized hurdle; only NII component.

Back load (redemption):

2.00%

If redeemed within 12 months.

Management Fee:	1.25%	Payable monthly.
Management Fee Basis:	NAV
Performance Fee:	12.50%	Two componenets: 12.5% of net investment income (subject to 5% annualized hurdle rate and 100% adviser catch-up), paid quarterly; and 12.5% of realized gains net of realized and unrealized losses, paid annually.
Performance Fee Basis:	Net Investment Income, Realized Capital Gains
Hurdle rate:	5.00%	Applies to net investment income component.
Catch-up:	100.00%	Adviser catch-up on net investment income after annualized hurdle; only NII component.
Back load (redemption):	2.00%	If redeemed within 12 months.

Share classes

Name	Min. Subscription	Currency	Inception	Distribution	Investor Type	ISIN	BBG Ticker
I4	25,000 USD	USD	2023-10-01	Accumulating	Institutional	-	-
Class B eg	250,000 EUR	EUR	15 Mar 2018	Accumulating	Institutional	LU1987654321	FUND B LX
Class C Example	500,000 USD	USD	01 Jun 2019	Distributing	Professional	IE0123456789	FUND C ID
Class D eg.	100,000 GBP	GBP	22 Sep 2020	Accumulating	Institutional	GB00ABCDEF12	FUND D LN
Class E Example	25,000 EUR	EUR	03 Jan 2021	Distributing	Retail	LU9988776655	FUND E LX
Class F Example	1,000,000 USD	USD	10 Nov 2017	Accumulating	Institutional	US1234567890	FUND F US

FAQ

What is Apollo U.S. Private Credit Fund?

Apollo U.S. Private Credit Fund is an evergreen Lux UCI fund focused on Private Credit and managed by Apollo Global Management.

Who manages Apollo U.S. Private Credit Fund?

Apollo U.S. Private Credit Fund is managed by Apollo Global Management, based in New York, New York, United States.

How big is Apollo U.S. Private Credit Fund?

Apollo U.S. Private Credit Fund has a size of $594M.

What type of fund is Apollo U.S. Private Credit Fund?

Apollo U.S. Private Credit Fund is an open-ended / evergreen Lux UCI fund investing in private credit and domiciled in Luxembourg.

When was Apollo U.S. Private Credit Fund launched?

Apollo U.S. Private Credit Fund was launched on Oct 1, 2023 and is structured as a Lux SICAV (S.A.) vehicle with a perpetual-life term.

Where is Apollo U.S. Private Credit Fund domiciled and regulated?

Apollo U.S. Private Credit Fund is domiciled in Luxembourg under Lux UCI (Part II).

Data transparency

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How does Borgline ensure data accuracy?

Borgline's analyst team cross-checks key figures across independent documents and updates the database only when data is confirmed against the latest, most authoritative disclosures.

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