Apollo, the asset management giant, told investors in its flagship private credit fund that it will limit withdrawals this quarter to just under half of requests, the latest sign of stress in the asset class.

In a filing with the Securities and Exchange Commission late Monday, Apollo Debt Solutions BDC said that it received redemption requests equal to 11.2% of shares outstanding in the first quarter, far exceeding the 5% quarterly cap the fund allows.

Unlike some other private credit players, Apollo is sticking with the 5% cap, an industry standard that rivals including Blackstone have recently relaxed to satisfy investor demands for their funds.

The vehicle — a non-traded business development company, or BDC — expects to return about $730 million to investors on a prorated basis, meaning redeeming shareholders will receive roughly 45% of the capital they requested. The fund has a net asset value of $15.1 billion, as of Feb. 28.

“Today’s decision reflects our ongoing commitment to long-term value creation for the Fund’s shareholders,” Apollo said. “As long-term stewards of capital, we have a fiduciary duty to act in the best interests of all Fund investors, balancing the interests of shareholders seeking liquidity with those who choose to remain invested.”

Apollo said the fund’s net asset value per share declined 1.2% over the past three months through Feb. 28, but outperformed the U.S. Leveraged Loan Index, which fell 2.2% over the same period.

The withdrawals show that Apollo didn’t avoid the rush of investor redemptions plaguing rivals, driven by concern over private credit loans to software companies. Apollo executives have sought to distance themselves from other players recently, saying the firm typically made loans to larger, more stable companies.

Software is the single biggest sector at 12.3% of loans in the Apollo Debt Solutions BDC, according to the company.