BUZZ-Apollo fund's 17% withdrawal requests one step back for alt asset managers, TD Cowen says

Apollo Global Management Inc
Blackstone Inc.

Apollo Global Management Inc

APO

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Blackstone Inc.

BX

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** Apollo Global APO.N seen underperforming peers on Tuesday after Q2 tender offer results from its $26 bln Apollo Debt Solutions fund - TD Cowen's Bill Katz

** Withdrawal requests worsened to 16.8% from 11.2% in Q1; sequential rise likely viewed as mixed/negative for APO and peers - brokerage

** Reinforces view that alt asset manager stocks likely range-bound through Labor Day as further redemption windows unfold - TD Cowen

** "Redemption rates are proving uneven for 2Q, even as reporting windows further season, & media intensity seems to be diminishing," Katz says

** Morgan Stanley's North Haven Private Income Fund and Ares Strategic Income Fund among private credit funds that are due to report Q2 tender offer results soon


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