Apollo Global Management Inc. is limiting redemptions from a private credit fund for the third straight quarter, as investors rush to pull cash from the $1.8 trillion direct lending market.

Apollo Debt Solutions BDC, with about $26 billion in assets, told investors on Tuesday it would again cap withdrawals at 5% of outstanding shares after 14.7% sought to pull cash, according to a shareholder letter. That was down from 16.8% in the prior period.

The move underscores growing pressure in private credit, with Apollo among firms facing rising redemption requests.