Tuesday, May 12, 2026The LedgerLos Angeles Edition

The Ledger

A weekly reading of markets, written for operators and allocators.

§ 02

The Private Markets Ledger

A weekly atlas of private markets: structures, mechanics, and operator principles for a new generation of capital allocators.

Latest · №1

Apollo gates its private credit fund. A $20 billion reckoning arrives.

Q1 2026 redemption requests hit $20.8 billion across the five largest private credit funds. What it means, who got out, and why Blackstone chose to honor and Apollo chose to gate.

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