The case for atomic, continuous redemption.
"Liquidity, not as a quarterly privilege, but as a programmable property of the security itself." — From the explanatory memorandum filed with this resolution.
Since inception, ACDP has operated under a calendar-month redemption window in line with industry convention for senior credit funds. Two structural shifts have made that constraint obsolete: (i) Apollo's adoption of tokenized cash collateral pools with same-day settlement at BNY, and (ii) the activation of Securitize's compliance-gated redemption vaults on Ethereum and Avalanche.
Resolution SEC-2026-04 proposes the following: terminate the calendar-month redemption window effective the calendar quarter following passage; route all redemption requests through a continuous on-chain vault with hard-cap throttles for portfolio stability; and authorize the Board of Trustees to draw against a $120M committed liquidity facility from BNY in periods of stress.
How the on-chain redemption vault settles.
Each redemption is executed as an atomic exchange between ACDP tokens (burned) and USDC drawn from a NAV-tracked liquidity slab. Whitelisted addresses are gated by Securitize's identity contracts; unverified wallets cannot interact with the vault.
require(IDRegistry.isWhitelisted(msg.sender), "NOT_VERIFIED");
require(throttle.consume(acdpAmount), "DAILY_CAP");
uint256 nav = oracle.latestNAV(); // BNY-signed feed
uint256 usdc = (acdpAmount * nav) / 1e18;
ACDP.burn(msg.sender, acdpAmount);
USDC.safeTransfer(msg.sender, usdc);
emit Redeemed(msg.sender, acdpAmount, usdc, nav);
Throttle parameters proposed
- Daily cap. 1.5% of NAV per UTC day. ~$18.7M at current NAV.
- Per-investor cap. The lesser of $5M or 25% of held position per 24h.
- Stress-window draw. Auto-engage BNY committed facility when vault USDC < 0.5% NAV.
- Pause authority. Board of Trustees may pause for up to 5 business days; longer pause requires re-vote.
Allocation remains in line with PPM.
The portfolio mandate is not amended by this resolution. The strategy continues as a senior, first-lien private credit book sourced primarily through Apollo's direct-origination platform.
| Sleeve | Mandate | NAV share | USD value |
|---|---|---|---|
| Senior Secured Loans | Apollo direct origination · 1st-lien | 62.00% | $772.5M |
| Asset-Backed Credit | Investment-grade ABS & CLO 2.0 | 18.00% | $224.3M |
| US Treasuries | Held via BUIDL feeder | 12.00% | $149.5M |
| USDC Liquidity Slab | On-chain redemption buffer | 8.00% | $99.7M |
Projected steady-state liquidity
Stress-window settlement
Annualised yield (net)
Vault audited cap
Who may vote, redeem, and subscribe.
This vote and the underlying offering remain subject to U.S. Regulation D Rule 506(c). Participation is restricted to Qualified Purchasers as defined by the Investment Company Act of 1940 §2(a)(51) and to non-U.S. persons under Reg S where applicable.
Vote weighting
- One ACDP token = one vote, snapshotted at Ethereum block 21,884,402 (May 12, 2026 16:00 UTC).
- Cross-chain weight aggregated across Ethereum, Avalanche, Polygon and Aptos via Securitize's omnibus oracle.
- Custodial holdings (BNY, Anchorage, Komainu) vote at the direction of the beneficial owner of record.
- Quorum 30% of circulating ACDP. Approval requires > 50% of votes cast.
Built on a fully regulated stack.
ACDP is issued by Apollo Capital Management, L.P. and onboarded through Securitize Markets, LLC — a SEC-registered broker-dealer and FINRA member. Custody, settlement and audit are performed by the entities below.
Issuer / Manager
Cash · BUIDL Feeder
Custody & Liquidity
Co-investment Sleeve
Distribution
Origination Partner
Co-feeder
Index Provider
Strategic Partner
Ecosystem PartnerAvailable across networks
ACDP is issued and redeemable on each of the chains below via Securitize's compliance-gated cross-chain mint.
Ethereum
Avalanche
Polygon
Aptos
Arbitrum
Solana
Sei
Hedera