Apollo Principal Holdings B, L.P. 4

What Happened Apollo Principal Holdings B, L.P., a reported 10% owner of Apollo S3 Private Markets Fund, effected non‑market transfers on January 29, 2026. The filing shows a disposition (transfer) of 23,601.925 shares at $0.00 per share (total $0) and an acquisition of 5,062.528 shares at $0.00 per share (total $0). These transactions were coded as "J" (other acquisition or disposition), indicating transfers rather than open‑market buys or sales.

Key Details

• Transaction date: January 29, 2026; Form 4 filed January 30, 2026 (appears timely).
• Disposition: 23,601.925 shares @ $0.00 (no cash proceeds).
• Acquisition: 5,062.528 shares @ $0.00 (no cash paid).
• Shares owned after transaction: not specified in the reported filing.
• Footnote highlights:
  • F1: The Adviser and/or affiliates may allocate up to 3% of eligible investors' shares; this filing reflects a transfer by Apollo Principal Holdings B, L.P. to eligible investors for no consideration.
  • F3–F5: Some acquired shares are held directly by affiliated entities (e.g., Apollo S3 Holdings (ASPM AIV), L.P.); various affiliated entities disclaim beneficial ownership except for any pecuniary interest.
• Transaction code J = other acquisition/disposition (internal/affiliate transfer), not a market sale/purchase.

Context These were internal/affiliate transfers related to investor allocations, not open‑market trading by an executive. Transfers for no consideration (gifts/allocations) generally do not indicate the transferor’s view of the fund’s prospects. Because the filer is a 10% institutional owner and the filing documents affiliate allocations, retail investors should treat this as an administrative allocation among related parties rather than a signal of insider sentiment.