Apollo Global Management Inc. took a loss on a portion of a $170 million asset-backed financing for Amazon brand aggregator Perch that was written off to zero, a rare stumble for a strategy touted as one of private credit’s safest and most promising.

The loss represents a share of an up to $500 million commitment that Apollo and its insurance arm, Athene, made to credit facilities run by Victory Park Capital, a firm now owned by Janus Henderson Group Plc.