# EDGAR Filing Document

**Accession Number:** 0002036272
**File Stem:** 0001104659-25-116073
**Filing Date:** 2025-11
**Character Count:** 119461
**Document Hash:** c34a1f1396596c40bfb254531bae8c76
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-116073.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001104659-25-116073

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW Private Asset Income Fund
- **CENTRAL INDEX KEY:** 0002036272

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95088
- **FILM NUMBER:** 251522977

**BUSINESS ADDRESS:**
- **STREET 1:** 515 SOUTH FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-244-0000

**MAIL ADDRESS:**
- **STREET 1:** 515 SOUTH FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Apollo Principal Holdings B GP, LLC
- **CENTRAL INDEX KEY:** 0002011937

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET
- **STREET 2:** 41ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 2125153265

**MAIL ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET
- **STREET 2:** 41ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Apollo Principal Holdings VI GP, LLC
- **DATE OF NAME CHANGE:** 20240213

## Ex-99.A

APPENDIX A

To Item 2 of Schedule 13D

The following sets forth information with respect to certain of the executive officers and managers of Apollo Principal Holdings B GP, LLC. Capitalized terms used herein without definition have the meanings assigned thereto in the Schedule 13D to which this Appendix A relates.

<u>Managers, Directors and Principal Executive Officers of Apollo Principal Holdings B GP, LLC</u>

The managers and executive officers of Apollo Principal Holdings B GP, LLC are Marc Rowan, Scott Kleinman, and James Zelter. The principal occupation of each of Messrs. Rowan, Kleinman, and Zelter is to act as executive officer, manager and director of Apollo Principal Holdings B GP, LLC and other related investment managers and advisors.

None of Messrs. Rowan, Kleinman, and Zelter effected any transactions in the Class I common shares during the past 60 days.

The business address of each of Messrs. Rowan, Kleinman, and Zelter is c/o Apollo Management, L.P., 9 West 57th Street, 41st Floor, New York, New York 10019. Messrs. Rowan, Kleinman, and Zelter are each a citizen of the United States. Each of Messrs. Rowan, Kleinman, and Zelter disclaims beneficial ownership of the Class I common shares reported as beneficially owned by the Reporting Persons.

**Exhibit A**

***Execution Version***

**TCW Asset Backed Finance Management Company LLC**

**515 South Flower Street**

**Los Angeles, CA 90071**

May 30, 2025

AP Credit Solutions Holdings (RS) II, L.P.

c/o Apollo S3 Investment Management L.P. 9

West 57<sup>th</sup> Street

New York, NY 10019

United States of America

Re: <u>ABF Revenue Share</u>

TCW Asset Backed Finance Management Fund LLC, a Delaware limited liability company (the "<u>Adviser</u>"), has agreed to sell the Revenue Share to AP Credit Solutions Holdings (RS) II, L.P., a Delaware limited partnership ("<u>Apollo S3</u>" and, together with the Adviser, the "<u>Parties</u>" and each, a "<u>Party</u>"), subject to the terms and conditions of this letter agreement. The Adviser is entering into this letter agreement on behalf of itself and in its capacity as investment adviser to the Fund.

Article I. <u>Fund Commitment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Commitment Generally</u>. Apollo S3 shall, or shall cause one or more of its
Affiliates to, fund (each funding Person, an " <u>Investor</u> " and collectively, the " <u>Investors</u> "), in the
aggregate, $100 million in cash to acquire Class I common shares of beneficial interest (the " <u>Shares</u> ") of TCW Private
Asset Income Fund, a Delaware statutory trust (the " <u>Fund</u> "), with such cash fundings to be made by the Investors no
later than ten (10) Business Days following written notice by the Adviser, but subject to <u>Section</u> 6.9 (the " <u>Commitment</u> ").

Article II. <u>Revenue Share</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Revenue Share Purchase</u>. In consideration of the arrangements contemplated
by this letter agreement, in addition to the Commitment, promptly following the date of this letter agreement, Apollo S3 shall pay, or
cause one or more of its Affiliates to pay, an amount equal to $100,000 to the Adviser (or the Adviser's designee), in cash by wire
transfer to the account(s) designated by the Adviser for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Revenue Share Generally</u>. With respect to the fiscal quarter of the Adviser
during which the date of this letter agreement occurs and each subsequent fiscal quarter of the Adviser that commences prior to the Revenue
Share Expiration Date, the Adviser shall pay, or cause to be paid, to Apollo S3 an amount equal to (i) the Revenue Sharing Percentage *multiplied by* (ii) the Revenue Share Pool for such quarterly period (calculated as of the final business day of such fiscal quarter),
as such payment obligation may be adjusted pursuant
to <u>Section 2.3</u> (the revenue share contemplated by this <u>Section 2.2</u>, the " <u>Revenue Share</u> "). Payments of
the Revenue Share shall be made in cash by wire transfer to the account(s) designated by Apollo S3 for such purpose. " <u>Revenue Share Period</u> " means the 10-year period commencing on the expiration of the Initial Ramp Date. The date on which the Revenue
Share Period expires is referred to herein as the " <u>Revenue Share Expiration Date</u> ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Revenue Share Reductions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Partial Periods</u>. To the extent that a fiscal quarter of the Adviser (i)
concludes, but does not commence or (ii) commences, but does not conclude, during the Revenue Share Period, Apollo S3's Revenue
Share shall be pro-rated to account for only the portion of such quarterly period within the Revenue Share Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Default; Violation of Lock-Up</u>. In the event that Apollo S3 or any Investor
materially breaches any of the provisions of this letter agreement, including by (x) failing to fund all or any portion of the Commitment
in accordance with <u>Section 1.1</u>, (y) violating the Lock- Up Restrictions (subject to Section 2.4) or (z) violating any other transfer
restrictions contained in this letter agreement, the Revenue Share (including, for the avoidance of any doubt, in respect of any Follow-On
Vehicle) shall be forfeited in its entirety, such that the provisions of this <u>Article II</u>, <u>Section 5.1</u>, <u>Section 6.1</u> (including any provisions elected pursuant to <u>Section 6.1</u>) and <u>Section 6.15</u> shall automatically (subject to any cure right
set forth in <u>Section 2.4</u>) be deemed null and void. For the avoidance of doubt, nothing in this <u>Section 2.3(b)</u> shall have
any impact on any Article of this letter agreement other than <u>Article II</u>, <u>Section 5.1</u>, <u>Section 6.1</u> (including any
provisions elected pursuant to <u>Section 6.1</u>) and <u>Section 6.15</u> nor shall anything in this <u>Section 2.3(b)</u> impact any
other agreement between the Adviser or its Affiliates and Apollo S3 or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reduction of Revenue Sharing Percentage</u>. The Investor's Revenue Sharing
Percentage shall be reduced (1) by 50 basis points (*i.e.*, down to 4.50%) upon the occurrence of any one of the following events
and (2) an incremental 50 basis points (*i.e.*, down to 4.00%) upon the occurrence of a second of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fund, in the aggregate with any Parallel Funds, secures

$200 million of Third-Party Commitments on or before July 1, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Fund, in the aggregate with any Parallel Funds, secures

$400 million of Third-Party Commitments on or before December 31, 2025; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Fund, in the aggregate with any Parallel Funds, secures

$750 million of Third-Party Commitments on or before July 1, 2026.

For the avoidance of doubt, except as contemplated by <u>Section 2.3(b)</u>, the Revenue Sharing Percentage in respect of the Fund (i.e., TCW Private Asset Income Fund) shall not be reduced below 4.0% (but, for the avoidance of doubt, the Revenue Sharing Percentage in respect of any Follow-On Vehicle may be less than 4.0%, as contemplated by <u>Section 2.5</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>Lock-Up</u>. During the 5-year period commencing on the date of the
 initial purchase of Shares by one or more Investors pursuant to the Commitment, the Investors shall not Transfer (including through
 repurchase of the Shares by the Fund) any Shares purchased by the Investors pursuant to the Commitment; <u>provided</u> that to the
 extent permitted by the Fund Documents and applicable law, including those restrictions relating to Rule 23c-3 under the 1940 Act,
 (a) during the 1-year period commencing on the third anniversary of the initial purchase of Shares by one or more Investors pursuant
 to the Commitment, the Investors may collectively Transfer up to 33.3% of the aggregate Shares purchased by the Investors pursuant
 to the Commitment without any resulting reduction of the Revenue Sharing Percentage (or otherwise forfeiting any portion of the
 Revenue Share), (b) during the 1-year period commencing on the fourth anniversary of the initial purchase of Shares by one or more
 Investors pursuant to the Commitment, the Investors may collectively Transfer up to 66.6% of the aggregate Shares purchased by the
 Investors pursuant to the Commitment (calculated on an aggregate basis inclusive of any Shares Transferred pursuant to the foregoing <u>clause (a)</u>) without any resulting reduction of the Revenue Sharing Percentage (or otherwise forfeiting any portion of the Revenue
 Share) and (c) in the event any Investor unintentionally violates any Lock- Up Restriction, or is required to violate any Lock-Up
 Restriction as a result of legal, regulatory or tax reasons (including as a result of the dissolution or liquidation of such
 Investor), the Investors may remedy any such violation of such Lock-Up Restriction(s) by submitting to the Adviser or the Fund, no
 later than 10 Business Days following such violation, an application for the purchase of additional Shares in an amount equal to or
 greater than the amount of Transferred Shares that resulted in such violation. The foregoing restrictions are collectively referred
 to as the " <u>Lock-Up Restrictions</u>." Notwithstanding the foregoing, the Lock-Up Restrictions will expire upon (v) a
 violation of <u>Article III</u>, (w) the Fund's regulated investment company (" <u>RIC</u> ") status being
 terminated, (x) any IPO or exchange listing of the Fund, (y) any change in control of the Adviser or TCW that results in the Adviser
 or TCW, as applicable, being acquired by an entity that, at the time of the acquisition, sponsors an investment product that
 competes in any material respect with the Fund or any Parallel Fund or (z) both Dylan Ross and Max Scherr ceasing to be involved
 with managing the investment activities of
the Fund (including due to resignation or termination). Notwithstanding the foregoing, the Lock-Up Restrictions shall not apply to Affiliate
Transfers made in accordance with the terms of <u>Section 6.2</u> (but shall apply to all other Transfers of Shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Follow-On Vehicles</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Apollo S3 and its Affiliates will have a capacity right (but not an obligation)
to make commitments or subscriptions to fund at least

$100 million to each Follow-On Vehicle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "Revenue Sharing Percentage" with respect to a Follow-On Vehicle
shall equal the lesser of (i) 2% or (ii) the then-applicable Revenue Sharing Percentage in respect of the Revenue Share Pool attributable
to the Fund (*i.e.*, TCW Private Asset Income Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The "Revenue Share Period" and "Revenue Share Expiration Date"
with respect to each Follow-On Vehicle shall be coterminous with (and, for the avoidance of any doubt, shall in no event extend beyond)
the Revenue Share Period and Revenue Share Expiration Date, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the modifications contemplated by <u>Section 2.5(b)</u> and <u>2.5(c)</u>,
the provisions of this letter agreement, other than <u>Section 2.5(a)</u>, shall apply, *mutatis mutandis*, to each Follow-On Vehicle,
each Follow-On Vehicle Adviser and Apollo S3 or any Affiliate thereof that makes commitments or subscriptions to a Follow-On Vehicle (to
the extent applicable), as if the Follow-On Vehicle was the Fund, the Follow-On Vehicle Adviser was the Adviser and any such Affiliates
of Apollo S3 were Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding this <u>Section 2.5</u>, if Apollo S3 or any of its Affiliates
make a commitment to or subscribe to a Follow-On Vehicle, Apollo S3 or such Affiliate and the Follow-On Vehicle Adviser may agree in writing
to vary the terms of this <u>Section 2.5</u> in connection with such Follow-On Vehicle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. <u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties hereto agree that the Revenue Share is intended to be treated as a
contractual obligation of the Adviser to the Investor that does not constitute equity or indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor shall provide to the Adviser and the Fund a duly completed and properly
executed U.S. Internal Revenue Service Form W-9. On the basis of such Form W-9, the Adviser confirms that it does not intend, under current
law, to deduct and withhold any amounts pursuant to any Tax law from any Revenue Share payment described
herein. Notwithstanding, to the extent required by any applicable Law, the Adviser, the Fund and any other applicable withholding agent
may deduct and withhold from any payment made pursuant to this letter agreement an amount required to be deducted and withheld with respect
to any such payment under the Code or any provision of state, local provincial or non-U.S. Law. To the extent that amounts are so deducted
or withheld pursuant to any applicable tax Law, such deducted or withheld amounts shall be treated as having been paid to the Investor
in respect of which such deduction and withholding was made. If any taxing authority asserts a claim that the applicable withholding agent
did not properly withhold tax from amounts paid with respect to the payments made pursuant to this letter agreement for any reason (including
because the appropriate form was not delivered, was not properly executed or because the recipient failed to notify the applicable withholding
agent of a change in circumstances that rendered an exemption from, or reduction of, withholding tax ineffective), the Investor shall
indemnify the applicable withholding agent fully for all amounts paid, directly or indirectly, by the applicable withholding agent as
tax, or otherwise, including as penalties, fines, additions to tax and interest, together with any reasonable expenses incurred, including
legal expenses, allocated staff costs and any out of pocket expenses; provided that, where such claim arises as a result of the negligence
or other misconduct of the applicable withholding agent, the Investor shall indemnify such withholding agent for the tax, but not the
penalties, fines, additions to tax, or interest resulting thereon, or any other related amounts. The Investor hereby authorizes the applicable
withholding agent to set off and apply any and all amounts at any time owing to the Investor or any other ancillary agreement against
any amount payable by the Investor to the applicable withholding agent pursuant to this <u>Section</u> 2.6. The applicable withholding
agent shall notify the Investor of any taxes withheld and/or paid pursuant to this <u>Section</u> 2.6. The agreements in this <u>Section</u> 2.6 shall survive the termination of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser shall use commercially reasonable efforts to provide any information
reasonably available to the Adviser and reasonably requested in writing by the Investor that is reasonably necessary for the Investor
to comply with any applicable tax or tax reporting obligations of the Investor; <u>provided</u>, <u>however</u>, that the Investor understands
and agrees that (i) there can be no assurance that any such information or assistance will be available to the Adviser on account of delays
or failures by the managers of investments or other third parties, or for other reasons beyond the Adviser's control, (ii) any expenses
relating to the Adviser's or the Fund's compliance with any such request shall be borne by the Investor, and (iii) none of
the Adviser, any of its partners, members, shareholders or owners or the Fund
shall have any liability in connection with any failure to so provide such information or assistance, or in connection with any failure
of the Investor to meet its tax filing, reporting or payment obligations so long as such parties have otherwise complied with their obligations
pursuant to this sub-paragraph (c).

Article III. <u>Additional Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Non-Circumvention.</u> During the Revenue Share Period and for so long as the
Revenue Share has not been forfeited pursuant to Section 2.3(b), each of the Adviser and TCW agree not to, directly or indirectly, take
any action (including causing any portion of the Revenue Share Pool to be allocated to a Person other than the Adviser) with the purpose
of circumventing any Investor's rights or entitlements as set forth in this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Successor Investment Adviser</u>. For so long as the Revenue Share has not
been forfeited pursuant to Section 2.3(b), in the event the investment advisory agreement, dated as of December 16, 2024, by and between
the Adviser and the Fund (the " <u>Advisory Agreement</u> ") is terminated (including whether as a result of a voluntary termination
by either party thereto, a change in control of the Adviser, a sale or transfer of the Advisory Agreement or otherwise) and there is a
successor investment adviser, (a) if the successor investment adviser to the Fund is TCW or an Affiliate thereof, such successor investment
adviser shall assume in writing all of the Adviser's obligations with respect to Apollo S3 and the Investors contained in this letter
agreement (including, Apollo S3's entitlement to the Revenue Share), and the Adviser shall take all actions reasonably necessary
to ensure that such assumption occurs, or (b) if the successor investment adviser to the Fund is not TCW or an Affiliate thereof, the
Adviser or TCW (as applicable) shall use commercially reasonable efforts to cause such successor investment adviser to assume in writing
all of the Adviser's obligations with respect to Apollo S3 and the Investors contained in this letter agreement. This Section 3.2
shall apply *mutatis mutandis* to any Parallel Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Designees, Delegates and Sub-Advisers</u>. For the avoidance of doubt, the Revenue
Share Pool shall not be reduced by any gross revenue attributable to the Fund or any Parallel Fund payable or paid or allocable or allocated
to any designee or delegate of the Adviser or to any sub-adviser of the Fund or the Adviser except as otherwise set forth in the proviso
to the definition of Revenue Share Pool.

Article IV. <u>Other Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Secondary Opportunities</u>. The Adviser acknowledges that one or more
 Affiliates of Apollo S3 may be interested in acquiring interests in private funds sponsored by the Adviser or otherwise by the ABF
 Platform pursuant to secondaries transactions.
For the avoidance of any doubt, this <u>Section 4.1</u> does
not create any right or obligation (and is simply an acknowledgment of interest), and, for the avoidance of any doubt, no Person (including
the Adviser or any Affiliates of the ABF Platform) shall be required to inform Apollo S3 of any potential sale or inform any Person of
Apollo S3's or its Affiliates' potential interest in pursuing secondaries transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Registration Rights</u>. To the extent Shares become listed for trading on a
U.S. national securities exchange, either in connection with a public offering by the Fund or pursuant to a direct listing, the Adviser
shall enter into a registration rights agreement (the " <u>Registration Rights Agreement</u> ") with respect to the Shares then
held by any Investor or any of its Affiliates (the " <u>Subject Shares</u> ") to register offers and sales of the Subject Shares
under the Securities Act of 1933, as amended (the " <u>Securities Act</u> "). The terms of such Registration Rights Agreement
shall include customary demand and piggyback registration rights, and in any event shall be no less favorable to any Investor or its Affiliates,
as applicable, than the terms of any similar registration rights that may be provided to any other holder of Shares in the Fund, and shall
provide that the Fund shall: (a) file a resale registration statement under the Securities Act covering the resale of the Subject Shares
(the " <u>Resale Registration Statement</u> ") within sixty (60) calendar days following the later of (1) the date of such listing,
and (2) the expiration of any applicable lockup restrictions covering the Subject Shares; (b) use commercially reasonable efforts to cause
the Resale Registration Statement to become effective within one hundred and fifty (150) calendar days after its initial filing; and (c)
take such steps as may be reasonably necessary from time to time to maintain such Resale Registration Statement, including filing such
amendments or supplements thereto as may be required under the Securities Act, until the earliest of (1) five years, (2) such date as
the Subject Shares have been transferred by any Investor or its Affiliates pursuant to such Resale Registration Statement and (3) in the
event the Fund has removed all restrictive legends on the Subject Shares, such date as the Subject Shares can be sold pursuant to Rule
144 under the Securities Act without volume or manner of sale limitations or restrictions.

Article V. <u>Information Rights; Press Release</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. Following each fiscal year of the Adviser in respect of which a Revenue Share
payment is made to Apollo S3, the Adviser will provide to Apollo S3 (a) an annual
statement setting forth the computation of the Revenue Share, the Revenue Share Pool and the payments made to Apollo S3 in respect of
the preceding year and (b) supporting documentation or information relating to the foregoing or Apollo S3's valuation of the Revenue
Share as reasonably requested by Apollo S3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. During the period commencing on the date of the Commitment and ending on the Initial
Ramp Period, the Adviser will, upon the reasonable request of the Investor, provide the Investor with reasonably requested information
with respect to the Fund, including with respect to the composition of the Fund's portfolio investments, consistent with the Fund's
regulatory obligations and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. Following the date of this letter agreement, TCW and Apollo S3 will draft and
issue a mutually agreeable press release relating to the Commitment. No Party to this letter agreement will make any press release or
public announcement relating to the arrangements contemplated by this letter agreement without the prior written consent of the other
Parties.

Article VI. <u>MFN; Additional Fund Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Most Favored Nation</u>. If, at any time on or after the date hereof, the Adviser
or the Fund enters into a Subject Arrangement in connection with an investment by any shareholder of the Fund (i.e., TCW Private Asset
Income Fund) or any Parallel Fund (each, a " <u>Shareholder</u> "), other than a Designated Investor, and such Subject Arrangement
grants any rights or benefits that are more favorable in any material respect (as determined by the Adviser in good faith) than those
granted pursuant to this letter agreement, the Adviser shall disclose such rights or benefits to Apollo S3 in writing reasonably promptly
after entering into the Subject Arrangement, and shall offer Apollo S3 the opportunity to elect to add the provision corresponding to
such rights or benefits to this letter agreement by providing written notice to the Adviser within thirty (30) calendar days of receipt
of such disclosure. To the extent Apollo S3 elects to add any provision of a Subject Arrangement to this letter agreement and such elected
provision covers substantially similar subject matter as a provision existing in this letter agreement as of the time of such election,
the elected provision will supersede the corresponding existing provision of this letter agreement in its entirety. With respect to any
provisions granted on a joint and collective economic basis, for the avoidance of doubt, an election must be made with respect to the
entire joint economic arrangement provided in the Subject Arrangement in place of the corresponding existing economic arrangements in
this letter agreement (*i.e.*, Apollo S3 shall not be permitted to "mix and match" economic provisions among Subject
Arrangements or with economic provisions provided in this letter agreement). The election by Apollo S3 to include any such provision in
this letter agreement will require the acceptance and compliance by Apollo S3 of the entire provision, including any conditions or other
obligations that may be less favorable than any corresponding conditions or obligations in this letter agreement. Any provision elected
by Apollo S3 pursuant to this <u>Section</u> 6.1 shall be effective upon the receipt of such election by the Adviser. This <u>Section</u> 6.1 does not apply to a term that (a) is related to any regulation, legal requirement, accounting regime or *bona fide* written
policy consistently applied to a Person, its beneficial
owners or any of their respective Affiliates, unless Apollo S3 is subject to the same regulation, legal requirement, accounting regime
or *bona fide* written policy, or (b) grants the ability to disclose certain confidential information in consideration of the fact
that a Person has disclosure obligations to any Governmental Authority or in respect of any applicable Law unless the Investor itself
is directly or indirectly subject to the same disclosure obligations to any Governmental Authority or the same applicable Law, in each
case, that gave rise to the applicable term. For purposes of this <u>Section 6.1</u>, the term (i) " <u>Designated Investor</u> "
means any (A) of the current
and former partners, principals and employees of TCW Group and their Affiliates and related Persons and any entity that is an Affiliate
of TCW and (B) distribution partners (or investors that are clients of such distribution partners) in a private wealth channel and (ii)
" <u>Subject Arrangement</u> " means any side letter or similar agreement entered into between the Adviser or the Fund (*i.e.*,
TCW Private Asset Income Fund) and a Shareholder that provides rights or benefits to a Shareholder or its Affiliates in or related to
its capacity as a Shareholder, including any Revenue Sharing Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Transfers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser agrees that it shall consent to any Transfer by any Investor of (i)
any or all of its Shares (or shares (or similar) of a Parallel Fund) or (ii) all or any portion of the Revenue Share, in each case of <u>clauses (i)</u> and <u>(ii)</u>, to one or more Affiliates of Apollo S3; <u>provided</u> that such Transfer (x) would not impose an
undue burden on the Fund under the affiliation regime of the 1940 Act and (y) satisfies and complies with (1) all of the Transfer conditions
contained in the Fund Documents and (2) certain customary tax, legal and regulatory conditions (including, but not limited to the restrictions
contained in the 1940 Act and Rule 23c-3 thereunder and the consent of the Fund's Board of Trustees), in each case as applicable
(any such Transfer to one or more Affiliates of Apollo S3, an " <u>Affiliate Transfer</u> "). For the avoidance of doubt, the
fact that the proposed Transfer may result in the Fund being required to disclose such Transfer, or the transferee, in its ordinary course
public filings shall not be an independent basis for withholding consent under the foregoing limbs <u>(x)</u> or <u>(y)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting <u>Section 6.2(a)</u>, the Adviser agrees that it shall not unreasonably
withhold, delay or condition its consent to any Transfer by any Investor of (i) any or all of its Shares (or shares (or similar) of a
Parallel Fund) to any other Person or (ii) all or any portion of the Revenue Share to any other one Person (i.e., not multiple Persons)
as long as such Person receiving the Transfer of the Revenue Share as the transferee agrees, as a condition to such Transfer, that such
Person shall not Transfer the Revenue Share without the
written consent of the Adviser, which consent may be granted or withheld in the Adviser's sole discretion; <u>provided</u> that
such Transfer(s) (i) would not impose an undue burden on the Fund under the affiliation regime of the 1940 Act and (ii) satisfies and
complies with (x) all of the Transfer conditions contained in the Fund Documents and (y) certain customary tax, legal and regulatory conditions
(including, but not limited to the restrictions contained in the 1940 Act and Rule 23c-3 thereunder and the consent of the Fund's
Board of Trustees), in each case as applicable. For the avoidance of doubt, the fact that the proposed Transfer may result in the Fund
being required to disclose such Transfer, or the transferee, in its ordinary course public filings shall not be an independent basis for
withholding consent under the foregoing limbs <u>(i)</u> or <u>(ii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in <u>Sections 6.2(a)</u> or <u>6.2(b)</u>,
the Adviser shall be permitted to withhold its consent to any Transfer to the extent a prospective transferee is deemed, in the reasonable
discretion of the Adviser, to be a competitor of the Fund or the Parallel Fund; provided that any entity managed, advised or controlled
by Apollo S3 Investment Management, L.P. (" <u>ASIM</u> ") shall not be determined to be a competitor of the Fund. The status
of any prospective transferee may be reevaluated upon a material change in the Fund's or such Person's business following
the date of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any admission of additional partners or beneficial owners to, or a direct or indirect
Transfer of interests or beneficial interests in, any Investor or the entities investing directly or indirectly in any Investor (including
by way of any direct or indirect pledge, security or equivalent arrangement over such interests in any Investor or of any direct or indirect
owner or beneficial owner of any Investor) shall not be deemed a Transfer for purposes of the Fund Documents so long as (i) following
such admission or transfer, such Investor will remain advised or managed and controlled by ASIM or an Affiliate of ASIM, (ii) such transaction
was not undertaken in such manner to circumvent the restrictions on Transfers under the Fund Documents and (iii) any such admission does
not violate any of the restrictions set forth in the Fund Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the foregoing, nothing in this <u>Section</u> 6.2 shall be construed
as waiving any requirement under the Fund Documents for the Adviser to consent to a Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to the terms of this <u>Section 6.2</u>, any Transfer of the Revenue Share
shall require the consent of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Section 13 and Section 16 Filings</u>. The Adviser will use its commercially
reasonable efforts to provide each Investor and such Investor's designated counsel with any information reasonably requested by
such Investor or such Investor's designated counsel for purposes of such Investor making filings required to be made by such Investor
under Section 13 and Section 16 of the Securities Exchange Act of 1934, as amended (the " <u>Exchange Act</u> "). If requested
by any Investor or such Investor's designated counsel, the Adviser will, or will cause the Fund to, use commercially reasonable
efforts to assist the Investor in making such Section 13 and Section 16 filings; provided that, neither the Adviser nor the Fund shall
be responsible for making such filings required to be filed by such Investor and any assistance by the Fund and/or the Adviser with respect
to such filings (if any) shall not violate the Adviser's or Fund's regulatory duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Provision of Information.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Adviser requests any information, documents, affidavits, certifications,
verifications, representations or forms from the Investor that constitutes personally identifying information about any of the Investor's
underlying beneficial owners (" <u>Identifying Information</u> "), the Investor shall be required to provide such Identifying
Information only if such information is (i) reasonably available to the Investor and providing such information would not violate the
terms of the Investor's organizational documents and (ii) as determined by the Adviser, in its good faith discretion, necessary
or advisable to satisfy applicable law, rule or regulation or in connection with any legal process, is otherwise required by a governmental
agency, regulatory body, judicial authority or self- regulatory organization, financial institution or any other counter- party (to the
extent such counter-party's request is based on applicable law, rule or regulation), or is required for the Adviser's or the
Fund's tax reporting obligations or to avoid, reduce or mitigate taxes (including withholding taxes) on persons other than the Investor
in any jurisdiction from or through which the Adviser receives payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If such necessary Identifying Information is requested by the Adviser, the Investor
may choose to provide such information directly to the relevant governmental agency, regulatory body, judicial authority or self-regulatory
organization, financial institution or other counter-party (rather than provide such information to the Adviser) to the extent allowed
by the applicable governmental agency, regulatory body, judicial authority or self- regulatory organization, financial institution or
other counter-party and to the extent provision of such information in such manner fully and timely satisfies the Adviser's obligation
pursuant to such applicable law or regulation or in connection with any legal process. To the extent
it is necessary for the Investor to provide any such required Identifying Information to the Adviser, except as required by law, the Adviser
shall ensure that it uses such Identifying Information only for the purposes for which it is provided and otherwise shall keep such information
confidential. If the Investor is permitted to provide information directly to a governmental agency, regulatory body, judicial authority
or self-regulatory organization, financial institution or other counterparty, the Investor will promptly provide the Adviser with notice
that it has complied with its reporting obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. <u>Use of Name</u>. Except to the extent reasonably necessary or appropriate for
regulatory or tax compliance purposes, neither the Fund nor the Adviser nor any of their respective Affiliates shall use any Investor's
name, "Apollo," "S3," any derivative thereof or any name confusingly similar to any of the foregoing, or any trade
name, trademark, trade device or service mark owned by ASIM or any of its Affiliates without the consent of ASIM (e- mail being sufficient),
not to be unreasonably withheld, including, for the avoidance of doubt, in any written offering material, press release, brochure, public
notice, or other publication material, or for marketing, promotional or advertising purposes. Nothing in the immediately preceding sentence
shall prevent any disclosure or use of the name of any Investor or the fact of such Investor's investment in the Fund: (a) in any
financial statements or reports distributed to the Shareholders or in the books and records of the Fund; (b) as may be necessary, advisable
or appropriate based on applicable Law or legal, governmental or public administrative process (including filings for U.S. federal and
state and non-U.S. securities Laws in connection with the offering of Shares in the Fund, anti-money laundering, anti- boycott, anti-bribery
or anti-terrorist Laws (and economic sanctions Law)); (c) to professional
advisors (*e.g.*, attorneys and accountants), investment bankers, administrators, other agents or service providers to the Fund and/or
portfolio companies or funding sources (*e.g.*, lenders and/or co-subscribers) to the Fund and/or portfolio companies on a non-marketing
basis that, in each case, have agreed to keep such information confidential (or are otherwise subject to an obligation of confidentiality);
(d) to current Shareholders (or their agents and representatives) and on a confidential basis to prospective Shareholders that request
disclosure of the identity of the existing Shareholders, in each case, as part of a list of subscribers in the Fund (or subset thereof);
(e) to the extent the Adviser reasonably determines it to be necessary or advisable in connection with an actual or potential investment;
or (f) to the extent the Adviser reasonably determines it to be necessary or appropriate for tax compliance purposes. For the avoidance
of doubt, none of the Fund, the Adviser or their respective Affiliates shall be liable if such Investor's investment in the Fund
is or becomes available or known to the public other than as a result of disclosure by the Fund, the Adviser or their respective Affiliates
in breach of the terms of this <u>Section</u> 6.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. <u>Distributions in Kind</u>. At Apollo S3's request and in compliance with
the Adviser's and the Fund's regulatory obligations, the Fund or the Adviser shall forward any distribution of securities
or other non-cash assets to either a securities broker or a liquidating or selling trust established by or for the benefit of an Investor,
in either case as specified by Apollo S3, for disposition on such Investor's behalf. With respect to any distribution of securities
or other non-cash assets, the Fund or the Adviser shall, prior to such distribution, provide Apollo S3 with such information as it may
reasonably request; <u>provided</u> that such information is reasonably available to the Fund or the Adviser without any material effort,
burden or cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. <u>Deemed Consent</u>. Neither the Fund nor the Adviser shall deem the failure
of any Investor to respond to a request for its approval or consent to any proposed transaction, amendment, variation or other matter
expressly provided under the Fund Documents as constituting such Investor's approval or consent and any approval or consent shall
only be deemed given by such Investor's affirmative written consent (e-mail being sufficient). Each Investor shall in good faith
use its best efforts to provide responses for any such matter by the requisite deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. <u>Credit Facility</u>. Notwithstanding anything to the contrary in this letter
agreement, each Investor shall not be required to provide any documentation to an applicable lender in connection with any credit facility
of the Fund or any of its portfolio companies pursuant to its Commitment, except for: (a) this letter agreement, on a confidential basis;
and (b) a customary investor letter in a form reasonably acceptable to such Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9. <u>Conditions of the Commitment</u>. Unless otherwise agreed to in writing, the
Adviser will use its best efforts to request that the Investors purchase, in the aggregate, $100 million of Shares (calculated based on
the purchase price) within two years of the date the Investor first acquires Shares pursuant to the Commitment. Notwithstanding <u>Section 1.1</u>, Apollo S3's obligation to fund the Commitment pursuant to <u>Section 1.1</u> shall be subject to the following conditions,
tested at each time the Adviser requests that an Investor purchases Shares: (1) the Fund's offering documents (*e.g.*, its
prospectus), governing documents and registration statement shall be effective and in substantially the forms provided to Apollo S3 prior
to the date of this letter agreement other than to the extent such documents have been amended, restated, supplemented, waived or otherwise
modified from time to time to reflect updated risk disclosures, comments of any relevant regulatory agency, and changes required to comply
with U.S. federal and state securities Laws and (2) the purchase of additional Shares by the Investors would not result in the Investors,
in the aggregate, owning 50% or more of all issued and outstanding common shares of beneficial interest of the Fund (including Class I
and Class A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10. <u>Participation Rights</u>. The Adviser, on its own behalf and on behalf of the
Fund, agrees that each Investor shall be provided the right to participate (the " <u>Participation Right</u> ") in any offering
of preferred shares of the Fund (such preferred shares, the " <u>Preferred Shares</u> ", and such offering, a " <u>Preferred Offering</u> "), subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) following a Preferred Offering, the Preferred Shares will be held by at least five
(5) or more investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Investor's Participation Right shall be capped at an amount equal to
twenty-five percent (25%) of the aggregate liquidation value of the Preferred Shares offered in the Preferred Offering.

Notwithstanding the foregoing, no Investor shall have a Participation Right with respect to a Preferred Offering conducted to facilitate the ability of the Fund to qualify as a "publicly offered regulated investment company" under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11. <u>Voting Rights</u>. In the event (i) an Investor individually owns, controls
or holds the power to vote 5% or more of the outstanding Shares of the Fund, such Investor hereby foregoes and waives any "voting
rights" it has in respect of its Shares to the extent that the "voting rights" of the Investor equal or exceed 5% of
the "voting rights" of the Shareholders of the Fund, or (ii) the Investors collectively own, control or hold the power to
vote 25% or more of the outstanding Shares of the Fund, such Investors hereby forego and waive, pro rata with respect to each Investor's
Shares, any "voting rights" they have in respect of their Shares to the extent that the "voting rights" of such
Investors equal or exceed 25% of the "voting rights" of the Shareholders of the Fund, and the Adviser and such Investor(s)
hereby agree that such portion of the Shares held by such Investor(s) subject to such waiver shall automatically, and without any further
action required by either Party, be deemed a non-voting interest. For purposes of this letter agreement, "voting rights" shall
be rights deemed to be the equivalent to the right to vote for the election or removal of a director under applicable interpretations
of the term "voting security" under the 1940 Act by the SEC or its staff, but for the avoidance of doubt, matters that are
presented to such Investor in connection with voting and consent rights afforded to the Shareholders of the Fund under the operative documents
of the Fund that do not constitute "voting rights" under the 1940 Act, shall not be subject to the provisions of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12. <u>Pledges</u>. Each Investor shall be permitted to pledge any of it Shares
 to any lender of such Investor or any direct or indirect owner thereof and shall be permitted to grant any lender of such Investor
 or any direct or indirect owner thereof a security interest in any of its Shares; <u>provided</u> that any such pledge or other
 security interest with respect to such Shares shall only be in respect of distributions and other proceeds in respect thereof and
 shall not provide the financing
source with the ability to foreclose on such Shares or to exercise any rights of such Investor under the Fund Documents or this letter
agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13. <u>Investment Company Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser acknowledges that each Investor may rely on Section 12(d)(1)(E) of
the 1940 Act and one or more of the direct or indirect owners of such Investor may rely on the exception from the definition of "investment
company" under the 1940 Act set forth in Section 3(c)(1) or 3(c)(7) thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that an Investor relies on Section 12(d)(1)(E) of the 1940 Act, it
shall (i) either (A) seek instructions from its security holders with regard to the voting of all proxies with respect to the Shares and
to vote such proxies only in accordance with such instructions, or (B) vote the Shares held by it in the same proportion as the vote of
all other holders of the Shares, and (ii) refrain from substituting Shares unless the SEC shall have approved such substitution in the
manner provided in Section 26 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14. <u>Regulated Investment Company Status</u>. The Adviser shall use reasonable best
efforts to cause the Fund to be organized in conformity with the requirements for qualification and taxation as a RIC under Subchapter
M of the Code, and to cause the Fund's method of operation to enable it to meet the requirements for qualification and taxation
as a RIC under the Subchapter M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15. <u>Investment Restrictions</u> *.* Subject to <u>Section</u> 6.14, the Fund
will use commercially reasonable efforts to invest a majority of its investable assets in investments in U.S. issuers.

Article VII. <u>Adviser and Fund Representation and Warranties</u>. The Adviser, on its own behalf and on behalf of the Fund, hereby represents and warrants to Apollo S3 and each Investor, that, unless otherwise indicated herein, as of the date of this letter agreement and on each date an Investor acquires Shares from the Fund, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>No Conflicts</u>. The execution and delivery of this letter agreement and
 the Fund Documents does not, and the consummation of the transactions contemplated hereby and thereby, will not (i) violate or
 conflict with any provision of the Adviser's or the Fund's organizational documents or governing documents, (ii) violate
 any provision of any law, or any governmental order, applicable to the Adviser or the Fund or effect the suspension, revocation,
 forfeiture or nonrenewal of any material permit or license applicable to the Adviser or the Fund, (iii) conflict, violate or result
 in a breach of or constitute a default (or an event that, with notice or lapse of time or both, would become a default) under,
 accelerate any obligation under, give rise
to any right of termination, amendment, modification, acceleration or cancellation of, allow the imposition of any fees or penalties,
require the offering or making of any payment or redemption, give rise to any increased, guaranteed, accelerated or additional rights
or entitlements of any person or otherwise adversely affect any rights of or require any consent of any person pursuant to, any note,
bond, mortgage, indenture, agreement, lease, permit, instrument, obligation or other contract to which the Adviser or the Fund is a party
or bound or (iv) result in the creation or incurrence of any lien on any property, assets or rights of the Adviser or the Fund, other
than, in the case of clauses (i) through (iv), for such violations, breaches, defaults, terminations, cancellations, revocations, suspensions,
liens or other exceptions which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect
on the business of the Adviser or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>No Filings</u>. The issuance, offer and sale of the Shares purchased pursuant
to the Commitment will not require any consent, approval or authorization of, or filing, registration or qualification with, any U.S.
federal or governmental authority not already received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. <u>Due Formation</u>. The Adviser and the Fund are duly formed under the laws
of their respective jurisdiction(s) of organization and are existing and in good standing under such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. <u>Power and Capacity</u>. The Adviser has the power, capacity and authority to
enter into this letter agreement, the Advisory Agreement and the Fund Documents (in each case, to the extent such party is party thereto,
or otherwise bound by contract to perform thereunder, such documents and instruments, collectively, the " <u>Applicable Documents</u> "),
and to perform its obligations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. <u>Due Authorization</u>. The execution, delivery and performance by the Adviser
of the Applicable Documents has been duly authorized by all necessary action on the part of it, subject to enforcement, bankruptcy, insolvency,
reorganization and other laws of general applicability relating to or affecting creditors' rights and general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. <u>Enforceability</u>. Each of the Applicable Documents to which the Adviser
is a party has been duly executed and delivered by it, as applicable, and is a legal, valid and binding obligation of it, enforceable
against it in accordance with its terms, subject to enforcement, bankruptcy, insolvency, reorganization and other laws of general applicability
relating to or affecting creditors' rights and general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. <u>No Default</u>. The execution and delivery of the Applicable Documents,
 the consummation of the transactions contemplated thereby and the performance of the obligations thereunder by the Adviser will not
 conflict with or result
in any violation of or default under any provision of the Applicable Documents, any constitutional or organizational document of the Adviser,
or any agreement or other instrument to which it is a party or by which it or any of its properties are bound, or any law or regulation
which is applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8. <u>Government Authorization</u>. No authorization, consent, approval or order
of any court or any governmental or administrative body is required by it as a result of the execution, delivery and performance by the
Adviser of the Applicable Documents, other than those which have already been obtained, except any thereof which may be required of the
Fund solely by virtue of the nature of any Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9. <u>Not in Default</u>. The Adviser is not in default in any material respect
(nor has any event occurred which with notice, lapse of time, or both, would constitute a default in any material respect) in the performance
of any agreement or other instrument to which it is a party or by which it or any of its or its properties are bound, which default or
violation would materially adversely affect the business or financial condition of the Adviser or the Fund or impair the Adviser's or
the Fund's ability to carry out its obligations under the Advisory Agreement or the Fund Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10. <u>No SEC Investigations</u>. There are no actions, proceedings or investigations
pending before any court or governmental authority, including, without limitation, the SEC, or any state securities regulatory authority,
against the Fund or the Adviser that claim or allege violation of any federal or state securities law, rule or regulation or the commission
of fraud or misrepresentation or breach of fiduciary duties, that if adversely determined, would materially adversely affect the business
or financial condition of the Fund or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11. <u>Anti-Bribery/Anti-Corruption/KYC</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Assuming the accuracy of the representations of each Shareholder to the Fund and
the continued compliance with all applicable covenants to which the Investors have agreed, as of the date hereof, to the Adviser's
actual knowledge, neither the Commitment, the Revenue Share, nor the Adviser's or the Fund's use of such proceeds violates
the International Money Laundering Abatement and Anti- Terrorist Financing Act of 2001 (as it may be amended from time to time) and any
regulations promulgated thereunder, to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser will use its commercially reasonable efforts (i) to cause the Adviser
and the Fund not to be included on the Specially Designated Nationals and Blocked Persons List of the U.S. Department of the Treasury's
Office of Foreign Assets Control and (ii) to ensure
that the Adviser and the Fund do not invest in any entity (A) appearing on the Specially Designated Nationals and Blocked Persons List
of the U.S. Department of the Treasury's Office of Foreign Assets Control, or (B) with which a transaction is prohibited by Executive
Order 13224, the USA PATRIOT Act, the Trading with the Enemy Act or the foreign asset control regulations of the United States Treasury
Department, in each case as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser will use reasonable efforts to cause its officers to, not knowingly
offer, promise or give any person, or request, accept or agree to receive from any person, whether for themselves or on behalf of another,
a Bribe, or otherwise not knowingly conduct any act, directly in connection with the activities of the Fund in violation of the U.S. Foreign
Corrupt Practices Act of 1977, the UK Bribery Act 2010, the Corruption of Foreign Public Officials Act of 1998 (Canada), any rules, regulations,
directions or special measures promulgated thereunder, or any comparable laws or regulations, in each such case, to the extent applicable
to the Adviser, the Fund or their respective officers (collectively, the " <u>Anti-Corruption Laws</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser represents, warrants and covenants as of the date hereof, to its knowledge,
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) neither it nor its officers (so far as it is aware) has offered, promised or given
any person a Bribe, or requested, accepted or agreed to receive from any person, whether for itself or on behalf of another, a Bribe,
directly in connection with the activities of the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither it nor its officers have been convicted of any offence involving bribery
or corruption, nor have been or are the subject of any investigation, inquiry or enforcement proceedings by any governmental, administrative
or regulatory body regarding any offence or alleged offence involving a Bribe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For purposes of this paragraph, " <u>Bribe</u> " means any gift, payment,
consideration, facilitation payment, financial or non-financial advantage or benefit of any kind which is illegal or corrupt, in any such
case in breach of any applicable Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Adviser will adhere to policies and procedures designed to provide reasonable
assurances that neither the Adviser, the Fund nor their respective officers will violate applicable Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12. <u>Litigation/Investigation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There is no legal action, suit, arbitration or other legal, administrative or other
governmental investigation, inquiry or proceeding in progress, pending or, to the knowledge of it, threatened against or affecting the
Adviser that would be reasonably likely to have a material adverse effect on the business of the Adviser or the ability of Adviser to
carry on its business in the manner contemplated by its own, and the Fund's, governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser shall notify Apollo S3, as required by applicable law, of (a) any lawsuit
or legal proceeding in which the Adviser, the Fund, any of their respective officers, or any Affiliate thereof is a named party and which
is reasonably likely to materially adversely affect the business of the Adviser or the Fund, and (b) any formal investigation (other than
routine investigations) of which the Adviser or the Fund becomes aware by the SEC or any other regulatory or administrative body with
authority over the Adviser or the Fund that involves an allegation of a material violation of a material law (including the Anti-Corruption
Laws) by the Adviser, the Fund, any of their respective officers, or any Affiliate thereof, to the extent that such investigation, if
adversely determined, would be reasonably likely to materially adversely affect the Adviser's ability to perform its obligations
under its own, or the Fund's, governing documents.

Article VIII. <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. " <u>1940 Act</u> " means the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. " <u>AAA</u> " has the meaning set forth in <u>Section 9.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. " <u>ABF Platform</u> " means the Alternative Credit – Asset Backed
Finance business unit of TCW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. " <u>Adviser</u> " has the meaning set forth in the recitals of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. " <u>Advisory Agreement</u> " has the meaning set forth in <u>Section</u> 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. " <u>Affiliate</u> " means, with respect to any specified Person, (i)
any Person that directly or indirectly Controls, is Controlled by or is under common Control with such specified Person or (ii) any Person
that is a general partner, managing member, manager or director of such specified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. " <u>Affiliate Transfer</u> " has the meaning set forth in <u>Section</u> 6.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8. " <u>Apollo S3</u> " has the meaning set forth in the recitals of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9. " <u>Business Day</u> " means any day on which commercial banks are
generally open for business in New York, New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10. " <u>Code</u> " means the U.S. Internal Revenue Code of 1986, as amended
from time to time, and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11. " <u>Commitment</u> " has the meaning set forth in <u>Section 1.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12. " <u>Confidential Information</u> " has the meaning set forth in <u>Section 9.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13. " <u>Control</u> " or " <u>Controlled</u> " means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract, as trustee or executor, or otherwise. For purposes of this definition, a general partner
or managing member of a Person shall be deemed to Control such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14. " <u>Designated Investor</u> " has the meaning set forth in <u>Section 6.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15. " <u>Exchange Act</u> " has the meaning set forth in <u>Section</u> 6.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16. " <u>Follow-On Vehicle</u> " means any investment vehicle (a) registered
or intended to be registered under the 1940 Act, (b) of which the Adviser, TCW or any of their respective Affiliates acts as general partner,
manager, investment adviser, sponsor or otherwise as the primary source of transactions (with investment discretion) (a " <u>Follow-On Vehicle Adviser</u> "), (c) that has an asset-backed finance (ABF) investment strategy, (d) that is formed or organized within 2 years of the initial purchase
of Shares by one or more Investors pursuant to the Commitment and (e) that is not a Parallel Fund (as determined by the Adviser in good
faith).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17. " <u>Fund</u> " has the meaning set forth in <u>Section 1.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18. " <u>Fund Documents</u> " means the Fund's Registration Statement
on Form N-2, Declaration and Agreement of Trust and Amended and Restated Bylaws, each as may be amended and/or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19. " <u>Governmental Authority</u> " means the United States of America
or any other nation, any state or other political subdivision thereof, or any entity exercising executive, legislative, judicial, regulatory
or administrative functions of government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20. " <u>Initial Ramp Date</u> " means the date on which the Fund secures,
in the aggregate with any Parallel Funds, $300 million of Third-Party Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.21. " <u>Investor</u> " has the meaning set forth in <u>Section 1.1</u>.
In the event that only Apollo S3 or a single Affiliate of Apollo S3 purchases Shares pursuant to the Commitment,
the term Investors, as used in this letter agreement, shall be interpreted accordingly (*i.e.*, as if written in the singular rather
than the plural and with corresponding adjustments to syntax inferred to accomplish such intent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.22. " <u>Law</u> " means all laws, ordinances, rules, regulations, orders,
judgments or decrees of any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.23. " <u>Lock-Up Restrictions</u> " has the meaning set forth in <u>Section 2.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.24. " <u>Parallel Fund</u> " means any investment vehicle (a) registered
or intended to be registered under the 1940 Act, (b) that has the primary purpose of investing in parallel with or alongside the Fund
and (c) that is formed or organized by the Adviser, TCW or any of their respective Affiliates within 2 years of the initial purchase of
Shares by one or more Investors pursuant to the Commitment. The Adviser will serve as investment adviser to, and will be the recipient
of any management, performance or similar fees or compensation attributable to, any Parallel Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25. " <u>Participation Right</u> " has the meaning set forth in <u>Section 6.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.26. " <u>Participation Shares</u> " has the meaning set forth in <u>Section 6.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.27. " <u>Party</u> " has the meaning set forth in the recitals of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.28. " <u>Person</u> " means an individual, a partnership (general, limited
or limited liability), a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an
unincorporated organization, or a governmental, quasi-governmental, judicial or regulatory entity or any department, agency or political
subdivision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.29. " <u>Preferred Offering</u> " has the meaning set forth in <u>Section 6.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.30. " <u>Preferred Shares</u> " has the meaning set forth in <u>Section 6.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.31. " <u>Registration Rights Agreement</u> " has the meaning set forth in <u>Section 4.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.32. " <u>Resale Registration Statement</u> " has the meaning set forth in <u>Section 4.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.33. " <u>Revenue Share</u> " has the meaning set forth in <u>Section 2.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.34. " <u>Revenue Share Expiration Date</u> " has the meaning set forth in <u>Section 2.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.35. " <u>Revenue Share Period</u> " has the meaning set forth in <u>Section 2.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.36. " <u>Revenue Share Pool</u> " means, with respect to the fiscal quarter
of the Adviser during which the date of this letter agreement occurs and each subsequent fiscal quarter of the Adviser that commences
prior to the Revenue Share
Expiration Date, subject to <u>Section 2.3(a)</u>, an amount equal to the gross revenue paid to the Adviser during such quarterly period
attributable to the Fund or any Parallel Fund during such quarterly period; <u>provided</u> that the Adviser shall be permitted to reduce
such amount by the greater of (a) 25% of the Revenue Share Pool (ignoring for purposes of determining such 25% any reduction on account
of this proviso) or (b) the full amount of any gross revenues that are attributable to the first $350 million of (i) Shares or (ii) shares
(or similar) in any Parallel Fund, in each case purchased by TCW Investors (calculated based on the purchase price of such Shares at the
time of each applicable purchase); provided further that any such reduction under the foregoing limb (a) or (b) shall not exceed the aggregate
gross revenue of the Adviser attributable to Shares or shares (or similar) in any Parallel Fund purchased by TCW Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.37. " <u>Revenue Sharing Arrangement</u> " means, with respect to any investor
in the Fund or a Parallel Fund, the right of such investor or any Affiliate thereof to receive, or obtain a direct or indirect benefit
from, a portion of the revenues or profits of the Adviser or any Affiliate, designee or delegate of the Adviser, in all cases, solely
in respect of the Fund (i.e., TCW Private Asset Income Fund) or a corresponding Parallel Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38. " <u>Revenue Sharing Percentage</u> " means 5%, subject to adjustment
pursuant to <u>Section 2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.39. " <u>RIC</u> " has the meaning set forth in <u>Section 2.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.40. " <u>SEC</u> " means the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.41. " <u>Shareholder</u> " has the meaning set forth in <u>Section 6.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.42. " <u>Shares</u> " has the meaning set forth in <u>Section 1.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.43. " <u>Subject Arrangement</u> " has the meaning set forth in <u>Section 6.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.44. " <u>Subject Shares</u> " has the meaning set forth in <u>Section 4.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.45. " <u>Securities Act</u> " has the meaning set forth in <u>Section 4.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.46. " <u>TCW</u> " means TCW Group Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.47. " <u>TCW Group</u> " means TCW together with its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.48. " <u>TCW Investors</u> " means TCW, the Adviser and their respective
Affiliates and current or former partners, principals, managers, members, investment professionals, direct or indirect equityholders,
officers and employees and investment companies advised by TCW, the Adviser and their respective Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.49. " <u>Third-Party Commitments</u> " means binding commitments to purchase
Shares (*i.e.*, executed subscription documents unconditionally requiring the applicable investor to purchase Shares) or shares (or
similar) in any Parallel Fund, excluding any such capital commitments or investments by Apollo S3 or its Affiliates or TCW Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50. " <u>Transfer</u> " means any sale, assignment, exchange, repurchase,
pledge or disposition of Shares.

Article IX. <u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Apollo S3 shall, and shall cause each of its Affiliates to, keep
 confidential this letter agreement, any agreements ancillary to this letter agreement, all information related to this letter
 agreement and all information provided pursuant to this letter agreement (collectively, " <u>Confidential Information</u> "), and Apollo S3 and each of its Affiliates shall maintain any Confidential Information provided to (or
 obtained by) any such Person in strict confidence and shall not disclose the Confidential Information to any Person other than to
 their officers, directors, fiduciaries, employees, agents, advisors, counsel, controlling Persons or consultants who have a business
 need to know such Confidential Information, who have been informed of the confidential nature of such Confidential Information, and
 who are, either by the nature of their positions or duties or pursuant to written agreement, subject to substantially equivalent
 restrictions with respect to the use and disclosure of the Confidential Information as are set forth in this letter agreement,
 without the prior written consent of the Adviser at the time of such disclosure. The obligation to maintain the Confidential
 Information in confidence shall not apply to any Confidential Information (i) that becomes publicly available (other than by reason
 of a breach of a confidentiality or non-disclosure agreement or contractual provision by the disclosing Party or one of its
 Affiliates), (ii) the disclosure of which by the disclosing Party has been consented to by the Adviser, or (iii) the disclosure of
 which is required by a court of competent jurisdiction or other Governmental Authority, in connection with any judicial,
 governmental or other regulatory proceeding, or as otherwise required by applicable Law. Before any Apollo S3 of any of its
 Affiliates discloses Confidential Information pursuant to <u>clause (iii)</u> above, such disclosing Party shall, to the extent not
 prohibited by Law and reasonably practicable under the circumstances, promptly notify the Adviser of the court order, subpoena,
 interrogatories, government order or other reason that requires disclosure of the Confidential Information so that the Adviser or
 its Affiliates may seek, at their sole expense, a protective order or
other remedy to protect the confidentiality of the Confidential Information (in which case the disclosing Party will provide its reasonable
cooperation in connection with any such protective order or other remedy) or waive compliance with this letter agreement. The potentially
disclosing Party in such a circumstance shall not intentionally take any action to frustrate the efforts of the Adviser or its Affiliates
to protect Confidential Information (which for these purposes shall not include a Party's reasonable compliance with applicable
Law). If the contesting Party is unsuccessful in preventing or limiting such disclosure, the disclosing Party shall disclose only that
Confidential Information that its counsel advises that it is legally appropriate to disclose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing in this letter agreement shall be construed to prohibit any Person from
reporting possible violations of applicable Law to any Governmental Authority, or making other disclosures that are protected under the
whistleblower provisions of applicable Law or require any such Person to notify any Party hereto that it has made such reports or disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, the Adviser agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Generally*. Each Investor may disclose Confidential Information to the extent:
(i) such disclosure is required to be made by a governmental or regulatory entity having jurisdiction over the disclosing party; (ii)
such disclosure is made in good faith in response to a request for information from a governmental or regulatory entity having jurisdiction
over such disclosing party; (iii) such disclosure is made in good faith during the course of an examination of the disclosing party by
a governmental or regulatory entity having jurisdiction over the disclosing party; or (iv) such disclosure is made in good faith in connection
with enforcing the Investor's rights under this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Periodic Reporting*. The Adviser hereby agrees that it shall not withhold
from the Investors, and it shall disclose to the Investors, any information provided to Shareholders of the Fund as required by the periodic
reporting and related requirements of the Exchange Act, and in accordance with Regulation FD thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Underlying Beneficial Owners*. Each Investor and its direct or indirect
owners may disclose the following information that the Investor receives from the Adviser to their existing investors, so long as such
investors are subject to an agreement to keep such information confidential (insofar as such
information is Confidential Information): (i) the name and address of the Adviser and their respective affiliations with TCW; (ii)
the fact that the Investor has made the Commitment and the date on which the purchase of Shares will be made; (iii) the fact that
Investor has entered into this letter agreement for the Revenue Share and the terms of the Revenue Share; (iv) the cash
distributions the Investor has received from the Revenue Share and the dates thereof (including any revenue share from a Follow-On
Vehicle); (vi) the multiple on invested capital
and internal rate of return on the Investor's Revenue Share and any other ratios and performance information calculated by the
Investor; (vii) any other Adviser-Level Information; and
(viii) such other information which the Investors receive from the Adviser that is not deemed to be confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Prospective Investors*. Each Investor and its direct and indirect owners
shall be permitted to disclose to their *bona fide* prospective investors and to the *bona fide* prospective investors of any
private investment vehicle for which ASIM or an Affiliate of ASIM provides investment advisory services or serves as general partner or
managing member the following information: (i) the name and investment team of the Adviser; (ii) the fact that Apollo S3 has entered into
the Revenue Share; and (iii) a summary of the Investor's economic and governance rights in respect of the Revenue Share (<u>clauses (i)</u> - <u>(iii)</u>, collectively, the " <u>Adviser-Level Information</u> "); <u>provided</u> that each such prospective
investor is subject to a confidentiality agreement that is no less stringent than the confidentiality obligations set forth in the governing
agreement of the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Beneficial Ownership Reporting*. The Adviser acknowledges that the Investors
maybe be required to make certain beneficial ownership reporting filings under Sections 13 and 16 of the Exchange Act (the " <u>Beneficial Ownership Reporting Requirements</u> "). To the extent required to comply with the Beneficial Ownership Reporting Requirements, as
reasonably determined by any Investor, the Investors may disclose any confidential information it receives from the Fund, the Adviser
or any of their Affiliates to comply with its beneficial ownership reporting requirements thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *Disclosure to Service Providers, Lenders and Prospective Lenders*. The Investors
may provide Confidential Information furnished by the Adviser to their *bona fide* service providers (including, without limitation,
agents, representatives,
administrators, consultants, accountants, legal and regulatory advisers) and lenders who have a need to know such information, and such
service providers and lenders shall be subject to a duty of confidentiality with respect to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the fullest extent not prohibited by Law, the provisions of this <u>Section 9.1</u> shall survive the termination or assignment of this letter agreement and shall be enforceable against the applicable Party after
such termination or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. <u>Counterparts</u>. This letter agreement may be executed in any number of counterparts,
each of which shall be deemed an original and all of which taken together shall constitute a single agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. <u>Amendments</u>. This letter agreement may be amended, waived or otherwise modified
only by the prior written consent of each Party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. <u>Governing Law; Severability</u>. This letter agreement shall be governed by, and construed in accordance
 with, the Laws of the State of Delaware, without giving effect to any choice of law or conflict
 of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that
 would cause the application of the Laws of any jurisdiction other than the State of Delaware.
 If it is determined by an arbitrator pursuant to <u>Section 9.5</u> that any provision
 of this letter agreement is illegal or invalid for any reason whatsoever, such term or provision
 will be enforced to the fullest extent permitted by applicable Law and, in any event, such
 illegality or invalidity shall not affect the validity of the remainder of this letter agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. <u>Arbitration</u>. To the fullest extent permitted by applicable Law, any dispute,
controversy or claim arising out of or relating to this letter agreement, including the validity, interpretation, performance, breach
or alleged breach of this letter agreement, shall be settled by arbitration in New York, New York in accordance with the rules of the
American Arbitration Association (" <u>AAA</u> ") under its Commercial Arbitration Rules (including the procedures for Large,
Complex Commercial Disputes if applicable under those rules) in effect when the arbitration is commenced, and the arbitrator in such arbitration
will be appointed in accordance with such Commercial Arbitration Rules. Notwithstanding that the venue for the arbitration will be in
New York, New York, the legal seat of the arbitration will be in the State of Delaware. The arbitrator shall impose on the Parties to
the arbitration procedures to ensure the confidentiality of the matters in dispute, the arbitration proceedings and the resolution thereof,
and such Parties shall comply with such procedures. For purposes of any actions or proceedings ancillary to the arbitration referenced
above (for example, proceedings seeking interim relief in aid of the arbitration or to enforce an arbitration award), the Parties
hereto consent to the nonexclusive jurisdiction of the Delaware Court of Chancery or, if such court shall not have jurisdiction, any federal
court of the United States located in the State of Delaware or, if such courts shall not have jurisdiction, the Delaware Superior Court,
and any appellate court from any appeal thereof. The Parties hereto agree that any process or notice of motion or other application to
either of such courts, and any paper in connection with any such arbitration, may be served by certified mail, return receipt requested,
by personal service or in such other manner as may be permissible under the rules of the applicable court or arbitration panel. If any
arbitration is brought under this <u>Section</u> 9.5, the arbitrator may award the successful or prevailing Party reasonable attorneys'
fees and other reasonable costs incurred in such action or proceeding, in addition to any other relief to which the prevailing Party may
be entitled. The costs of the arbitration (other than any costs that are specific to a particular Party, such as the fees and expenses
of counsel, fact witnesses or experts), including any AAA administration fee and filing fee, arbitrators' fees and the costs of
the use of facilities during the hearings, shall initially be borne equally by the participating Parties, and promptly following the issuance
of an award, the non-prevailing Party shall reimburse the prevailing Party for such costs (and any award of the arbitration panel shall
contain a specific provision providing for the reimbursement of such costs by the non-prevailing Party). The arbitrator shall have the
power to grant temporary, preliminary and permanent relief, including injunctive relief and specific performance, or any remedy that would
otherwise be available from a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. <u>Specific Performance</u>. The Parties hereto acknowledge and agree that there
will be no adequate remedy at law if any Party hereto fails to perform any of its obligations under this letter agreement and accordingly
acknowledge and agree that each Party hereto, in addition to any other remedy to which it may be entitled at law or in equity or pursuant
to this letter agreement, shall be entitled to compel specific performance of the obligations of any other Party under this letter agreement
in accordance with the terms and conditions of this letter agreement (without any requirement to post bond or other security in connection
therewith or to establish that monetary damages would be an inadequate remedy).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7. <u>Successors and Assigns</u>. This letter agreement shall inure to the benefit
of the Parties hereto and shall be binding upon the Parties hereto and their respective successors and permitted assigns. This letter
agreement is not assignable without the consent of the Adviser. Any purported assignment that is not made in accordance with this letter
agreement shall be deemed null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8. <u>Notices</u>. All notices, demands and other communications to be delivered
under or by reason of provisions under this letter agreement shall be in writing and shall be deemed to have been delivered on the date
when personally
delivered, three Business Days after being mailed by first class mail (postage prepaid and return receipt requested), when
transmitted by email (so long as the sender thereof has not received a bounce back email or other automatically generated
transmission indicating that such email has not been received by the intended recipient thereof) (if sent before 5:00 p.m. Pacific
time on a Business Day (and otherwise on the next Business Day)), or on the date after being sent by reputable overnight courier
service (charges prepaid), in each case, to the addresses or email addresses set forth on <u>Schedule 1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9. <u>Headings</u>. The headings in this letter agreement are inserted for convenience
of reference only and shall not be a part of or control or affect the meaning hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10. <u>Entire Agreement</u>. This letter agreement and any other separate written agreement
referenced herein, represents the entire agreement among the Parties hereto with respect to the subject matter hereof and terminates and
supersedes all other agreements previously entered into among any of the Parties hereto relating to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11. <u>Third-Party Rights</u> *.* The provisions of this letter agreement shall
not be deemed to create any rights in any persons not a Party hereto; provided that each Investor is and shall be an intended and express
third-party beneficiary of the rights granted hereunder to Apollo S3 or the Investors.

\* \* \* \* \*

**IN WITNESS WHEREOF**, the Parties hereto have executed and delivered this letter agreement on the date first above written.

---

| | |
|:---|:---|
| **<u>Adviser</u>**: | **<u>Adviser</u>**: |
| **TCW ASSET BACKED FINANCE MANAGEMENT COMPANY LLC** | **TCW ASSET BACKED FINANCE MANAGEMENT COMPANY LLC** |
| By: | /s/ Dylan Ross |
| Name: | Dylan Ross |
| Title: | Authorized Signatory |
| **<u>Solely with respect to Article III</u>**: | **<u>Solely with respect to Article III</u>**: |
| **TCW GROUP, INC.** | **TCW GROUP, INC.** |
| By: | /s/ Drew Bowden |
| Name: | Drew Bowden |
| Title: | Authorized Signatory |

---

[Signature Page to Letter Agreement re ABF Revenue Share]

---

| | |
|:---|:---|
| **<u>Apollo S3</u>**: | **<u>Apollo S3</u>**: |
| **AP CREDIT SOLUTIONS HOLDINGS (RS) II, L.P.** | **AP CREDIT SOLUTIONS HOLDINGS (RS) II, L.P.** |
| By: Apollo S3 Credit Solutions Advisers II, L.P., *its general partner* | By: Apollo S3 Credit Solutions Advisers II, L.P., *its general partner* |
| By: Sliders Advisers GP, LLC, *its general partner* | By: Sliders Advisers GP, LLC, *its general partner* |
| By: | /s/ William B. Kuesel |
| Name: | William B. Kuesel |
| Title: | Vice President |

---

[Signature Page to Letter Agreement re ABF Revenue Share]

## Ex-99.B

**EXHIBIT B**

JOINT FILING AGREEMENT

TCW Private Asset Income Fund

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned hereby confirm the agreement by and among them to the joint filing on behalf of them of the Statement on Schedule 13D and any and all further amendments thereto, with respect to the securities of the above referenced issuer, and that this Agreement be included as an Exhibit to such filing. This Agreement may be executed in any number of counterparts each of which shall be deemed to be an original and all of which together shall be deemed to constitute one and the same Agreement.

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of November 25, 2025.

---

| | |
|:---|:---|
| **APOLLO PRINCIPAL HOLDINGS B GP, LLC** | **APOLLO PRINCIPAL HOLDINGS B GP, LLC** |
| By: | /s/ William B. Kuesel |
| Name: | William B. Kuesel |
| Title: | Vice President |

---

---

| | | |
|:---|:---|:---|
| **AP Talon Holdings, L.P.** | **AP Talon Holdings, L.P.** | **AP Talon Holdings, L.P.** |
| By: | AP Talon Holdings GP, LLC, | AP Talon Holdings GP, LLC, |
|  | its general partner | its general partner |
|  | Apollo Principal Holdings B, L.P., | Apollo Principal Holdings B, L.P., |
|  | its sole member | its sole member |
|  | By: | Apollo Principal Holdings B GP, LLC, |
|  |  | its general partner |
|  | By: | /s/ William B. Kuesel |
|  | Name: | William B. Kuesel |
|  | Title: | Vice President |
| **AP Talon Holdings GP, LLC** | **AP Talon Holdings GP, LLC** | **AP Talon Holdings GP, LLC** |
| By: | Apollo Principal Holdings B, L.P., | Apollo Principal Holdings B, L.P., |
|  | its sole member | its sole member |
|  | Apollo Principal Holdings B GP, LLC, | Apollo Principal Holdings B GP, LLC, |
|  | its general partner | its general partner |
|  | /s/ William B. Kuesel | /s/ William B. Kuesel |
|  | William B. Kuesel | William B. Kuesel |
|  | Vice President | Vice President |
| **APOLLO PRINCIPAL HOLDINGS B, L.P.** | **APOLLO PRINCIPAL HOLDINGS B, L.P.** | **APOLLO PRINCIPAL HOLDINGS B, L.P.** |
| By: | Apollo Principal Holdings B GP, LLC, | Apollo Principal Holdings B GP, LLC, |
|  | its general partner | its general partner |
|  | /s/ William B. Kuesel | /s/ William B. Kuesel |
|  | William B. Kuesel | William B. Kuesel |
|  | Vice President | Vice President |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**TCW Private Asset Income Fund**

*(Name of Issuer)*

**Class I common shares of beneficial interest**

*(Title of Class of Securities)*

**87807Y206**

*(CUSIP Number)*

**Erin E. Martin, Esq.**<br>1111 Pennsylvania Avenue NW<br>Washington DC 20004<br>(202) 739-3000

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/18/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **87807Y206** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Apollo Principal Holdings B GP, LLC** | Name of reporting person<br>**Apollo Principal Holdings B GP, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**9990009.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**9990009.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**9990009.00** | Aggregate amount beneficially owned by each reporting person<br>**9990009.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**23.6%** | Percent of class represented by amount in Row (11)<br>**23.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **87807Y206** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**AP Talon Holdings, L.P.** | Name of reporting person<br>**AP Talon Holdings, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**9990009.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**9990009.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**9990009.00** | Aggregate amount beneficially owned by each reporting person<br>**9990009.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**23.6%** | Percent of class represented by amount in Row (11)<br>**23.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **87807Y206** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**AP Talon Holdings GP, LLC** | Name of reporting person<br>**AP Talon Holdings GP, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**9990009.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**9990009.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**9990009.00** | Aggregate amount beneficially owned by each reporting person<br>**9990009.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**23.6%** | Percent of class represented by amount in Row (11)<br>**23.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **87807Y206** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Apollo Principal Holdings B, L.P.** | Name of reporting person<br>**Apollo Principal Holdings B, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**9990009.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**9990009.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**9990009.00** | Aggregate amount beneficially owned by each reporting person<br>**9990009.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**23.6%** | Percent of class represented by amount in Row (11)<br>**23.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class I common shares of beneficial interest

**(b) Name of Issuer:**
TCW Private Asset Income Fund

**(c) Address of Issuer's Principal Executive Offices:**
515 South Flower Street, Los Angeles, CA, 90071

This Statement on Schedule 13D relates to Class I common shares of beneficial interest (the "Class I common shares") of TCW Private Asset Income Fund. The principal executive offices of the Issuer are located at 515 South Flower Street, Los Angeles, CA 90071.

**Item 4. Purpose of Transaction**

All of the securities that are held by AP Talon and that may be deemed to be beneficially owned by the Reporting Persons, as reported herein, were acquired for investment purposes. The Reporting Persons retain the right to change their investment intent, from time to time, to acquire additional Class I common shares or other securities of the Issuer, or to sell or otherwise dispose of all or part of the Class I common shares or other securities of the Issuer, if any, beneficially owned by them, in each case in any manner permitted by law. The Reporting Persons may engage from time to time in ordinary course transactions with financial institutions with respect to the securities described herein.

Except as described above, none of the Reporting Persons currently has any other plans or proposals that would be related to or would result in any of the matters described in Items 4(a)-(j) of the Instructions to Schedule 13D. However, as part of the ongoing evaluation of investment and investment alternatives, the Reporting Persons may consider such matters and, subject to applicable law, may formulate a plan with respect to such matters, and, from time to time, may hold discussions with or make formal proposals to management or the Board of Directors of the Issuer or other third parties regarding such matters.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Information in Rows 7 to 13 of the respective cover pages of the individual Reporting Persons are incorporated into this Item 5(a) by reference. The aggregate beneficial ownership of the Class I common shares held by the Reporting Persons is as follows:

Sole Voting Power              0
Shared Voting Power         9,990,009.99
Sole Dispositive Power      0
Shared Dispositive Power  9,990,009.99

The Reporting Persons' aggregate percentage beneficial ownership of the total amount of Class I common shares outstanding is 23.6%, based on a total of 42,351,266.499 shares of Class I common shares outstanding as of November 19, 2025, as provided to the Reporting Persons by the Issuer.

Talon GP, Principal Holdings B, Principal Holdings B GP, and Messrs. Marc Rowan, Scott Kleinman, and James Zelter, the managers, as well as executive officers, of Principal Holdings B GP, each disclaim beneficial ownership of all Class I common shares held by AP Talon, except to the extent of any pecuniary interest therein, and the filing of this Schedule 13D shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities for purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, or for any other purpose.

**(b)**
Information in Rows 7 to 13 of the respective cover pages of the individual Reporting Persons are incorporated into this Item 5(b) by reference.

**(c)**
Except as described above and in Items 4 and 6 of this Schedule 13D, which information is incorporated herein by reference, none of the Reporting Persons has effected any transactions of the Class I common shares during the 60 days preceding the date of this Schedule 13D.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information set forth in Items 3 and 4 hereof is hereby incorporated by reference into this Item 6.

On May 30, 2025, Apollo Credit Solutions Holdings (RS) II, L.P. ("Apollo S3") entered into a revenue share agreement with the Issuer's adviser whereby Apollo S3 shall, or cause one of its affiliates to purchase $100,000,000.00 Class I common shares, of which 100% has been called and funded. Pursuant to the revenue share agreement, upon the Issuer's delivery of a capital call notice to Apollo S3 or one of its affiliates, Apollo S3 or one of its affiliates shall purchase Class I common shares in the amount specified therein within 10 business days. AP Talon is an affiliate of Apollo S3.

The revenue share agreement also provides Apollo S3 and its affiliates the right to participate in any offering by the Issuer of preferred shares up to 25% of the aggregate liquidation value of the preferred shares offered. The revenue share agreement further provides that voting rights shall be waived to the extent (i) an individual investor holds the power to vote 5% or more of the Issuer's outstanding Class I common shares; or (ii) the investors collectively own, control and hold the power to vote 25% or more of the outstanding shares, to the extent that the investor(s)'s ownership equals or exceeds such percentage, respectively. The parties also agreed to most favored nation protections.

For purposes of the agreement described above, "voting rights" are those rights deemed to be the equivalent to the right to vote for the election or removal of a director under applicable interpretations of the term "voting security" under the Investment Company Act of 1940 (the "1940 Act").  Matters that are presented to AP Talon in connection with voting and consent rights afforded to the shareholders of the Issuer under the operative documents of the Issuer that do not constitute voting rights under the 1940 Act are not subject to the waiver.

Except as referenced above or described in Items 3 and 4 hereof, there are no other contracts, arrangements, understandings or relationships among the Reporting Persons or between such Reporting Persons and any other person with respect to any securities of the Issuer.

The foregoing description of the revenue share agreement set forth in this Item 6 does not purport to be complete and is qualified in its entirety by reference to the full text of the revenue share agreement, which is filed as Exhibit A hereto and incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Apollo Principal Holdings B GP, LLC

**Signature:** /s/ William Kuesel

**Name/Title:** William Kuesel, Vice President

**Date:** 11/25/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** AP Talon Holdings, L.P.

**Signature:** AP Talon Holdings GP, LLC

**Name/Title:** General Partner

**Date:** 11/25/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** AP Talon Holdings GP, LLC

**Signature:** Apollo Principal Holdings B, L.P.

**Name/Title:** Sole Member

**Date:** 11/25/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Apollo Principal Holdings B, L.P.

**Signature:** Apollo Principal Holdings B GP, L.P.

**Name/Title:** General Partner

**Date:** 11/25/2025