A Ponzi scheme pays out profits from new investors not...

A Ponzi scheme pays out profits from new investors not redemptions.
AFR are stretching the claim a bit, what they are doing in managing working capital. Any fund that had a run on redemptions would do the same first to enable liquidation of funds in a timely manner.
If they liquidated assets to pay out redemptions & still kept placement funds it wouldn't be in the best interest of remaining shareholders if penalties were involved or liquidation of short term losses etc.
Management call on whether liquidating assets or missing out on new investments is the best course of action for remaining shareholders.
Not that you'd give the management the benefit of the doubt!