apostrophes = single quotes, which is an SQL delimiter. The same would happen if you used double quotes in the name.

It might work with single quotes if you put the whole name in double quotes. Let me try a couple of things.

[q="Ifrit's Bodyguard"]test1[/q]

[q='Ifrit''s Bodyguard']Test2[/q]

[q=Ifrit\'s Bodyguard]Test3[/q]

[q=Ifrit\\'s Bodyguard]Test4[/q]

EDIT: Guess not.