<p>要点：</p>
<ul>
<li>Blue Owl 正在考虑在市场条件改善时合并 OBDC 和 OBDC II</li>
<li>Blue Owl Capital Corporation II 的 IPO 不太可能被追求</li>
<li>Blue Owl 在 11 月初取消了 OBDC 基金的合并计划</li>
</ul>
<p>作者：Anirban Sen 和 Isla Binnie</p>
<p>Blue Owl Capital 正在考虑恢复合并其两个私人信贷基金的计划，如果较大基金的股价改善，因为这家另类资产管理公司在上周面临投资者的强烈反对后正在评估其选项，消息人士透露。</p>
<p>这家资产管理公司在 11 月 19 日被迫放弃将其公开交易的 OBDC 基金与 Blue Owl Capital Corporation II 合并的计划，因为合并这两个基金的计划冻结了较小基金的提款，并向其持有者提供了较大基金的价格，这让投资者感到不安。</p>
<p>这家资产管理公司认为合并基金的理由很强，以便为股东提供退出机会并降低成本，当时表示计划在未来重新评估基金的替代方案，并且仍然认为交易是有意义的。</p>
<p>消息人士要求匿名，因为讨论是保密的，他们警告说尚未最终确定任何事情，也没有具体说明此类行动的时机。</p>
<p>Blue Owl 的计划是在投资者在最近几个月对信贷表现出焦虑之后提出的，几起高调的破产事件动摇了对信贷质量的信心。尽管高管们试图提供保证，指出行业的违约率与历史市场压力时期相比仍然相对较低，但私人信贷仍然受到特别审查。</p>
<p>恢复这一未曾报道的交易取决于股价的改善，以便 OBDC 基金最好不以低于其净资产价值的折扣交易，消息人士补充说，任何合并可能会在私人持有的 OBDC II 预计进行所谓流动性事件之前发生。</p>
<p>根据基金的披露，这种事件预计将在 2026 年 4 月底或 2027 年 4 月底之前发生。基金的流动性事件通常指通过出售或 IPO 等选项兑现投资者、高管和员工的交易。</p>
<p>消息人士没有说明具体的股价目标。</p>
<p>Blue Owl 的 OBDC 基金在 11 月 5 日宣布合并时披露其第三季度每股净资产价值为 14.89 美元。该基金的股票今年交易最高为 15.73 美元，最低为 11.65 美元，周五收盘价为 12.34 美元。</p>
<p>在上周的电视采访中，Blue Owl 联合总裁 Craig Packer 表示，该公司将考虑所有选项，包括上市基金或出售资产。</p>
<p>“在接下来的几个月里，我们可能会提出其他选项，” Packer 在彭博电视采访中表示。该公司周三表示，将允许投资者在 2026 年第一季度提取资金。</p>
<p>Packer 周三表示，尽管 Blue Owl 仍然相信合并两个基金的优点，但由于当前市场条件，该公司 “目前不再追求合并。”</p>
<p>消息人士表示，Blue Owl Capital Corporation II 的独立首次公开募股不太可能被追求，该基金是 Blue Owl 为零售投资者设立的最早的私人信贷基金之一，合并这两个基金是公司最希望的结果，并且考虑到两个基金的投资组合有相当大的重叠，这样做具有战略意义。</p>
<p>私人信贷繁荣</p>
<p>近年来，私人信贷行业经历了前所未有的繁荣，非银行贷款人抓住了这一千载难逢的机会，向大型企业提供贷款，并从面临更严格监管的传统华尔街贷款人那里抢占市场份额。</p>
<p>该行业的快速增长导致资产管理公司推出将私人信贷带给普通投资者的方式。Blue Owl 能够将其基金带到流动性事件，使投资者兑现，这对市场至关重要，因为这可能有助于确定未来对这些投资的需求。</p>
<p>截至 9 月 30 日，Blue Owl Capital Corporation II 的投资组合包括 190 家公司的股份，总价值为 17 亿美元，而 OBDC 投资于 238 家公司的投资总价值为 171 亿美元，根据一份文件。</p>
<p>“最有效的方式是将（Blue Owl Capital Corporation II）与 OBDC 合并——这是对股东最好的结果，因为收益会增加。如果 OBDC 的交易接近账面价值，他们很可能会重新考虑，” Oppenheimer &amp; Co 的高级分析师 Mitchel Penn 在一次采访中表示，他负责跟踪商业发展公司（BDC）。</p>
<p>近年来，基金之间的合并在私人信贷行业相当普遍。去年，凯雷的公开交易信贷基金 Secured Lending 达成协议，接管该公司的私人 Secured Lending III 基金。2019 年，高盛将其公开交易的 BDC 与其私人持有的中型市场贷款公司合并，发布了新闻稿。</p>

OBDC

<p>Blue Owl Capital 正在考虑恢复其私募信贷基金 OBDC 和 OBDC II 之间的合并，前提是较大基金的股价有所改善。此前由于投资者的反对，该合并被搁置。该决定取决于市场状况，旨在为股东提供退出机会并降低成本。由于投资组合重叠，该合并被视为具有战略意义，但尚未设定具体的时间表或股价目标</p>

<p>Key points:</p>
<div class="lb-trans"><p>要点：</p>
</div><ul>
<li>Blue Owl is considering merging OBDC and OBDC II when market conditions improve</li>
<li>IPO of Blue Owl Capital Corporation II unlikely to be pursued</li>
<li>Blue Owl scrapped merger of OBDC funds earlier in Nov</li>
</ul>
<div class="lb-trans"><ul>
<li>Blue Owl 正在考虑在市场条件改善时合并 OBDC 和 OBDC II</li>
<li>Blue Owl Capital Corporation II 的 IPO 不太可能被追求</li>
<li>Blue Owl 在 11 月初取消了 OBDC 基金的合并计划</li>
</ul>
</div><p>By Anirban Sen and Isla Binnie</p>
<div class="lb-trans"><p>作者：Anirban Sen 和 Isla Binnie</p>
</div><p>Blue Owl Capital  is considering reviving a plan to merge two of its private credit funds if the share price of the larger fund improves, as the alternative asset manager evaluates its options after facing investor backlash against the move last week, according to two people familiar with the matter.</p>
<div class="lb-trans"><p>Blue Owl Capital 正在考虑恢复合并其两个私人信贷基金的计划，如果较大基金的股价改善，因为这家另类资产管理公司在上周面临投资者的强烈反对后正在评估其选项，消息人士透露。</p>
</div><p>The asset manager was forced to abandon a move to combine its publicly-traded OBDC fund  and Blue Owl Capital Corporation II on Nov. 19 after a plan to merge the two funds, freezing withdrawals from the smaller fund and offering its holders the price of the larger fund, rattled investors.</p>
<div class="lb-trans"><p>这家资产管理公司在 11 月 19 日被迫放弃将其公开交易的 OBDC 基金与 Blue Owl Capital Corporation II 合并的计划，因为合并这两个基金的计划冻结了较小基金的提款，并向其持有者提供了较大基金的价格，这让投资者感到不安。</p>
</div><p>The asset manager, which saw a strong reason for merging the funds in order to give shareholders an exit and reduce costs, at the time said it planned to reevaluate alternatives for the funds in the future and that it still saw merit in a deal.</p>
<div class="lb-trans"><p>这家资产管理公司认为合并基金的理由很强，以便为股东提供退出机会并降低成本，当时表示计划在未来重新评估基金的替代方案，并且仍然认为交易是有意义的。</p>
</div><p>The sources, who requested anonymity as the discussions are confidential, cautioned that nothing has been finalized and did not specify the timing of such a move.</p>
<div class="lb-trans"><p>消息人士要求匿名，因为讨论是保密的，他们警告说尚未最终确定任何事情，也没有具体说明此类行动的时机。</p>
</div><p>Blue Owl's plan came after investors had shown anxiety over credit in recent months, where a few high-profile bankruptcies have rattled confidence in credit quality. Private credit has attracted particular scrutiny despite executives trying to offer reassurance, pointing to default rates in the industry that remain relatively low compared to historical periods of market stress.</p>
<div class="lb-trans"><p>Blue Owl 的计划是在投资者在最近几个月对信贷表现出焦虑之后提出的，几起高调的破产事件动摇了对信贷质量的信心。尽管高管们试图提供保证，指出行业的违约率与历史市场压力时期相比仍然相对较低，但私人信贷仍然受到特别审查。</p>
</div><p>Reviving the deal, not previously reported, is contingent on the share price improving so that the OBDC fund is preferably not trading at a discount to its net asset value, the sources added, adding that any merger would be likely to happen before the privately-held OBDC II is due for a so-called liquidity event.</p>
<div class="lb-trans"><p>恢复这一未曾报道的交易取决于股价的改善，以便 OBDC 基金最好不以低于其净资产价值的折扣交易，消息人士补充说，任何合并可能会在私人持有的 OBDC II 预计进行所谓流动性事件之前发生。</p>
</div><p>Such an event is expected to happen by the end of April 2026 or by the end of April 2027, according to a disclosure from the fund. A fund's liquidity event would typically refer to a transaction that will cash out investors, executives and employees, through options including a sale or IPO.</p>
<div class="lb-trans"><p>根据基金的披露，这种事件预计将在 2026 年 4 月底或 2027 年 4 月底之前发生。基金的流动性事件通常指通过出售或 IPO 等选项兑现投资者、高管和员工的交易。</p>
</div><p>The sources did not state a specific share price target.</p>
<div class="lb-trans"><p>消息人士没有说明具体的股价目标。</p>
</div><p>Blue Owl's OBDC fund  disclosed on Nov. 5 when it announced the merger that its NAV per share for the third quarter was $14.89. The fund's shares have traded as high as $15.73 and as low as $11.65 this year, and closed on Friday at $12.34.</p>
<div class="lb-trans"><p>Blue Owl 的 OBDC 基金在 11 月 5 日宣布合并时披露其第三季度每股净资产价值为 14.89 美元。该基金的股票今年交易最高为 15.73 美元，最低为 11.65 美元，周五收盘价为 12.34 美元。</p>
</div><p>In television interviews last week, Blue Owl co-president Craig Packer said the firm would consider all its options, including listing the fund or selling the assets.</p>
<div class="lb-trans"><p>在上周的电视采访中，Blue Owl 联合总裁 Craig Packer 表示，该公司将考虑所有选项，包括上市基金或出售资产。</p>
</div><p>“There may be other options that we may come up with in the next few months,&#34; Packer said in a Bloomberg TV interview. The firm said on Wednesday it would allow investors to withdraw their money from the first quarter of 2026.</p>
<div class="lb-trans"><p>“在接下来的几个月里，我们可能会提出其他选项，” Packer 在彭博电视采访中表示。该公司周三表示，将允许投资者在 2026 年第一季度提取资金。</p>
</div><p>Packer said on Wednesday that while Blue Owl continues to believe in the merits of merging the two funds, the firm is &#34;no longer pursuing the merger at this point given current market conditions.&#34;</p>
<div class="lb-trans"><p>Packer 周三表示，尽管 Blue Owl 仍然相信合并两个基金的优点，但由于当前市场条件，该公司 “目前不再追求合并。”</p>
</div><p>An independent initial public offering of Blue Owl Capital Corporation II, which is one of Blue Owl's earliest private credit funds for retail investors, is unlikely to be pursued, the sources said, adding that a merger between the two funds is the most desired outcome for the firm and makes strategic sense given the considerable overlap in the portfolios of the two funds.</p>
<div class="lb-trans"><p>消息人士表示，Blue Owl Capital Corporation II 的独立首次公开募股不太可能被追求，该基金是 Blue Owl 为零售投资者设立的最早的私人信贷基金之一，合并这两个基金是公司最希望的结果，并且考虑到两个基金的投资组合有相当大的重叠，这样做具有战略意义。</p>
</div><p>PRIVATE CREDIT BOOM</p>
<div class="lb-trans"><p>私人信贷繁荣</p>
</div><p>The private credit industry has witnessed an unprecedented boom in recent years, as non-bank lenders have seized on a once-in-a-generation opportunity to make large corporate loans and grab market share from traditional Wall Street lenders who have faced restrictions in making such loans due to tighter regulations.</p>
<div class="lb-trans"><p>近年来，私人信贷行业经历了前所未有的繁荣，非银行贷款人抓住了这一千载难逢的机会，向大型企业提供贷款，并从面临更严格监管的传统华尔街贷款人那里抢占市场份额。</p>
</div><p>The rapid growth of the industry has resulted in asset managers launching ways to bring private credit to ordinary investors. Blue Owl's ability to bring its funds to a liquidity event where investors cash out is important to markets because it could help determine demand for such investments in the future.</p>
<div class="lb-trans"><p>该行业的快速增长导致资产管理公司推出将私人信贷带给普通投资者的方式。Blue Owl 能够将其基金带到流动性事件，使投资者兑现，这对市场至关重要，因为这可能有助于确定未来对这些投资的需求。</p>
</div><p>As of Sept. 30, Blue Owl Capital Corporation II's portfolio includes stakes in 190 companies worth $1.7 billion in aggregate, while OBDC holds investments in 238 companies that are collectively worth $17.1 billion according to a filing.</p>
<div class="lb-trans"><p>截至 9 月 30 日，Blue Owl Capital Corporation II 的投资组合包括 190 家公司的股份，总价值为 17 亿美元，而 OBDC 投资于 238 家公司的投资总价值为 171 亿美元，根据一份文件。</p>
</div><p>&#34;The most accretive way to do it would be to merge (Blue Owl Capital Corporation II) with OBDC - it's the best outcome for shareholders because there's accretion in earnings. If OBDC trades close to book, there's a real possibility that they'll revisit it,&#34; Mitchel Penn, a senior analyst who covers business development companies (BDCs) at Oppenheimer &amp; Co, said in an interview.</p>
<div class="lb-trans"><p>“最有效的方式是将（Blue Owl Capital Corporation II）与 OBDC 合并——这是对股东最好的结果，因为收益会增加。如果 OBDC 的交易接近账面价值，他们很可能会重新考虑，” Oppenheimer &amp; Co 的高级分析师 Mitchel Penn 在一次采访中表示，他负责跟踪商业发展公司（BDC）。</p>
</div><p>Mergers between funds have been fairly common in the private credit industry in recent years. Last year, Carlyle's publicly-traded credit fund Secured Lending struck a deal to take over the firm's private Secured Lending III fund, the firm said. In 2019, Goldman Sachs merged its publicly-traded BDC with its privately-held Middle Market Lending Corp, it saidin a press release.</p>
<div class="lb-trans"><p>近年来，基金之间的合并在私人信贷行业相当普遍。去年，凯雷的公开交易信贷基金 Secured Lending 达成协议，接管该公司的私人 Secured Lending III 基金。2019 年，高盛将其公开交易的 BDC 与其私人持有的中型市场贷款公司合并，发布了新闻稿。</p>
</div>

消息人士表示，Blue Owl 正在考虑重启私募信贷基金的合并计划，这取决于基金的股价表现