<p>/PRNewswire/ -- 曾经高飞的私人信贷现在面临显著的结构性风险，产品的推广方式可能会误导人们对该领域波动性的理解，DoubleLine 的 Robert Cohen, CFA®，全球发达信用总监，以及客户投资组合管理经理 Chris Stegemann 提出了警告。</p>
<p>他们的新论文《私人信贷中的波动性洗涤：当平稳回报掩盖了晚周期信用环境中的真实风险》可以在这里找到：https://doubleline.com/wp-content/uploads/DoubleLine-Volatility-Laundering-in-Private-Credit_02-2026.pdf</p>
<p>Cohen 先生和 Stegemann 先生首先回顾了疫情期间的环境，这促使一些借款人从公共信贷转向私人信贷，并由此产生了显著的阿尔法生成机会。他们接着分析了私人信贷组成的演变，这导致了如今晚周期环境中低信用质量和高度集中化的特征。他们写道：“DoubleLine 认为，选择留在私人市场的公司往往是风险更高的信贷。否则，他们为什么愿意通过更昂贵的选项融资，如果不是因为需要与单一借款人关系所带来的灵活性？”</p>
<p>Cohen 先生和 Stegemann 先生还讨论了用于推广私人信贷的营销策略，这些策略可能会误导人们对该领域波动性的理解，包括对 “流动性溢价” 的声称。他们警告投资者：“在评估今天的私人信贷与公共信贷时，应该重新校准他们的预期，特别是在阿尔法生成和晚周期的视角下。”</p>
<p>Cohen 先生于 2012 年加入 DoubleLine。他是投资组合经理和全球发达信用组的总监。Cohen 先生负责该组在投资级、高收益（HY）和银行贷款企业信用市场的投资活动。他还领导公司的担保贷款义务（CLO）发行工作。Cohen 先生是机会收入、收入解决方案、低期限、CLO 和浮动利率策略的投资组合经理。Cohen 先生是固定收益资产配置委员会的永久成员。在加入 DoubleLine 之前，Cohen 先生曾是 West Gate Horizons Advisors（及其前身 ING Capital Advisors）的高级信用分析师，负责银行贷款和高收益债券的分析。在 ING 之前，他是联合银行资产管理组的助理副总裁，管理 CLO 和银行贷款投资组合。在联合银行之前，他是蒙特利尔银行自然资源组的企业和投资银行副主任。Cohen 先生拥有亚利桑那大学的经济学学士学位和南加州大学的 MBA 学位。他是 CFA® 持证人。</p>
<p>Stegemann 先生于 2017 年加入 DoubleLine。他是客户投资组合经理和客户投资组合管理团队的经理。在此职位上，Stegemann 先生负责通过客户互动、发布市场评论和专门的策略内容，传达 DoubleLine 的宏观经济观点和投资组合定位，重点关注 DoubleLine 的固定收益资产配置策略。在加入 DoubleLine 之前，Stegemann 先生曾在 Putnam Investments 从事共同基金分销。他拥有 Elon University 的 Martha &amp; Spencer Love 商学院的金融学学士学位，并辅修会计和经济学。Stegemann 先生持有 FINRA 第 3、6、7 和 63 号执照。</p>
<p><strong>关于 DoubleLine</strong></p>
<p>DoubleLine Capital LP 是根据 1940 年投资顾问法注册的投资顾问。DoubleLine 的办公室可以通过电话 (813) 791-7333 或电子邮件 [email protected] 联系。除了位于佛罗里达州坦帕的总部和洛杉矶的办公室外，DoubleLine 还在迪拜、伦敦和东京设有办公室。媒体可以通过电子邮件 [email protected] 联系 DoubleLine。</p>
<p>DoubleLine® 是 DoubleLine Capital LP 的注册商标。</p>
<p>来源 DoubleLine</p>
<p><img src="https://imageproxy.pbkrs.com/https://rt.prnewswire.com/rt.gif/query-RGF0ZUlkPTIwMjYwMjEwJk5ld3NJdGVtSWQ9TEE4NDQ1OCZUcmFuc21pc3Npb25fSWQ9MjAyNjAyMTAwNzMwUFJfTkVXU19VU1BSX19fX19MQTg0NDU4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://rt.prnewswire.com/rt.gif/query-RGF0ZUlkPTIwMjYwMjEwJk5ld3NJdGVtSWQ9TEE4NDQ1OCZUcmFuc21pc3Npb25fSWQ9MjAyNjAyMTAwNzMwUFJfTkVXU19VU1BSX19fX19MQTg0NDU4"/></p>

<p>DoubleLine 的 Robert Cohen 和 Chris Stegemann 强调了晚周期私人信贷中的重大结构性风险，警告营销策略可能会误导波动性。他们的论文讨论了疫情期间从公共信贷转向私人信贷的变化，这导致了信用质量下降和风险集中。他们建议投资者重新调整对私人信贷与公共信贷的阿尔法生成预期，强调在当前环境中需要谨慎</p>

<p>, /PRNewswire/ -- Formerly high-flying private credit is now marked by significant structural risks with products being promoted in ways that can misrepresent the volatility of the space, caution DoubleLine's Robert Cohen, CFA®, Director of Global Developed Credit, and Chris Stegemann, Manager of Client Portfolio Management.</p>
<div class="lb-trans"><p>/PRNewswire/ -- 曾经高飞的私人信贷现在面临显著的结构性风险，产品的推广方式可能会误导人们对该领域波动性的理解，DoubleLine 的 Robert Cohen, CFA®，全球发达信用总监，以及客户投资组合管理经理 Chris Stegemann 提出了警告。</p>
</div><p>Their new paper, &#34;Volatility Laundering in Private Credit: When Smooth Returns Hide Real Risk in the Late-Cycle Credit Environment&#34; can be found here: https://doubleline.com/wp-content/uploads/DoubleLine-Volatility-Laundering-in-Private-Credit_02-2026.pdf</p>
<div class="lb-trans"><p>他们的新论文《私人信贷中的波动性洗涤：当平稳回报掩盖了晚周期信用环境中的真实风险》可以在这里找到：https://doubleline.com/wp-content/uploads/DoubleLine-Volatility-Laundering-in-Private-Credit_02-2026.pdf</p>
</div><p>Messrs. Cohen and Stegemann begin with a look back at the pandemic-era environment that encouraged some borrowers to move from public credit to private credit and resultant significant alpha-generation opportunities. They then break down the progression of the composition of private credit that has resulted in the low credit quality and highly concentrated nature that mark the space in today's late-cycle environment. &#34;DoubleLine believes that the companies that chose to remain in the private markets tend to be riskier credits,&#34; they write. &#34;Why else would they be willing to finance through the more expensive option if not for needing the flexibility that comes with having a one-on-one borrower relationship?&#34;</p>
<div class="lb-trans"><p>Cohen 先生和 Stegemann 先生首先回顾了疫情期间的环境，这促使一些借款人从公共信贷转向私人信贷，并由此产生了显著的阿尔法生成机会。他们接着分析了私人信贷组成的演变，这导致了如今晚周期环境中低信用质量和高度集中化的特征。他们写道：“DoubleLine 认为，选择留在私人市场的公司往往是风险更高的信贷。否则，他们为什么愿意通过更昂贵的选项融资，如果不是因为需要与单一借款人关系所带来的灵活性？”</p>
</div><p>Messrs. Cohen and Stegemann also discuss marketing strategies used to promote private credit that can misrepresent the space's volatility, including claims of an &#34;illiquidity premium.&#34; Investors should &#34;recalibrate their expectations when assessing private versus public credit today,&#34; they warn, &#34;particularly from an alpha-generation and late-cycle perspective.&#34;</p>
<div class="lb-trans"><p>Cohen 先生和 Stegemann 先生还讨论了用于推广私人信贷的营销策略，这些策略可能会误导人们对该领域波动性的理解，包括对 “流动性溢价” 的声称。他们警告投资者：“在评估今天的私人信贷与公共信贷时，应该重新校准他们的预期，特别是在阿尔法生成和晚周期的视角下。”</p>
</div><p>Mr. Cohen joined DoubleLine in 2012. He is a Portfolio Manager and Director of the Global Developed Credit Group. Mr. Cohen oversees the group's investment activities in investment grade, high yield (HY) and bank loan corporate credit markets. He also leads the collateralized loan obligation (CLO) issuance effort at the firm. Mr. Cohen is a Portfolio Manager for the Opportunistic Income, Income Solutions, Low Duration, CLO and Floating Rate strategies. Mr. Cohen is a permanent member of the Fixed Income Asset Allocation Committee. Prior to DoubleLine, Mr. Cohen was a Senior Credit Analyst at West Gate Horizons Advisors (and its predecessor, ING Capital Advisors), where he worked as an Analyst covering bank loans and HY bonds. Prior to ING, he was an Assistant Vice President in the Asset Management Group of Union Bank, where he managed CLO and bank loan portfolios. Prior to Union Bank, he was an Associate Director of Corporate and Investment Banking at the Bank of Montreal in its Natural Resources Group. Mr. Cohen holds a B.A. in Economics from the University of Arizona and an MBA from the University of Southern California. He is a CFA® charterholder.</p>
<div class="lb-trans"><p>Cohen 先生于 2012 年加入 DoubleLine。他是投资组合经理和全球发达信用组的总监。Cohen 先生负责该组在投资级、高收益（HY）和银行贷款企业信用市场的投资活动。他还领导公司的担保贷款义务（CLO）发行工作。Cohen 先生是机会收入、收入解决方案、低期限、CLO 和浮动利率策略的投资组合经理。Cohen 先生是固定收益资产配置委员会的永久成员。在加入 DoubleLine 之前，Cohen 先生曾是 West Gate Horizons Advisors（及其前身 ING Capital Advisors）的高级信用分析师，负责银行贷款和高收益债券的分析。在 ING 之前，他是联合银行资产管理组的助理副总裁，管理 CLO 和银行贷款投资组合。在联合银行之前，他是蒙特利尔银行自然资源组的企业和投资银行副主任。Cohen 先生拥有亚利桑那大学的经济学学士学位和南加州大学的 MBA 学位。他是 CFA® 持证人。</p>
</div><p>Mr. Stegemann joined DoubleLine in 2017. He is a Client Portfolio Manager and Manager of the Client Portfolio Management team. In this capacity, Mr. Stegemann is responsible for communicating DoubleLine's macroeconomic views and portfolio positioning via client engagement, published market commentary and dedicated strategy content, with a focus on DoubleLine's Fixed Income Asset Allocation strategies. Prior to DoubleLine, Mr. Stegemann was in mutual fund distribution for Putnam Investments. He holds a B.S. in Finance and minors in Accounting and Economics from Elon University's Martha &amp; Spencer Love School of Business. Mr. Stegemann holds the FINRA Series 3, 6, 7 and 63 licenses.</p>
<div class="lb-trans"><p>Stegemann 先生于 2017 年加入 DoubleLine。他是客户投资组合经理和客户投资组合管理团队的经理。在此职位上，Stegemann 先生负责通过客户互动、发布市场评论和专门的策略内容，传达 DoubleLine 的宏观经济观点和投资组合定位，重点关注 DoubleLine 的固定收益资产配置策略。在加入 DoubleLine 之前，Stegemann 先生曾在 Putnam Investments 从事共同基金分销。他拥有 Elon University 的 Martha &amp; Spencer Love 商学院的金融学学士学位，并辅修会计和经济学。Stegemann 先生持有 FINRA 第 3、6、7 和 63 号执照。</p>
</div><p><strong>About DoubleLine</strong></p>
<div class="lb-trans"><p><strong>关于 DoubleLine</strong></p>
</div><p>DoubleLine Capital LP is an investment adviser registered under the Investment Advisers Act of 1940. DoubleLine's offices can be reached by telephone at (813) 791-7333 or by email at [email protected]. In addition to its headquarters in Tampa, Fla., and an office in Los Angeles, DoubleLine has offices in Dubai, London and Tokyo. Media can reach DoubleLine by email at [email protected].</p>
<div class="lb-trans"><p>DoubleLine Capital LP 是根据 1940 年投资顾问法注册的投资顾问。DoubleLine 的办公室可以通过电话 (813) 791-7333 或电子邮件 [email protected] 联系。除了位于佛罗里达州坦帕的总部和洛杉矶的办公室外，DoubleLine 还在迪拜、伦敦和东京设有办公室。媒体可以通过电子邮件 [email protected] 联系 DoubleLine。</p>
</div><p>DoubleLine® is a registered trademark of DoubleLine Capital LP.</p>
<div class="lb-trans"><p>DoubleLine® 是 DoubleLine Capital LP 的注册商标。</p>
</div><p>SOURCE DoubleLine</p>
<div class="lb-trans"><p>来源 DoubleLine</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://rt.prnewswire.com/rt.gif/query-RGF0ZUlkPTIwMjYwMjEwJk5ld3NJdGVtSWQ9TEE4NDQ1OCZUcmFuc21pc3Npb25fSWQ9MjAyNjAyMTAwNzMwUFJfTkVXU19VU1BSX19fX19MQTg0NDU4" alt="" original-src="https://rt.prnewswire.com/rt.gif?NewsItemId=LA84458&amp;Transmission_Id=202602100730PR_NEWS_USPR_____LA84458&amp;DateId=20260210"/></p>

07:30 ET DoubleLine 审查晚周期私人信贷中的实际风险