<p>私人信贷已成为华尔街最热门的交易之一。现在，它可能面临首次真正的压力测试。</p>
<p><strong>贝莱德公司</strong> (NYSE: BLK) 最近限制了其 260 亿美元 HPS 企业贷款基金的提款，因为赎回请求激增至基金净资产价值的约 9.3%，《金融时报》报道。该资产管理公司批准了约 6.2 亿美元的赎回，达到了允许基金限制额外提款的 5% 季度阈值。</p>
<p>这一举动突显了快速增长的私人信贷行业内部的结构性紧张。</p>
<h2>私人信贷的流动性问题</h2>
<p>半流动性的私人信贷基金吸引了数千亿美元的富裕个人和寻求更高收益的散户投资者。</p>
<p>但随着赎回的增加，该行业的流动性不匹配问题引起了关注。投资者可以请求提款。然而，基础贷款的设计是要持有多年。</p>
<p>近期压力也在加大。企业借款人违约——包括去年汽车零部件供应商的失败——动摇了市场。<strong>黑石集团</strong> (NYSE: BX)、<strong>阿波罗全球管理公司</strong> (NYSE: APO) 和 <strong>KKR 集团</strong> (NYSE: KKR) 管理的基金的投资组合减值加剧了投资者的担忧。</p>
<p>现在，贝莱德限制提款的决定可能会使其他拥有大型私人信贷业务的公共资产管理公司受到更严格的审查。</p>
<h2>华尔街的贷款巨头</h2>
<p>像黑石、阿波罗和 KKR 这样的公司在过去十年中积极扩展私人信贷业务。</p>
<p>这一策略帮助私人贷款市场发展成为一个万亿美元的市场。它填补了金融危机后银行撤回企业贷款所留下的空白。</p>
<p>目前，该行业内部出现了分歧的迹象。黑石最近满足了其 820 亿美元私人信贷工具的所有赎回请求，即使提款有所增加。</p>
<p>尽管如此，贝莱德的举动突显了一个更广泛的现实。私人信贷可能提供有吸引力的收益。但流动性——尤其是在压力时期——从来都不是保证的。</p>
<p><em>照片：照片机构/Shutterstock</em></p>

KKR-D

贝莱德

黑石抵押信托

KKR集团

黑石集团

全球上市私募股权 ETF - ProShares

<p>贝莱德因赎回请求增加，已限制其 260 亿美元的私人信贷基金的赎回，这引发了对私人信贷市场流动性风险的担忧。这一举措引起了对其他主要参与者如黑石、Apollo 和 KKR 的关注，他们也在私人信贷领域进行了扩展。尽管黑石已成功满足其基金的所有赎回请求，但这一情况突显了行业面临的流动性挑战，尤其是在企业违约和市场压力加剧的背景下</p>

<p>Private credit has become one of Wall Street's hottest trades. Now it may be facing its first real stress test.</p>
<div class="lb-trans"><p>私人信贷已成为华尔街最热门的交易之一。现在，它可能面临首次真正的压力测试。</p>
</div><p><strong>BlackRock, Inc.</strong> (NYSE: BLK) recently limited withdrawals from its $26 billion HPS Corporate Lending Fund after redemption requests surged to roughly 9.3% of the fund's net asset value, reported The Financial Times. The asset manager approved about $620 million in redemptions, hitting a 5% quarterly threshold that allows the fund to restrict additional withdrawals.</p>
<div class="lb-trans"><p><strong>贝莱德公司</strong> (NYSE: BLK) 最近限制了其 260 亿美元 HPS 企业贷款基金的提款，因为赎回请求激增至基金净资产价值的约 9.3%，《金融时报》报道。该资产管理公司批准了约 6.2 亿美元的赎回，达到了允许基金限制额外提款的 5% 季度阈值。</p>
</div><p>The move highlights a structural tension inside the fast-growing private credit industry.</p>
<div class="lb-trans"><p>这一举动突显了快速增长的私人信贷行业内部的结构性紧张。</p>
</div><h2>Private Credit's Liquidity Question</h2>
<div class="lb-trans"><h2>私人信贷的流动性问题</h2>
</div><p>Semi-liquid private credit funds have attracted hundreds of billions of dollars from wealthy individuals and retail investors searching for higher yields.</p>
<div class="lb-trans"><p>半流动性的私人信贷基金吸引了数千亿美元的富裕个人和寻求更高收益的散户投资者。</p>
</div><p>But as redemptions rise, the industry's liquidity mismatch is drawing scrutiny. Investors can request withdrawals. The underlying loans, however, are designed to be held for years.</p>
<div class="lb-trans"><p>但随着赎回的增加，该行业的流动性不匹配问题引起了关注。投资者可以请求提款。然而，基础贷款的设计是要持有多年。</p>
</div><p>Recent stress has also been building. Corporate borrower defaults — including failures among auto-parts suppliers last year — rattled the market. Portfolio write-downs at funds run by <strong>Blackstone Inc.</strong> (NYSE: BX), <strong>Apollo Global Management, Inc.</strong> (NYSE: APO) and <strong>KKR &amp; Co. Inc.</strong> (NYSE: KKR) have added to investor concerns.</p>
<div class="lb-trans"><p>近期压力也在加大。企业借款人违约——包括去年汽车零部件供应商的失败——动摇了市场。<strong>黑石集团</strong> (NYSE: BX)、<strong>阿波罗全球管理公司</strong> (NYSE: APO) 和 <strong>KKR 集团</strong> (NYSE: KKR) 管理的基金的投资组合减值加剧了投资者的担忧。</p>
</div><p>Now BlackRock's decision to cap withdrawals could put other public asset managers with large private credit businesses under closer scrutiny.</p>
<div class="lb-trans"><p>现在，贝莱德限制提款的决定可能会使其他拥有大型私人信贷业务的公共资产管理公司受到更严格的审查。</p>
</div><h2>Wall Street's Lending Giants</h2>
<div class="lb-trans"><h2>华尔街的贷款巨头</h2>
</div><p>Companies such as Blackstone, Apollo and KKR have expanded aggressively into private credit over the past decade.</p>
<div class="lb-trans"><p>像黑石、阿波罗和 KKR 这样的公司在过去十年中积极扩展私人信贷业务。</p>
</div><p>The strategy has helped turn private lending into a trillion-dollar market. It filled the gap left when banks pulled back from corporate lending after the financial crisis.</p>
<div class="lb-trans"><p>这一策略帮助私人贷款市场发展成为一个万亿美元的市场。它填补了金融危机后银行撤回企业贷款所留下的空白。</p>
</div><p>For now, there are signs of divergence within the industry. Blackstone recently fulfilled all redemption requests from its own $82 billion private credit vehicle, even as withdrawals increased.</p>
<div class="lb-trans"><p>目前，该行业内部出现了分歧的迹象。黑石最近满足了其 820 亿美元私人信贷工具的所有赎回请求，即使提款有所增加。</p>
</div><p>Still, BlackRock's move highlights a broader reality. Private credit may offer attractive yields. But liquidity — especially during periods of stress — is never guaranteed.</p>
<div class="lb-trans"><p>尽管如此，贝莱德的举动突显了一个更广泛的现实。私人信贷可能提供有吸引力的收益。但流动性——尤其是在压力时期——从来都不是保证的。</p>
</div><p><em>Photo: Photo Agency/Shutterstock</em></p>
<div class="lb-trans"><p><em>照片：照片机构/Shutterstock</em></p>
</div>

贝莱德退缩了——现在所有人都在关注黑石集团、Apollo Global 和 KKR 集团