<p>尽管近期有一些头条新闻，<strong>富达投资</strong> 在其最新的私人信贷市场 更新 中表示，私人信贷仍然是一个 “引人注目的资产类别”。</p>
<p>在过去的 16 年中，私人信贷迅速增长至约 1.8 万亿美元。在 2000 年代末的全球金融危机之后，更严格的银行监管和复杂的经济环境使银行远离传统的企业贷款。</p>
<p><strong>• 摩根大通的股票表现出有限的波动。 摩根大通的股票将走向何方？</strong></p>
<p>这一差距为资产管理公司创造了巨大的机会，使私人信贷成为公司主要的融资来源，并成为机构和个人投资者的热门新兴资产类别。</p>
<h2><strong>这是否是贷款转变的开始？</strong></h2>
<p>最近，银行和资产管理公司在市场波动期间对其私人信贷投资组合发出了警告或限制了贷款。</p>
<p><strong>摩根大通公司</strong> (NYSE: JPM) 已开始对其私人信贷基金中与软件公司相关的贷款 限制贷款，而 <strong>摩根士丹利</strong> (NYSE: MS) 在投资者寻求从其北港私人收入基金中提取近 11% 的股份后，限制了赎回。</p>
<p><strong>黑石集团</strong> <strong>Inc</strong> (NYSE: BLK) 在赎回请求激增至基金净资产价值的 9.3% 后，限制了赎回 其 260 亿美元的 HPS 企业贷款基金，而 <strong>Cliffwater</strong> 的投资者赎回请求超过了其 330 亿美元的私人信贷旗舰基金的 7%，彭博社报道。</p>
<p>富达解释说，限制基金赎回是有原因的。私人信贷投资组合是围绕计划持有多年的贷款构建的，提前出售资产以满足短期流动性需求最终会损害长期投资者的利益。</p>
<p>“提到限制可能会夸大情况——发生的事情在很大程度上是结构按设计运作。考虑到这些私人 BDC 的性质——主要面向机构投资者——这一事件最好被视为对封闭式结构的有序管理，而不是私人信贷市场更广泛压力的指标，” 富达表示。</p>
<h2><strong>软件公司估值</strong></h2>
<p>私人信贷投资组合中软件公司的估值也成为投资者关注的另一个领域。</p>
<p>根据 MSCI 的数据，软件股票在今年经历了急剧下跌，从年初到 2 月 5 日下降了约 20%。由于担心人工智能会削弱该行业的相关性，估值正在重置。</p>
<p>一些顶级私募股权 CEO 已经 谈及 许多人称之为 “SaaS 末日” 的现象，因为投资者对股票下跌表示担忧。</p>
<p><strong>David Gaito</strong>，富达直接贷款的负责人，承认软件股票的抛售速度显著，即使按历史上波动性较大的科技市场标准来看也是如此，“但我认为软件行业并不会消失，软件的几个领域似乎特别有韧性，” Gaito 说。“此外，软件的当前重置可能最终会创造出比资产被高估并以激进杠杆融资的时期更健康的贷款环境。”</p>
<h2><strong>私人信贷在市场动荡中的韧性</strong></h2>
<p>投资者应认识到 “私人信贷是一种长期的非流动性策略，具有固有风险。虽然短期的干扰可能引起一些担忧，但它们并不一定表明该资产类别存在更大、更结构性的问题。头条新闻中描述的情况似乎是孤立和特有的，” 富达表示。</p>
<p>随着信贷投资组合的成熟，某些公司遇到挑战是正常的。</p>
<p>与流动性信贷经理不同，流动性信贷经理可以快速调整其头寸，私人信贷经理必须依赖其重组策略来应对困难并找到恢复的路径。</p>
<p>私人信贷行业正朝着一个拐点发展。拥有更强大承销流程、明确估值政策和流动性管理的投资组合将具有更大的优势，富达表示。</p>
<p><em>照片：Piotr Swat via Shutterstock</em></p>

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MSSM

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<p>富达投资报告称，尽管近期市场动荡，私人信贷仍然是一个 “引人注目的资产类别”。该领域在 16 年内增长至约 1.8 万亿美元，填补了传统银行留下的空白。近期，摩根大通和摩根士丹利等主要银行对贷款的限制引发了担忧，但富达强调，这些措施是正常基金管理的一部分。该公司认为，尽管存在短期干扰，但并不表明系统性问题，而当前软件估值的重置可能会导致更健康的贷款环境</p>

<p>Private credit remains a &#34;compelling asset class,&#34; despite recent headlines, <strong>Fidelity Investments</strong> said in its most recent private credit market update.</p>
<div class="lb-trans"><p>尽管近期有一些头条新闻，<strong>富达投资</strong> 在其最新的私人信贷市场 更新 中表示，私人信贷仍然是一个 “引人注目的资产类别”。</p>
</div><p>Over the past 16 years, private credit has exploded to roughly $1.8 trillion. After the global financial crisis of the late 2000s, tighter banking regulations and tricky economic conditions pushed banks away from traditional corporate lending.</p>
<div class="lb-trans"><p>在过去的 16 年中，私人信贷迅速增长至约 1.8 万亿美元。在 2000 年代末的全球金融危机之后，更严格的银行监管和复杂的经济环境使银行远离传统的企业贷款。</p>
</div><p><strong>• JPMorgan Chase shares are showing limited movement. Where is JPM stock headed?</strong></p>
<div class="lb-trans"><p><strong>• 摩根大通的股票表现出有限的波动。 摩根大通的股票将走向何方？</strong></p>
</div><p>That gap created a huge opportunity for asset managers, turning private credit into a major funding source for companies and a hot, emerging asset class for both institutional and individual investors.</p>
<div class="lb-trans"><p>这一差距为资产管理公司创造了巨大的机会，使私人信贷成为公司主要的融资来源，并成为机构和个人投资者的热门新兴资产类别。</p>
</div><h2><strong>Is This The Beginning Of A Lending Shift?</strong></h2>
<div class="lb-trans"><h2><strong>这是否是贷款转变的开始？</strong></h2>
</div><p>Recently, banks and asset managers have issued warnings or restricted lending in their private credit portfolios during ripples in the market.</p>
<div class="lb-trans"><p>最近，银行和资产管理公司在市场波动期间对其私人信贷投资组合发出了警告或限制了贷款。</p>
</div><p><strong>JPMorgan Chase &amp; Co.</strong> (NYSE: JPM) has started restricting lending to loans associated with software companies in its private credit funds, while <strong>Morgan Stanley</strong> (NYSE: MS) curbed redemptions after investors sought to withdraw nearly 11% of shares from its North Haven Private Income Fund.</p>
<div class="lb-trans"><p><strong>摩根大通公司</strong> (NYSE: JPM) 已开始对其私人信贷基金中与软件公司相关的贷款 限制贷款，而 <strong>摩根士丹利</strong> (NYSE: MS) 在投资者寻求从其北港私人收入基金中提取近 11% 的股份后，限制了赎回。</p>
</div><p><strong>BlackRock</strong> <strong>Inc</strong> (NYSE: BLK)  limited withdrawals from its $26 billion HPS Corporate Lending Fund after redemption requests surged to 9.3% of the fund’s net asset value and <strong>Cliffwater's</strong> investor redemption requests from its $33 billion private credit flagship fund exceeded 7%, Bloomberg reported.</p>
<div class="lb-trans"><p><strong>黑石集团</strong> <strong>Inc</strong> (NYSE: BLK) 在赎回请求激增至基金净资产价值的 9.3% 后，限制了赎回 其 260 亿美元的 HPS 企业贷款基金，而 <strong>Cliffwater</strong> 的投资者赎回请求超过了其 330 亿美元的私人信贷旗舰基金的 7%，彭博社报道。</p>
</div><p>Fidelity explained that gating a fund exists for a reason. Private credit portfolios are built around loans intended to be held for multiple years, and selling assets prematurely to meet short-term liquidity needs would ultimately harm long-term investors.</p>
<div class="lb-trans"><p>富达解释说，限制基金赎回是有原因的。私人信贷投资组合是围绕计划持有多年的贷款构建的，提前出售资产以满足短期流动性需求最终会损害长期投资者的利益。</p>
</div><p>&#34;References to gates may overstate the situation — what occurred was largely the structure functioning as designed. Given the nature of these private BDCs — which primarily cater to institutional investors — the episode is best viewed as orderly management of a closed-end structure, not as an indicator of broader stress in the private credit market,&#34; Fidelity said.</p>
<div class="lb-trans"><p>“提到限制可能会夸大情况——发生的事情在很大程度上是结构按设计运作。考虑到这些私人 BDC 的性质——主要面向机构投资者——这一事件最好被视为对封闭式结构的有序管理，而不是私人信贷市场更广泛压力的指标，” 富达表示。</p>
</div><h2><strong>Software Company Valuation</strong></h2>
<div class="lb-trans"><h2><strong>软件公司估值</strong></h2>
</div><p>The valuation of software companies in private credit portfolios has also become another area of investor focus.</p>
<div class="lb-trans"><p>私人信贷投资组合中软件公司的估值也成为投资者关注的另一个领域。</p>
</div><p>Software equities saw a sharp drawdown this year, declining approximately 20% from the start of the year through Feb. 5, the MSCI stated. Valuations are resetting amid concerns that artificial intelligence will erode the sector’s relevance.</p>
<div class="lb-trans"><p>根据 MSCI 的数据，软件股票在今年经历了急剧下跌，从年初到 2 月 5 日下降了约 20%。由于担心人工智能会削弱该行业的相关性，估值正在重置。</p>
</div><p>Some of the top private equity CEOs have addressed what many call the “SaaS apocalypse” as investors express concerns about the stock slump.</p>
<div class="lb-trans"><p>一些顶级私募股权 CEO 已经 谈及 许多人称之为 “SaaS 末日” 的现象，因为投资者对股票下跌表示担忧。</p>
</div><p><strong>David Gaito</strong>, head of Fidelity Direct Lending, acknowledges that the speed of the sell-off in software stocks has been notable, even by the standards of historically volatile technology markets, &#34;But I don't think the software industry is disappearing, and several areas of software appear particularly resilient,&#34; Gaito says. &#34;Moreover, the current reset in software may ultimately create a healthier lending environment than what has prevailed in periods where assets were overvalued and financed with aggressive leverage.&#34;</p>
<div class="lb-trans"><p><strong>David Gaito</strong>，富达直接贷款的负责人，承认软件股票的抛售速度显著，即使按历史上波动性较大的科技市场标准来看也是如此，“但我认为软件行业并不会消失，软件的几个领域似乎特别有韧性，” Gaito 说。“此外，软件的当前重置可能最终会创造出比资产被高估并以激进杠杆融资的时期更健康的贷款环境。”</p>
</div><h2><strong>Private Credit’s Resilience During Market Turmoil</strong></h2>
<div class="lb-trans"><h2><strong>私人信贷在市场动荡中的韧性</strong></h2>
</div><p>Investors should recognize that &#34;private credit is a long-term illiquid strategy with inherent risk. While short-term disruptions can be cause for some concern, they are not necessarily indicative of larger, more structural problems with the asset class. The situations described in the headlines appear to be isolated and idiosyncratic,&#34; Fidelity stated.</p>
<div class="lb-trans"><p>投资者应认识到 “私人信贷是一种长期的非流动性策略，具有固有风险。虽然短期的干扰可能引起一些担忧，但它们并不一定表明该资产类别存在更大、更结构性的问题。头条新闻中描述的情况似乎是孤立和特有的，” 富达表示。</p>
</div><p>As a credit portfolio matures, it's normal for certain companies to encounter challenges.</p>
<div class="lb-trans"><p>随着信贷投资组合的成熟，某些公司遇到挑战是正常的。</p>
</div><p>Unlike liquid credit managers, who can quickly adjust their positions, private credit managers must rely on their workout strategies to navigate difficulties and chart a path to recovery.</p>
<div class="lb-trans"><p>与流动性信贷经理不同，流动性信贷经理可以快速调整其头寸，私人信贷经理必须依赖其重组策略来应对困难并找到恢复的路径。</p>
</div><p>The private credit sector is moving towards an inflection point. Portfolios with a more robust underwriting process, clear valuation policies and liquidity management will have a greater advantage, Fidelity stated.</p>
<div class="lb-trans"><p>私人信贷行业正朝着一个拐点发展。拥有更强大承销流程、明确估值政策和流动性管理的投资组合将具有更大的优势，富达表示。</p>
</div><p><em>Photo: Piotr Swat via Shutterstock</em></p>
<div class="lb-trans"><p><em>照片：Piotr Swat via Shutterstock</em></p>
</div>

Fidelity Sees Calm During Private Credit Frenzy, 'Remains A Compelling Asset Class'

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富达在私人信贷狂潮中保持冷静，‘仍然是一个具有吸引力的资产类别’