<p>近期，私募信贷市场遭遇了一段困难时期，投资者情绪减弱以及非交易型商业发展公司（BDC）赎回请求增加，显示出日益加剧的压力。</p>
<p><strong>Michael Lebowitz</strong>，RIA Advisors 的投资组合经理，认为围绕私募信贷的 “混乱和负面报道” 使该领域的强者和弱者都受到拖累。</p>
<p>“对私募信贷基金的负面情绪拖累了许多高质量的 BDC，以及一些较弱的 BDC。围绕私募信贷基金的混乱和负面报道并不是避免 BDC 的理由。事实上，我们认为这正是考虑投资的理由，” Lebowitz 在 X 上写道。</p>
<p>根据美国银行最近的一份报告，PitchBook 引用称，BDC 的赎回活动将在 2026 年第二季度达到最高点，此前第一季度的赎回水平创下纪录。</p>
<p>由于 “顾问对比例的反应请求超过所需”，赎回活动将在第二季度继续增加，这使得大多数 BDC 的赎回限制约为 5%。因此，报告指出，一些投资者预计将尝试收回上一季度未满足的赎回请求。</p>
<p><strong>另请阅读：</strong>
<strong>Cramer 对私募股权施加压力：‘你必须卖掉一些东西’</strong></p>
<p>分析师预计，市场将在第三季度继续面临较高的赎回压力，随后在第四季度缓解。然而，预计全年所有跟踪的 BDC 的赎回水平仍将高于典型的 5% 上限。</p>
<p>分析师还表示，他们预计零售另类基金的流入将从四月的低点回升，他们认为这主要是由于 “私募信贷的错误信息和伊朗冲突”。</p>
<h2>第二季度基金预期</h2>
<p>报告概述了几只主要私募信贷基金在第二季度的赎回水平预期：</p>
<ul>
<li><strong>Apollo Debt Solutions:</strong> 第一季度赎回率为 11.2%，预计第二季度赎回率将上升至 15%</li>
<li><strong>Ares Strategic Income Fund:</strong> 第一季度赎回率为 11.6%，预计第二季度赎回率为 14%</li>
<li><strong>Blackstone BCRED</strong>: 预计第二季度赎回率将达到 12%，高于第一季度的 7.9%。报告指出，BCRED 在同行中记录了最低的第一季度赎回率，并且是唯一没有限制赎回的主要私募 BDC，尽管分析师预计它将在第二季度实施限制</li>
<li><strong>HPS HLEND:</strong> 预计第二季度将增加至 13%，高于第一季度的 9.3%</li>
<li>对于 Blue Owl 的两只非交易型 BDC：Blue Owl OCIC 预计第二季度为 28.5%，高于 21.9%；Blue Owl OTIC 预计将上升至 52.9%，相比第一季度的 40.7%。</li>
</ul>
<p>尽管面临这种背景，BofA 分析师对 <strong>Apollo Global</strong> (NYSE: APO)、<strong>Ares Management</strong> (NYSE: ARES)、<strong>Blackstone</strong> (NYSE: BX)、<strong>KKR &amp; Co.</strong> (NYSE: KKR) 和 <strong>Blue Owl Capital</strong> (NYSE: OWL) 维持了买入评级，称赞它们在私人财富分销渠道的长期建设。</p>
<p>报告还指出，四月份大多数基金的私募信贷销售环比下降超过 50%，分析师部分归因于媒体的高度关注。</p>
<p>另外，今年早些时候宣布，美国银行承诺将其 250 亿美元的资金用于 私募信贷投资， 以此扩展其当前的直接贷款活动。</p>
<p>该银行打算通过其资本市场部门，即其投资银行部门的一部分，来获取这些交易。</p>
<p>其他银行也已向私募信贷领域承诺了资金。</p>
<p>在九月份，花旗集团 与 Apollo Global Management 达成战略合作，推出 250 亿美元的私募信贷和直接贷款计划。同月，富国银行 宣布 与 Centerbridge 建立合作关系，专注于向非赞助的北美中型市场公司提供直接贷款。Overland 的目标是筹集至少 50 亿美元的可投资资本，其中包括 25 亿美元的股权承诺。</p>
<p><em>图片：使用 ChatGPT 创建的 AI 图像</em></p>
<p><strong>另请阅读：</strong>
<strong>韦恩斯坦的 ‘购买悲观’ 交易在 Blue Owl 招标中失利</strong></p>

美国银行

富国 BDC 指数 ETF - VanEck Vectors

PBDC

全球上市私募股权 ETF - ProShares

<p>私募信贷行业面临挑战，非交易型商业发展公司（BDC）的赎回请求增加，表明市场压力加大。投资组合经理迈克尔·莱博维茨（Michael Lebowitz）表示，负面情绪影响了强弱 BDC，但他认为该行业仍有潜在价值。美国银行的一份报告预测，赎回水平将在 2026 年第二季度达到峰值，预计第三季度仍将面临较大压力。尽管动荡，分析师对多家公司维持买入评级，而美国银行已承诺向私募信贷投资投入 250 亿美元，其他银行也开始进入该领域</p>

<p>The private‑credit market has hit a rough patch in recent months, with weakening investor sentiment and rising redemption requests at non‑traded business development companies (BDCs) signaling mounting stress.</p>
<div class="lb-trans"><p>近期，私募信贷市场遭遇了一段困难时期，投资者情绪减弱以及非交易型商业发展公司（BDC）赎回请求增加，显示出日益加剧的压力。</p>
</div><p><strong>Michael Lebowitz,</strong> a portfolio manager at RIA Advisors, believes that the &#34;chaos and bad press&#34; surrounding private credit has dragged down both strong and weak players in the sector.</p>
<div class="lb-trans"><p><strong>Michael Lebowitz</strong>，RIA Advisors 的投资组合经理，认为围绕私募信贷的 “混乱和负面报道” 使该领域的强者和弱者都受到拖累。</p>
</div><p>&#34;The poor sentiment toward private credit funds has dragged down many high-quality BDCs, as well as weaker ones. The chaos and bad press surrounding private credit funds are not reasons to avoid BDCs. In fact, we think it's a reason to consider it,&#34; Lebowitz wrote on X.</p>
<div class="lb-trans"><p>“对私募信贷基金的负面情绪拖累了许多高质量的 BDC，以及一些较弱的 BDC。围绕私募信贷基金的混乱和负面报道并不是避免 BDC 的理由。事实上，我们认为这正是考虑投资的理由，” Lebowitz 在 X 上写道。</p>
</div><p>According to a recent Bank of America report as cited by PitchBook, redemption activity in BDCs will reach its highest point in the second quarter of 2026, following record levels seen in the first quarter.</p>
<div class="lb-trans"><p>根据美国银行最近的一份报告，PitchBook 引用称，BDC 的赎回活动将在 2026 年第二季度达到最高点，此前第一季度的赎回水平创下纪录。</p>
</div><p>The increase will continue into the second quarter as &#34;advisors request more than needed in reaction to the prorations,&#34; which capped withdrawals at roughly 5% across most BDCs. As a result, some investors are expected to attempt to recover unmet redemption requests from the prior quarter, the report stated.</p>
<div class="lb-trans"><p>由于 “顾问对比例的反应请求超过所需”，赎回活动将在第二季度继续增加，这使得大多数 BDC 的赎回限制约为 5%。因此，报告指出，一些投资者预计将尝试收回上一季度未满足的赎回请求。</p>
</div><p><strong>Read Also:</strong>
<strong>Cramer Puts Pressure On Private Equity: 'You Gotta Sell Something'</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>Cramer 对私募股权施加压力：‘你必须卖掉一些东西’</strong></p>
</div><p>Analysts expect the market will continue to see elevated redemption pressure into Q3, before easing in Q4. However, redemption levels are still projected to remain above the typical 5% cap for all tracked BDCs throughout the year.</p>
<div class="lb-trans"><p>分析师预计，市场将在第三季度继续面临较高的赎回压力，随后在第四季度缓解。然而，预计全年所有跟踪的 BDC 的赎回水平仍将高于典型的 5% 上限。</p>
</div><p>The analysts also said they expect retail alternative-fund inflows to pick up from April's low point, which they say was due to &#34;private credit misinformation and the Iran conflict.&#34;</p>
<div class="lb-trans"><p>分析师还表示，他们预计零售另类基金的流入将从四月的低点回升，他们认为这主要是由于 “私募信贷的错误信息和伊朗冲突”。</p>
</div><h2>Projected Fund Expectations In Q2</h2>
<div class="lb-trans"><h2>第二季度基金预期</h2>
</div><p>The report outlined projected Q2 redemption levels across several major private credit funds:</p>
<div class="lb-trans"><p>报告概述了几只主要私募信贷基金在第二季度的赎回水平预期：</p>
</div><ul>
<li><strong>Apollo Debt Solutions:</strong> saw redemption of 11.2% in Q1, expected redemptions would rise to 15% in Q2</li>
<li><strong>Ares Strategic Income Fund:</strong> saw redemptions of 11.6% in Q1, expected redemptions are projected at 14% in Q2</li>
<li><strong>Blackstone BCRED</strong>: redemptions are expected to reach 12% in Q2, up from 7.9% in Q1. The report stated that BCRED recorded the lowest Q1 redemption rate among peers and was the only major private BDC that did not restrict withdrawals, though the analysts expect it to implement limits in Q2</li>
<li><strong>HPS HLEND:</strong> forecast to increase to 13% in Q2, from 9.3% in Q1</li>
<li>For Blue Owls two non-traded BDCs: Blue Owl OCIC is projected at 28.5% in Q2, up from 21.9% and Blue Owl OTIC is expected to rise to 52.9% in Q2, compared with 40.7% in Q1</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Apollo Debt Solutions:</strong> 第一季度赎回率为 11.2%，预计第二季度赎回率将上升至 15%</li>
<li><strong>Ares Strategic Income Fund:</strong> 第一季度赎回率为 11.6%，预计第二季度赎回率为 14%</li>
<li><strong>Blackstone BCRED</strong>: 预计第二季度赎回率将达到 12%，高于第一季度的 7.9%。报告指出，BCRED 在同行中记录了最低的第一季度赎回率，并且是唯一没有限制赎回的主要私募 BDC，尽管分析师预计它将在第二季度实施限制</li>
<li><strong>HPS HLEND:</strong> 预计第二季度将增加至 13%，高于第一季度的 9.3%</li>
<li>对于 Blue Owl 的两只非交易型 BDC：Blue Owl OCIC 预计第二季度为 28.5%，高于 21.9%；Blue Owl OTIC 预计将上升至 52.9%，相比第一季度的 40.7%。</li>
</ul>
</div><p>Despite this backdrop, the BofA analysts maintained buy ratings on <strong>Apollo Global</strong> (NYSE: APO), <strong>Ares Management</strong> (NYSE: ARES), <strong>Blackstone</strong> (NYSE: BX), <strong>KKR &amp; Co.</strong> (NYSE: KKR), and <strong>Blue Owl Capital</strong> (NYSE: OWL), citing their long-running buildout in the private-wealth distribution channel.</p>
<div class="lb-trans"><p>尽管面临这种背景，BofA 分析师对 <strong>Apollo Global</strong> (NYSE: APO)、<strong>Ares Management</strong> (NYSE: ARES)、<strong>Blackstone</strong> (NYSE: BX)、<strong>KKR &amp; Co.</strong> (NYSE: KKR) 和 <strong>Blue Owl Capital</strong> (NYSE: OWL) 维持了买入评级，称赞它们在私人财富分销渠道的长期建设。</p>
</div><p>The report also notes that private credit sales declined by more than 50% month-over-month across most funds in April, which analysts partially attribute to heightened media scrutiny.</p>
<div class="lb-trans"><p>报告还指出，四月份大多数基金的私募信贷销售环比下降超过 50%，分析师部分归因于媒体的高度关注。</p>
</div><p>Separately, it was announced earlier this year that BofA has pledged $25 billion of its own funds toward private-credit investments, building on its current direct-lending activities.</p>
<div class="lb-trans"><p>另外，今年早些时候宣布，美国银行承诺将其 250 亿美元的资金用于 私募信贷投资， 以此扩展其当前的直接贷款活动。</p>
</div><p>The bank intends to source these transactions through its capital-markets unit, a division within its investment-banking arm.</p>
<div class="lb-trans"><p>该银行打算通过其资本市场部门，即其投资银行部门的一部分，来获取这些交易。</p>
</div><p>Other banks have committed capital toward the private credit sector.</p>
<div class="lb-trans"><p>其他银行也已向私募信贷领域承诺了资金。</p>
</div><p>In September, Citigroup entered into a strategic partnership with Apollo Global Management to launch a $25 billion private credit and direct lending program. That same month, Wells Fargo announced its partnership with Centerbridge, which was focused on direct lending to non-sponsor North American middle market companies. Overland was targeting a minimum of $5 billion in investible capital, including $2.5 billion in equity commitments for the strategy.</p>
<div class="lb-trans"><p>在九月份，花旗集团 与 Apollo Global Management 达成战略合作，推出 250 亿美元的私募信贷和直接贷款计划。同月，富国银行 宣布 与 Centerbridge 建立合作关系，专注于向非赞助的北美中型市场公司提供直接贷款。Overland 的目标是筹集至少 50 亿美元的可投资资本，其中包括 25 亿美元的股权承诺。</p>
</div><p><em>Image: AI image created using ChatGPT</em></p>
<div class="lb-trans"><p><em>图片：使用 ChatGPT 创建的 AI 图像</em></p>
</div><p><strong>Read Also:</strong>
<strong>Weinstein's 'Buying Pessimism' Trade Falls Flat On Blue Owl Tender</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>韦恩斯坦的 ‘购买悲观’ 交易在 Blue Owl 招标中失利</strong></p>
</div>

'Chaos And Bad Press' Roil Private Credit — And Bulls Smell Value

- 私募信贷市场近期面临压力，投资者情绪疲弱，赎回请求上升。  
- 美银报告显示，2026 年第二季度 BDC 赎回活动将达到历史高点。  
- 分析师预计，市场将持续承压，零售另类基金流入可能回升。

benzinga_article

Putnam BDC Income ETF

Apollo Global

ARES Management LP

黑石集团

KKR集团

Blue Owl Capital

花旗

富国银行

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

APOLLO GLOBAL MANAGEMENT INC 6.75% CONV PFD STK SER A

Apollo Global Management Pref Share APO 7.625 09/15/53

ARES MANAGEMENT CORPORATION 6.75% MAN PFD CONV SER B

KKR Group Fin Co IX LLC Pref Share KKRS 4.625 04/01/61

KKR & CO INC 6.25% MAND CONV PREF SHARES SER D

KKR & Co. Inc.

Blue Owl Capital III

Blue Owl Tech Finance

CITIGROUP INC 6.250 NON CUM SER II PFD WI

WELLS FARGO & COMPANY DP SHS REP 1/1000TH INT NCUM PFD CL A DD

WELLS FARGO & COMPANY 7.5% PERP CONV PRF CLS 'A' SERIES 'L'

WELLS FARGO & COMPANY DEP SHS REP 1/1000 INT PER PFD SER Y A

WELLS FARGO & COMPANY DP SHS REP 1/1000TH INT NCUM PFD CL A CC

WELLS FARGO & COMPANY 4.75% DEP SHS 1/1000 NCUM PFD CL A SR Z

WELLS FARGO & COMPANY DEP SHS REP 1/1000TH INT PFD SR AA (CLA)

‘混乱和负面新闻’ 扰乱了私人信贷——而看涨者则嗅到了其中的价值