<p>曼哈顿美国检察官办公室已请求信息，并对高管进行了询问，涉及对 <strong>贝莱德</strong> (NYSE: BLK) 私人信贷基金的调查。</p>
<p>联邦检察官正在调查 TCP Capital Corp (NASDAQ: TCPC)，贝莱德的上市商业发展公司（BDC）在某些资产减值后的估值实践，彭博社 报道。</p>
<p>在一月份，TCPC 宣布了一个估计的 19% 的净资产价值（NAV）下降，主要与围绕电子商务股票和破产的 Renovo Home Partners 的投资组合重组有关，Seeking Alpha 当时报道。公告后，股票价格下跌超过 14%。</p>
<p><strong>另请阅读：</strong>
<strong>PGIM 将私人信贷引入 401(k)：DC 计划体验另类资产</strong></p>
<p>本月早些时候，贝莱德将 TCPC 的价值削减了大约 5%。这只上市的中型市场贷款基金在第一季度的总减值为 3500 万美元。</p>
<p>该基金最近面临困境，主要由于不良贷款的压力增加、资产减值和回报下降。尽管出现下降，公司表示在本季度实现了 “信用质量改善”。</p>
<p>上周，<strong>David Woodcock</strong>，美国证券交易委员会执法部主任，指出私人基金是该机构密切关注的领域。</p>
<p>“私人投资市场和扩大零售投资者的接入努力可能是相当积极的，但我们必须，也将保持警惕。我们关注与流动性、费用、估值和利益冲突相关的潜在风险——不仅在私人基金顾问层面，还在整个分销链中。公司必须确保其代表了解他们所销售的产品以及客户的投资特征、风险承受能力和流动性需求，” Woodcock 在 MFA 法律与合规会议上 表示。</p>
<h2>证券委员会主席：‘我们对此非常重视’</h2>
<p>与此同时，SEC 主席 <strong>Paul Atkins</strong> 表示，该机构正在 调查私人信贷领域的欺诈指控。</p>
<p>在本月早些时候的 <strong>米尔肯研究所全球会议</strong> 上，Atkins 没有具体指出哪些公司正在接受调查。他指出，SEC、美国财政部和联邦储备委员会都在监测私人信贷领域。</p>
<p>“我们对此非常重视，我们正在监测情况。已经有欺诈指控，显然，我不能谈论任何具体案件，但我们也在调查这一点，” Atkins 说。</p>
<p>尽管市场近期动荡，贝莱德在过去几个月迅速扩展到私人信贷领域。投资者越来越担心，由于人工智能的进步，软件行业可能会变得无关紧要。</p>
<p>该公司宣布了 扩展其私人信贷能力的计划， 在 <strong>Preqin</strong> 上增加了旨在提供私人信贷市场标准化情报的分析和研究工具。</p>
<p>去年，贝莱德 收购了 <strong>HPS 投资伙伴</strong>，交易金额约为 120 亿美元，包括 TCPC。由于此次收购，该公司创建了私人融资解决方案（PFS），将公司的私人信贷、GP 和 LP 解决方案以及私人和流动 CLO 业务整合到一个平台中。</p>
<p>在关于 TCPC 调查的消息发布后，截至纽约时间下午 1 点，股价下跌了 4.7%。TCPC 年初至今下跌 49%。</p>
<p><strong>另请阅读：</strong>
<strong>SpaceX、OpenAI 和 Anthropic 的退出潮可能引发私人市场重新定价</strong></p>
<p><em>照片：通过 Shutterstock/ Poetra.RH 的图像</em></p>

TCPC

贝莱德

<p>曼哈顿美国检察官办公室正在调查贝莱德的私人信贷基金，重点关注估值实践，此前 TCP Capital Corp 报告净资产价值下降 19%。在经历了减记和美国证券交易委员会对私人信贷领域潜在欺诈的审查后，贝莱德的股票价格下跌。尽管市场动荡，该公司仍在扩大其私人信贷能力，而 TCPC 的股票今年已下跌 49%</p>

<p>The Manhattan U.S. Attorney's Office has requested information, and executives have been questioned in an investigation regarding <strong>BlackRock's</strong> (NYSE: BLK) private credit fund.</p>
<div class="lb-trans"><p>曼哈顿美国检察官办公室已请求信息，并对高管进行了询问，涉及对 <strong>贝莱德</strong> (NYSE: BLK) 私人信贷基金的调查。</p>
</div><p>Federal prosecutors are looking into TCP Capital Corp (NASDAQ: TCPC), BlackRock's publicly traded business development company (BDC) valuation practices following markdowns on certain assets, Bloomberg reported.</p>
<div class="lb-trans"><p>联邦检察官正在调查 TCP Capital Corp (NASDAQ: TCPC)，贝莱德的上市商业发展公司（BDC）在某些资产减值后的估值实践，彭博社 报道。</p>
</div><p>In January, TCPC announced an estimated 19% decline in Net Asset Value (NAV), largely tied to portfolio restructurings primarily around e-commerce stocks and the bankrupt Renovo Home Partners, Seeking Alpha reported at the time. Following the announcement, shares of the stock dropped over 14%.</p>
<div class="lb-trans"><p>在一月份，TCPC 宣布了一个估计的 19% 的净资产价值（NAV）下降，主要与围绕电子商务股票和破产的 Renovo Home Partners 的投资组合重组有关，Seeking Alpha 当时报道。公告后，股票价格下跌超过 14%。</p>
</div><p><strong>Read Also:</strong>
<strong>PGIM Brings Private Credit To 401(k) s: DC Plans Get Taste Of Alternative Assets</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>PGIM 将私人信贷引入 401(k)：DC 计划体验另类资产</strong></p>
</div><p>Earlier this month, BlackRockslashed the value of TCPC by approximately 5%. The publicly-traded middle-market lending fund’s total markdowns were $35 million in the first quarter.</p>
<div class="lb-trans"><p>本月早些时候，贝莱德将 TCPC 的价值削减了大约 5%。这只上市的中型市场贷款基金在第一季度的总减值为 3500 万美元。</p>
</div><p>The fund has struggled recently due to increased pressure from distressed loans, asset markdowns, and declining returns. Despite the decline, the company said it executed “improving credit quality” during the quarter.</p>
<div class="lb-trans"><p>该基金最近面临困境，主要由于不良贷款的压力增加、资产减值和回报下降。尽管出现下降，公司表示在本季度实现了 “信用质量改善”。</p>
</div><p>Last week, <strong>David Woodcock,</strong> director of the Division of Enforcement at the U.S. Securities and Exchange Commission, flagged private funds as an area the agency is watching closely.</p>
<div class="lb-trans"><p>上周，<strong>David Woodcock</strong>，美国证券交易委员会执法部主任，指出私人基金是该机构密切关注的领域。</p>
</div><p>“Private investment markets and efforts to broaden access to retail investors can be quite positive, but we must, and will, remain vigilant. We are attuned to potential risks relating to liquidity, fees, valuations, and conflicts of interest—not only at the private fund adviser level but throughout the distribution chain. Firms must ensure their representatives understand the products they sell and the investment profiles, risk tolerance, and liquidity needs of their clients,” Woodcock said during the MFA Legal &amp; Compliance conference.</p>
<div class="lb-trans"><p>“私人投资市场和扩大零售投资者的接入努力可能是相当积极的，但我们必须，也将保持警惕。我们关注与流动性、费用、估值和利益冲突相关的潜在风险——不仅在私人基金顾问层面，还在整个分销链中。公司必须确保其代表了解他们所销售的产品以及客户的投资特征、风险承受能力和流动性需求，” Woodcock 在 MFA 法律与合规会议上 表示。</p>
</div><h2>Sec Chair: ‘We’re Taking It Seriously’</h2>
<div class="lb-trans"><h2>证券委员会主席：‘我们对此非常重视’</h2>
</div><p>Meanwhile, SEC chairman <strong>Paul Atkins</strong> said the agency is investigating alleged fraud in the private credit sector.</p>
<div class="lb-trans"><p>与此同时，SEC 主席 <strong>Paul Atkins</strong> 表示，该机构正在 调查私人信贷领域的欺诈指控。</p>
</div><p>Speaking at the <strong>Milken Institute Global Conference</strong> earlier this month, Atkins did not identify which specific firms are under investigation. He noted that the SEC, U.S. Department of the Treasury and the Federal Reserve are all monitoring the private credit space.</p>
<div class="lb-trans"><p>在本月早些时候的 <strong>米尔肯研究所全球会议</strong> 上，Atkins 没有具体指出哪些公司正在接受调查。他指出，SEC、美国财政部和联邦储备委员会都在监测私人信贷领域。</p>
</div><p>“We are taking it seriously, we are monitoring the situation. There’s been allegations of fraud and obviously, I can’t talk about any specific cases, but we are investigating that as well,” Atkins said.</p>
<div class="lb-trans"><p>“我们对此非常重视，我们正在监测情况。已经有欺诈指控，显然，我不能谈论任何具体案件，但我们也在调查这一点，” Atkins 说。</p>
</div><p>BlackRock has been rapidly expanding into the private credit space in recent months, despite recent turmoil in the market. Investors have become increasingly concerned that the software sector will become irrelevant due to advancements in artificial intelligence.</p>
<div class="lb-trans"><p>尽管市场近期动荡，贝莱德在过去几个月迅速扩展到私人信贷领域。投资者越来越担心，由于人工智能的进步，软件行业可能会变得无关紧要。</p>
</div><p>The firm announced plans to expand its private credit capabilities on <strong>Preqin</strong>, adding analytics and research tools designed to provide standardized intelligence across the private credit market.</p>
<div class="lb-trans"><p>该公司宣布了 扩展其私人信贷能力的计划， 在 <strong>Preqin</strong> 上增加了旨在提供私人信贷市场标准化情报的分析和研究工具。</p>
</div><p>Last year, BlackRock acquired <strong>HPS Investment Partners</strong> for approximately $12 billion, including TCPC. As a result of the acquisition, the firm created Private Financing Solutions (PFS), which combined the firms’ private credit, GP and LP solutions, and private and liquid CLO businesses into one integrated platform.</p>
<div class="lb-trans"><p>去年，贝莱德 收购了 <strong>HPS 投资伙伴</strong>，交易金额约为 120 亿美元，包括 TCPC。由于此次收购，该公司创建了私人融资解决方案（PFS），将公司的私人信贷、GP 和 LP 解决方案以及私人和流动 CLO 业务整合到一个平台中。</p>
</div><p>Following news of the probe into TCPC, shares are down 4.7% as of 1pm New York time. TCPC is down 49% on the year.</p>
<div class="lb-trans"><p>在关于 TCPC 调查的消息发布后，截至纽约时间下午 1 点，股价下跌了 4.7%。TCPC 年初至今下跌 49%。</p>
</div><p><strong>Read Also:</strong>
<strong>SpaceX, OpenAI, And Anthropic's Exit Wave Could Trigger A Private Market Repricing</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>SpaceX、OpenAI 和 Anthropic 的退出潮可能引发私人市场重新定价</strong></p>
</div><p><em>Photo: Image via Shutterstock/ Poetra.RH</em></p>
<div class="lb-trans"><p><em>照片：通过 Shutterstock/ Poetra.RH 的图像</em></p>
</div>

贝莱德的陷入困境的私人信贷基金引起了美国司法部的审查