<p>私募股权行业的巨头们正显示出压力的迹象，因为交易退出放缓、私募信贷压力加大以及投资者的不安开始侵蚀华尔街最赚钱的时期之一。</p>
<p>根据 S&amp;P Global Market Intelligence 的新数据，<strong>黑石</strong> (NYSE: BX)、<strong>阿波罗全球管理</strong> (NYSE: APO)、<strong>凯雷集团</strong> (NYSE: CG) 和 <strong>KKR &amp; Co.</strong> (NYSE: KKR) 在第一季度的财报电话会议中传达了多年来最弱的集体情绪。这些公司通常被称为私募股权的 “四大巨头”，正面临着投资组合公司销售延迟、市场波动以及来自私募信贷基金的零售投资者赎回请求增加的挑战。</p>
<p>数据显示，这四家公司的平均净积极评分 “降至自 2023 年第四季度以来的最低水平，这是情绪连续第三个季度落后于更广泛的 S&amp;P 500 指数。”</p>
<p><strong>另请阅读：</strong>
<strong>吉姆·克莱默表示私募股权再次受到攻击</strong></p>
<p>压力主要来自私募信贷，这一市场在低利率和融资便利的时代迅速膨胀。投资者开始对私募贷款中潜藏的风险表现出越来越大的谨慎，尤其是在更高的借贷成本和经济不确定性对杠杆收购支持的公司造成压力的情况下。</p>
<p>黑石公司显现出最明显的压力迹象。该公司报告称，在本季度其黑石私募信贷基金（BCRED）中出现了 14 亿美元的净流出，因为零售投资者因担心私募信贷投资组合可能出现损失而撤回资金。</p>
<p>黑石首席执行官 <strong>斯蒂芬·施瓦茨曼</strong> 淡化了赎回问题。</p>
<p>施瓦茨曼表示：“尽管外部噪音不断，我们的机构和保险客户（占我们信贷平台资产管理规模的 75%）仍然持续向这一资产类别投入大规模资本。”</p>
<p>凯雷在其凯雷战术私募信贷基金中也经历了类似的压力，较高的赎回活动反映了行业内更广泛的担忧。</p>
<p>凯雷的资产管理规模（AUM）同比增长 5%，达到 4754 亿美元，尽管季度总额略有下降。该公司在本季度通过包括 StandardAero 和 Medline 在内的退出向其私募股权收购基金分配了创纪录的 71 亿美元资本，表现突出。</p>
<p>凯雷首席财务官 <strong>贾斯廷·普卢夫</strong> 表示，该公司正进入一个筹款 “超级周期”，将推出多个基金。</p>
<p>普卢夫表示：“我们正进入一个我们认为筹款将真正加速的时期。”</p>
<p>与此同时，传统的私募股权运作——收购公司、改善公司并通过销售或 IPO 套现——已显著放缓。四大巨头的高管们表示，市场波动和地缘政治不确定性延迟了投资组合公司的退出计划，推迟了许多公司原本依赖的公开募股和收购交易以产生回报。</p>
<p>这种放缓对 KKR 来说可能尤其成问题。该公司在 2026 年初设定了每股调整后净收入 7 美元的目标，但较弱的退出市场和持续的全球不稳定，包括中东紧张局势和能源价格上涨，正威胁着这一目标。</p>
<p>公共市场也已转向该行业。1 月 1 日至 5 月 8 日，S&amp;P 500 上涨了 8.5%，而所有四家另类资产管理公司均出现了负总回报。KKR 在此期间的跌幅最大，下降了 19.4%。</p>
<p>即便在不断显现的裂痕中，该行业在规模上仍在持续扩张。阿波罗在第一季度成为第二家资产管理规模超过 1 万亿美元的四大巨头公司，约在黑石于 2023 年首次突破这一门槛两年半后达到这一里程碑。</p>
<p>尽管如此，本季度传达的更广泛信息难以忽视：在经历了由廉价资本、飙升的估值和投资者对私募市场的热情推动的数年爆炸性增长后，行业最大的公司正进入一个更加不确定的阶段——在这个阶段，流动性变得更加重要，投资者变得更加挑剔，而私募股权繁荣所承诺的长期回报正变得更加难以实现。</p>
<p><strong>另请阅读：</strong>
<strong>Ramp 首席执行官密切关注 IPO 管道，因为 SpaceX、Anthropic 和 OpenAI 即将到来</strong></p>
<p><em>照片来源：Shutterstock</em></p>

KKR-D

黑石抵押信托

KKR集团

黑石集团

凯雷集团

全球上市私募股权 ETF - ProShares

<p>私募股权行业的领先公司，包括黑石、阿波罗、凯雷和 KKR，正面临重大挑战，因为交易退出速度放缓，信贷压力增加。它们的整体情绪降至多年来的最低点，黑石报告其信贷基金出现 14 亿美元的净流出。市场波动和地缘政治不确定性正在延迟退出计划，影响回报。尽管阿波罗的管理资产超过 1 万亿美元，但行业正进入一个更加不确定的阶段，投资者变得越来越谨慎</p>

<p>The private equity industry's biggest names are showing signs of strain as slowing deal exits, mounting pressure in private credit, and investor unease begin to chip away at one of Wall Street's most lucrative runs.</p>
<div class="lb-trans"><p>私募股权行业的巨头们正显示出压力的迹象，因为交易退出放缓、私募信贷压力加大以及投资者的不安开始侵蚀华尔街最赚钱的时期之一。</p>
</div><p>Executives at <strong>Blackstone</strong> (NYSE: BX), <strong>Apollo Global Management</strong> (NYSE: APO), <strong>The Carlyle Group</strong> (NYSE: CG), and <strong>KKR &amp; Co.</strong> (NYSE: KKR) delivered some of their weakest collective sentiment in years during first-quarter earnings calls, according to new data from S&amp;P Global Market Intelligence. The firms, often referred to as private equity's &#34;Big Four,&#34; are grappling with delayed portfolio company sales, choppy markets, and rising redemption requests from retail investors in private credit funds.</p>
<div class="lb-trans"><p>根据 S&amp;P Global Market Intelligence 的新数据，<strong>黑石</strong> (NYSE: BX)、<strong>阿波罗全球管理</strong> (NYSE: APO)、<strong>凯雷集团</strong> (NYSE: CG) 和 <strong>KKR &amp; Co.</strong> (NYSE: KKR) 在第一季度的财报电话会议中传达了多年来最弱的集体情绪。这些公司通常被称为私募股权的 “四大巨头”，正面临着投资组合公司销售延迟、市场波动以及来自私募信贷基金的零售投资者赎回请求增加的挑战。</p>
</div><p>The average net positivity score across the four firms &#34;fell to its lowest level since the fourth quarter of 2023, marking the third consecutive quarter that sentiment lagged behind the broader S&amp;P 500,&#34; the data reported.</p>
<div class="lb-trans"><p>数据显示，这四家公司的平均净积极评分 “降至自 2023 年第四季度以来的最低水平，这是情绪连续第三个季度落后于更广泛的 S&amp;P 500 指数。”</p>
</div><p><strong>Read Also:</strong>
<strong>Jim Cramer Says Private Equity Is 'Under Attack Again'</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>吉姆·克莱默表示私募股权再次受到攻击</strong></p>
</div><p>Much of the pressure is coming from private credit, a market that ballooned during the era of low interest rates and easy financing. Investors are beginning to show growing caution about the risks embedded in private loans, particularly as higher borrowing costs and economic uncertainty weigh on companies backed by leveraged buyouts.</p>
<div class="lb-trans"><p>压力主要来自私募信贷，这一市场在低利率和融资便利的时代迅速膨胀。投资者开始对私募贷款中潜藏的风险表现出越来越大的谨慎，尤其是在更高的借贷成本和经济不确定性对杠杆收购支持的公司造成压力的情况下。</p>
</div><p>Blackstone saw the clearest signs of stress. The firm reported $1.4 billion in net outflows during the quarter from its Blackstone Private Credit Fund (BCRED), as retail investors pulled money amid fears of potential losses in private credit portfolios.</p>
<div class="lb-trans"><p>黑石公司显现出最明显的压力迹象。该公司报告称，在本季度其黑石私募信贷基金（BCRED）中出现了 14 亿美元的净流出，因为零售投资者因担心私募信贷投资组合可能出现损失而撤回资金。</p>
</div><p>Blackstone CEO <strong>Stephen Schwarzman</strong> downplayed the redemptions.</p>
<div class="lb-trans"><p>黑石首席执行官 <strong>斯蒂芬·施瓦茨曼</strong> 淡化了赎回问题。</p>
</div><p>“Despite the external noise, our institutional and insurance clients, who represent 75% of our credit platform AUM, have continued to commit large-scale capital to the asset class,” Schwarzman said.</p>
<div class="lb-trans"><p>施瓦茨曼表示：“尽管外部噪音不断，我们的机构和保险客户（占我们信贷平台资产管理规模的 75%）仍然持续向这一资产类别投入大规模资本。”</p>
</div><p>Carlyle experienced similar pressure in its Carlyle Tactical Private Credit Fund, with elevated redemption activity reflecting broader concerns spreading across the industry.</p>
<div class="lb-trans"><p>凯雷在其凯雷战术私募信贷基金中也经历了类似的压力，较高的赎回活动反映了行业内更广泛的担忧。</p>
</div><p>Carlyle's assets under management (AUM) climbed 5% year over year to $475.4 billion, even as quarterly totals slipped slightly. The firm also stood out for its ability to return capital, distributing a record $7.1 billion to investors in its private equity buyout funds during the quarter through exits including StandardAero and Medline.</p>
<div class="lb-trans"><p>凯雷的资产管理规模（AUM）同比增长 5%，达到 4754 亿美元，尽管季度总额略有下降。该公司在本季度通过包括 StandardAero 和 Medline 在内的退出向其私募股权收购基金分配了创纪录的 71 亿美元资本，表现突出。</p>
</div><p>Carlyle CFO <strong>Justin Plouffe</strong> said the firm was entering a fundraising “super cycle” that will bring multiple funds to market.</p>
<div class="lb-trans"><p>凯雷首席财务官 <strong>贾斯廷·普卢夫</strong> 表示，该公司正进入一个筹款 “超级周期”，将推出多个基金。</p>
</div><p>“We’re entering a period where we think our fundraising will really accelerate,” Plouffe said.</p>
<div class="lb-trans"><p>普卢夫表示：“我们正进入一个我们认为筹款将真正加速的时期。”</p>
</div><p>At the same time, the traditional private equity machine — buying companies, improving them, and cashing out through sales or IPOs — has slowed dramatically. Executives across the Big Four said market volatility and geopolitical uncertainty have delayed exit plans for portfolio companies, pushing back public offerings and acquisition deals many firms had counted on to generate returns.</p>
<div class="lb-trans"><p>与此同时，传统的私募股权运作——收购公司、改善公司并通过销售或 IPO 套现——已显著放缓。四大巨头的高管们表示，市场波动和地缘政治不确定性延迟了投资组合公司的退出计划，推迟了许多公司原本依赖的公开募股和收购交易以产生回报。</p>
</div><p>That slowdown could become especially problematic for KKR. The firm entered 2026 targeting adjusted net income of $7 per share, but weaker exit markets and continued global instability, including ongoing Middle East tensions and rising energy prices, are threatening that goal.</p>
<div class="lb-trans"><p>这种放缓对 KKR 来说可能尤其成问题。该公司在 2026 年初设定了每股调整后净收入 7 美元的目标，但较弱的退出市场和持续的全球不稳定，包括中东紧张局势和能源价格上涨，正威胁着这一目标。</p>
</div><p>Public markets have also turned against the sector. Between Jan. 1 and May 8, the S&amp;P 500 gained 8.5%, while all four alternative asset managers posted negative total returns. KKR led the decline, falling 19.4% during the period.</p>
<div class="lb-trans"><p>公共市场也已转向该行业。1 月 1 日至 5 月 8 日，S&amp;P 500 上涨了 8.5%，而所有四家另类资产管理公司均出现了负总回报。KKR 在此期间的跌幅最大，下降了 19.4%。</p>
</div><p>Even amid the growing cracks, the industry continues to expand in sheer size. Apollo became the second of the Big Four firms to surpass $1 trillion in AUM during the first quarter, reaching the milestone roughly two and a half years after Blackstone first crossed the threshold in 2023, the report stated.</p>
<div class="lb-trans"><p>即便在不断显现的裂痕中，该行业在规模上仍在持续扩张。阿波罗在第一季度成为第二家资产管理规模超过 1 万亿美元的四大巨头公司，约在黑石于 2023 年首次突破这一门槛两年半后达到这一里程碑。</p>
</div><p>Still, the broader message from the quarter was difficult to ignore: after years of explosive growth fueled by cheap capital, soaring valuations, and investor enthusiasm for private markets, the industry's largest firms are entering a more uncertain phase — one where liquidity matters more, investors are becoming more selective, and the long-promised payoff from private equity's boom is proving harder to realize.</p>
<div class="lb-trans"><p>尽管如此，本季度传达的更广泛信息难以忽视：在经历了由廉价资本、飙升的估值和投资者对私募市场的热情推动的数年爆炸性增长后，行业最大的公司正进入一个更加不确定的阶段——在这个阶段，流动性变得更加重要，投资者变得更加挑剔，而私募股权繁荣所承诺的长期回报正变得更加难以实现。</p>
</div><p><strong>Read Also:</strong>
<strong>Ramp CEO Is Watching IPO Pipeline Closely As SpaceX, Anthropic, And OpenAI Loom</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>Ramp 首席执行官密切关注 IPO 管道，因为 SpaceX、Anthropic 和 OpenAI 即将到来</strong></p>
</div><p><em>Photo: Shutterstock</em></p>
<div class="lb-trans"><p><em>照片来源：Shutterstock</em></p>
</div>

Private Equity's Big Four Are Starting To Crack As Exits Slow, Credit Stress Mounts

benzinga_article

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

Apollo Global

标普全球

标普 500 指数

Standardaero

Medline

OpenAI

APOLLO GLOBAL MANAGEMENT INC 6.75% CONV PFD STK SER A

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

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

KKR & Co. Inc.

随着退出速度放缓和信贷压力加剧，私募股权的四大巨头开始出现裂痕