<p>作者：Joy Wiltermuth</p>
<p>“这并不是一阵风就能过去的，” Siebert Financial 的首席投资官 Mark Malek 说道，他是一位私人信贷投资者。</p>
<p>周三，私人股本巨头及向个人投资者提供私人信贷的基金的股票下跌。</p>
<p>大约 2 万亿美元的私人信贷市场遭遇了一波新的投资者赎回潮，导致该行业巨头的股票在周三大幅下跌。</p>
<p>此次抛售可以归因于新闻报道，称在第二季度，310 亿美元的 Cliffwater Corporate Lending Fund 的赎回被限制在 5%，以及瑞士和美国的私人股本公司 Partners Group（CH:PGHN）对基金赎回的限制，该公司管理着 1850 亿美元的资产。</p>
<p>Cliffwater 没有立即回应置评请求。Partners Group 拒绝置评。</p>
<p>“这并不是一阵风就能过去的，” Siebert Financial 的首席投资官 Mark Malek 说道，他是一位私人信贷投资者。“如果这些公司没有设置赎回限制，这将是个真正的问题。”</p>
<p>Malek 表示，这种情况让他想起了顾客在银行外排队的情景，大家看起来很担忧，导致更多顾客加入队伍并取出他们的钱。虽然个人投资者一直在寻找退出的机会，但他没有看到该行业机构的恐慌性抛售的证据。</p>
<p>私人信贷行业及向个人投资者提供该领域的基金股票自 2026 年以来一直承压，如下图所示。</p>
<p>在 4 月之前，关于该行业的担忧逐渐加剧，当时 Blue Owl Capital（OWL）因限制赎回而成为头条新闻。Blue Owl 拒绝置评。根据 FactSet 的数据，其股票周三下跌超过 3%，而私人股本巨头 KKR &amp; Co.（KKR）的股票下跌了 4%，黑石集团（BX）的股票下跌了 3.7%。KKR 和黑石没有立即回应置评请求。</p>
<p>投资者越来越希望从私人信贷中撤回资金。根据 Partners Group 在 5 月发布的一份报告，2026 年第一季度，来自一组非交易性商业发展公司的行业赎回超过 120 亿美元，其中大约一半得到了满足。</p>
<p>周三的抛售发生在经历了几年的繁荣之后，这些年年回报率达到两位数。最近的回报较小，背景是持续上升的国债收益率 BX:TMUBMUSD10Y 和整体借贷成本。Cliffwater 公司基金今年迄今的回报率为 1.7%。</p>
<p>许多投资者现在质疑该行业不透明的贷款实践和基金持有的贷款质量。私人信贷基金通常对软件行业的贷款暴露程度高于美国信贷市场的其他成熟部分。</p>
<p>“我并不惊讶有更多的赎回请求，” Madison Funds 的固定收益投资组合经理 Mike Sanders 说道。赎回限制可以限制人们从基金中提取的金额，但他表示，这可能无法抑制他们想要收回投资的愿望。</p>
<p>尽管如此，Sanders 表示，美国企业债券和其他固定收益领域的紧信用利差表明，目前私人信贷的混乱并没有造成太多溢出效应。</p>
<p>“我认为你会继续看到对流动性的需求，看看基金是否能在他们需要的水平上提供流动性将会很有趣，” Sanders 说道。</p>
<p>-Joy Wiltermuth</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻社</p>
<p>06-03-26 1232ET</p>

黑石集团

KKR-D

KKR集团

<p>一波新的投资者赎回潮袭击了 2 万亿美元的私人信贷市场，导致 KKR、黑石集团和 Blue Owl 等行业巨头的股票大幅下跌。这一抛售潮是由于 Cliffwater 和 Partners Group 等基金报告了赎回限制。尽管专家指出机构恐慌仍然有限，但对不透明的借贷行为、近期回报下降和更高的借贷成本的担忧正在推动对流动性的需求</p>

<p>By Joy Wiltermuth</p>
<div class="lb-trans"><p>作者：Joy Wiltermuth</p>
</div><p>'It's not just blowing over,' says Mark Malek, chief investment officer at Siebert Financial, who is an investor in private credit</p>
<div class="lb-trans"><p>“这并不是一阵风就能过去的，” Siebert Financial 的首席投资官 Mark Malek 说道，他是一位私人信贷投资者。</p>
</div><p>Shares of private-equity giants and funds offering individuals exposure to private credit are falling Wednesday.</p>
<div class="lb-trans"><p>周三，私人股本巨头及向个人投资者提供私人信贷的基金的股票下跌。</p>
</div><p>A fresh wave of investor redemptions has hit the roughly $2 trillion private-credit market, sending shares of the sector's industry giants sharply lower on Wednesday.</p>
<div class="lb-trans"><p>大约 2 万亿美元的私人信贷市场遭遇了一波新的投资者赎回潮，导致该行业巨头的股票在周三大幅下跌。</p>
</div><p>This time, the selloff can be pegged to news reports of redemptions that were capped at 5% at the $31 billion Cliffwater Corporate Lending Fund in the second quarter, as well as limits on fund withdrawals at Partners Group (CH:PGHN), a Swiss and U.S. private-equity firm with $185 billion in assets under management.</p>
<div class="lb-trans"><p>此次抛售可以归因于新闻报道，称在第二季度，310 亿美元的 Cliffwater Corporate Lending Fund 的赎回被限制在 5%，以及瑞士和美国的私人股本公司 Partners Group（CH:PGHN）对基金赎回的限制，该公司管理着 1850 亿美元的资产。</p>
</div><p>Cliffwater didn't immediately respond to a request for comment. Partners Group declined to comment.</p>
<div class="lb-trans"><p>Cliffwater 没有立即回应置评请求。Partners Group 拒绝置评。</p>
</div><p>&#34;It's not just blowing over,&#34; said Mark Malek, chief investment officer at Siebert Financial, who is an investor in private credit. &#34;If these companies didn't have gating provisions, this would be real trouble.&#34;</p>
<div class="lb-trans"><p>“这并不是一阵风就能过去的，” Siebert Financial 的首席投资官 Mark Malek 说道，他是一位私人信贷投资者。“如果这些公司没有设置赎回限制，这将是个真正的问题。”</p>
</div><p>Malek said the situation reminded him of when customers would see lines forming outside a bank with people looking worried, leading to more customers joining the line and taking their money out. While individuals have been looking for an exit, he hasn't seen evidence of panic selling by institutions in the sector.</p>
<div class="lb-trans"><p>Malek 表示，这种情况让他想起了顾客在银行外排队的情景，大家看起来很担忧，导致更多顾客加入队伍并取出他们的钱。虽然个人投资者一直在寻找退出的机会，但他没有看到该行业机构的恐慌性抛售的证据。</p>
</div><p>The private-credit industry and shares of funds offering individual investors exposure to the sector have been under pressure 2026, as shown in the chart below.</p>
<div class="lb-trans"><p>私人信贷行业及向个人投资者提供该领域的基金股票自 2026 年以来一直承压，如下图所示。</p>
</div><p>Concerns about the sector were building before April, when Blue Owl Capital (OWL) made headlines by limiting redemptions. Blue Owl declined to comment. Its shares were down more than 3% Wednesday, according to FactSet, while those of private-equity giant KKR &amp; Co. (KKR) were off 4% and Blackstone's (BX) shares were 3.7% lower. KKR and Blackstone didn't immediately respond to requests for comment.</p>
<div class="lb-trans"><p>在 4 月之前，关于该行业的担忧逐渐加剧，当时 Blue Owl Capital（OWL）因限制赎回而成为头条新闻。Blue Owl 拒绝置评。根据 FactSet 的数据，其股票周三下跌超过 3%，而私人股本巨头 KKR &amp; Co.（KKR）的股票下跌了 4%，黑石集团（BX）的股票下跌了 3.7%。KKR 和黑石没有立即回应置评请求。</p>
</div><p>Investors increasingly have been looking to pull funds from private credit. As a snapshot of the trend, a Partners Group report from May pegged industry redemptions from a select group of nontraded business-development companies at more than $12 billion in the first quarter of 2026, of which roughly half were honored.</p>
<div class="lb-trans"><p>投资者越来越希望从私人信贷中撤回资金。根据 Partners Group 在 5 月发布的一份报告，2026 年第一季度，来自一组非交易性商业发展公司的行业赎回超过 120 亿美元，其中大约一半得到了满足。</p>
</div><p>Wednesday's selloff comes after several boom years that saw double-digit annual returns. Returns have been smaller lately, in a backdrop of persistently higher Treasury yields BX:TMUBMUSD10Y and overall borrowing costs. The Cliffwater corporate fund reported a return of 1.7% on the year so far.</p>
<div class="lb-trans"><p>周三的抛售发生在经历了几年的繁荣之后，这些年年回报率达到两位数。最近的回报较小，背景是持续上升的国债收益率 BX:TMUBMUSD10Y 和整体借贷成本。Cliffwater 公司基金今年迄今的回报率为 1.7%。</p>
</div><p>Many investors are now questioning the industry's opaque lending practices and the quality of loans held by funds. Private-credit funds also tend to have larger exposure to loans to the software industry than other established parts of U.S. credit markets.</p>
<div class="lb-trans"><p>许多投资者现在质疑该行业不透明的贷款实践和基金持有的贷款质量。私人信贷基金通常对软件行业的贷款暴露程度高于美国信贷市场的其他成熟部分。</p>
</div><p>&#34;I'm not surprised there have been more redemption requestions,&#34; said Mike Sanders, a fixed-income portfolio manager at Madison Funds. Gates can limit how much people can pull from a fund, but they may not curb their desire to get their investment back, he said.</p>
<div class="lb-trans"><p>“我并不惊讶有更多的赎回请求，” Madison Funds 的固定收益投资组合经理 Mike Sanders 说道。赎回限制可以限制人们从基金中提取的金额，但他表示，这可能无法抑制他们想要收回投资的愿望。</p>
</div><p>Still, Sanders said, tight credit spreads in U.S. corporate bonds and other areas of fixed income signal there isn't currently much spillover from the private-credit mess.</p>
<div class="lb-trans"><p>尽管如此，Sanders 表示，美国企业债券和其他固定收益领域的紧信用利差表明，目前私人信贷的混乱并没有造成太多溢出效应。</p>
</div><p>&#34;I think you'll just continue to see a demand for liquidity, and it's going to be interesting to see if funds can provide it at the level they need,&#34; Sanders said.</p>
<div class="lb-trans"><p>“我认为你会继续看到对流动性的需求，看看基金是否能在他们需要的水平上提供流动性将会很有趣，” Sanders 说道。</p>
</div><p>-Joy Wiltermuth</p>
<div class="lb-trans"><p>-Joy Wiltermuth</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻社</p>
</div><p>06-03-26 1232ET</p>
<div class="lb-trans"><p>06-03-26 1232ET</p>
</div>

Another redemption wave is spooking the $2 trillion private-credit market

Dow Jones

Blue Owl Capital

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

Siebert Financial

Blue Owl Capital III

Blue Owl Tech Finance

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

KKR & Co. Inc.

又一波赎回潮正在扰动 2 万亿美元的私人信贷市场