<p>/PRNewswire/ -- 曾經高飛的私人信貸現在面臨顯著的結構性風險，產品的推廣方式可能會誤導人們對該領域波動性的理解，DoubleLine 的 Robert Cohen, CFA®，全球發達信用總監，以及客户投資組合管理經理 Chris Stegemann 提出了警告。</p>
<p>他們的新論文《私人信貸中的波動性洗滌：當平穩回報掩蓋了晚週期信用環境中的真實風險》可以在這裏找到：https://doubleline.com/wp-content/uploads/DoubleLine-Volatility-Laundering-in-Private-Credit_02-2026.pdf</p>
<p>Cohen 先生和 Stegemann 先生首先回顧了疫情期間的環境，這促使一些借款人從公共信貸轉向私人信貸，並由此產生了顯著的阿爾法生成機會。他們接着分析了私人信貸組成的演變，這導致瞭如今晚週期環境中低信用質量和高度集中化的特徵。他們寫道：“DoubleLine 認為，選擇留在私人市場的公司往往是風險更高的信貸。否則，他們為什麼願意通過更昂貴的選項融資，如果不是因為需要與單一借款人關係所帶來的靈活性？”</p>
<p>Cohen 先生和 Stegemann 先生還討論了用於推廣私人信貸的營銷策略，這些策略可能會誤導人們對該領域波動性的理解，包括對 “流動性溢價” 的聲稱。他們警告投資者：“在評估今天的私人信貸與公共信貸時，應該重新校準他們的預期，特別是在阿爾法生成和晚週期的視角下。”</p>
<p>Cohen 先生於 2012 年加入 DoubleLine。他是投資組合經理和全球發達信用組的總監。Cohen 先生負責該組在投資級、高收益（HY）和銀行貸款企業信用市場的投資活動。他還領導公司的擔保貸款義務（CLO）發行工作。Cohen 先生是機會收入、收入解決方案、低期限、CLO 和浮動利率策略的投資組合經理。Cohen 先生是固定收益資產配置委員會的永久成員。在加入 DoubleLine 之前，Cohen 先生曾是 West Gate Horizons Advisors（及其前身 ING Capital Advisors）的高級信用分析師，負責銀行貸款和高收益債券的分析。在 ING 之前，他是聯合銀行資產管理組的助理副總裁，管理 CLO 和銀行貸款投資組合。在聯合銀行之前，他是蒙特利爾銀行自然資源組的企業和投資銀行副主任。Cohen 先生擁有亞利桑那大學的經濟學學士學位和南加州大學的 MBA 學位。他是 CFA® 持證人。</p>
<p>Stegemann 先生於 2017 年加入 DoubleLine。他是客户投資組合經理和客户投資組合管理團隊的經理。在此職位上，Stegemann 先生負責通過客户互動、發佈市場評論和專門的策略內容，傳達 DoubleLine 的宏觀經濟觀點和投資組合定位，重點關注 DoubleLine 的固定收益資產配置策略。在加入 DoubleLine 之前，Stegemann 先生曾在 Putnam Investments 從事共同基金分銷。他擁有 Elon University 的 Martha &amp; Spencer Love 商學院的金融學學士學位，並輔修會計和經濟學。Stegemann 先生持有 FINRA 第 3、6、7 和 63 號執照。</p>
<p><strong>關於 DoubleLine</strong></p>
<p>DoubleLine Capital LP 是根據 1940 年投資顧問法註冊的投資顧問。DoubleLine 的辦公室可以通過電話 (813) 791-7333 或電子郵件 [email protected] 聯繫。除了位於佛羅里達州坦帕的總部和洛杉磯的辦公室外，DoubleLine 還在迪拜、倫敦和東京設有辦公室。媒體可以通過電子郵件 [email protected] 聯繫 DoubleLine。</p>
<p>DoubleLine® 是 DoubleLine Capital LP 的註冊商標。</p>
<p>來源 DoubleLine</p>
<p><img src="https://imageproxy.pbkrs.com/https://rt.prnewswire.com/rt.gif/query-RGF0ZUlkPTIwMjYwMjEwJk5ld3NJdGVtSWQ9TEE4NDQ1OCZUcmFuc21pc3Npb25fSWQ9MjAyNjAyMTAwNzMwUFJfTkVXU19VU1BSX19fX19MQTg0NDU4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://rt.prnewswire.com/rt.gif/query-RGF0ZUlkPTIwMjYwMjEwJk5ld3NJdGVtSWQ9TEE4NDQ1OCZUcmFuc21pc3Npb25fSWQ9MjAyNjAyMTAwNzMwUFJfTkVXU19VU1BSX19fX19MQTg0NDU4"/></p>

<p>DoubleLine 的 Robert Cohen 和 Chris Stegemann 強調了晚週期私人信貸中的重大結構性風險，警告營銷策略可能會誤導波動性。他們的論文討論了疫情期間從公共信貸轉向私人信貸的變化，這導致了信用質量下降和風險集中。他們建議投資者重新調整對私人信貸與公共信貸的阿爾法生成預期，強調在當前環境中需要謹慎</p>

<p>, /PRNewswire/ -- Formerly high-flying private credit is now marked by significant structural risks with products being promoted in ways that can misrepresent the volatility of the space, caution DoubleLine's Robert Cohen, CFA®, Director of Global Developed Credit, and Chris Stegemann, Manager of Client Portfolio Management.</p>
<div class="lb-trans"><p>/PRNewswire/ -- 曾經高飛的私人信貸現在面臨顯著的結構性風險，產品的推廣方式可能會誤導人們對該領域波動性的理解，DoubleLine 的 Robert Cohen, CFA®，全球發達信用總監，以及客户投資組合管理經理 Chris Stegemann 提出了警告。</p>
</div><p>Their new paper, &#34;Volatility Laundering in Private Credit: When Smooth Returns Hide Real Risk in the Late-Cycle Credit Environment&#34; can be found here: https://doubleline.com/wp-content/uploads/DoubleLine-Volatility-Laundering-in-Private-Credit_02-2026.pdf</p>
<div class="lb-trans"><p>他們的新論文《私人信貸中的波動性洗滌：當平穩回報掩蓋了晚週期信用環境中的真實風險》可以在這裏找到：https://doubleline.com/wp-content/uploads/DoubleLine-Volatility-Laundering-in-Private-Credit_02-2026.pdf</p>
</div><p>Messrs. Cohen and Stegemann begin with a look back at the pandemic-era environment that encouraged some borrowers to move from public credit to private credit and resultant significant alpha-generation opportunities. They then break down the progression of the composition of private credit that has resulted in the low credit quality and highly concentrated nature that mark the space in today's late-cycle environment. &#34;DoubleLine believes that the companies that chose to remain in the private markets tend to be riskier credits,&#34; they write. &#34;Why else would they be willing to finance through the more expensive option if not for needing the flexibility that comes with having a one-on-one borrower relationship?&#34;</p>
<div class="lb-trans"><p>Cohen 先生和 Stegemann 先生首先回顧了疫情期間的環境，這促使一些借款人從公共信貸轉向私人信貸，並由此產生了顯著的阿爾法生成機會。他們接着分析了私人信貸組成的演變，這導致瞭如今晚週期環境中低信用質量和高度集中化的特徵。他們寫道：“DoubleLine 認為，選擇留在私人市場的公司往往是風險更高的信貸。否則，他們為什麼願意通過更昂貴的選項融資，如果不是因為需要與單一借款人關係所帶來的靈活性？”</p>
</div><p>Messrs. Cohen and Stegemann also discuss marketing strategies used to promote private credit that can misrepresent the space's volatility, including claims of an &#34;illiquidity premium.&#34; Investors should &#34;recalibrate their expectations when assessing private versus public credit today,&#34; they warn, &#34;particularly from an alpha-generation and late-cycle perspective.&#34;</p>
<div class="lb-trans"><p>Cohen 先生和 Stegemann 先生還討論了用於推廣私人信貸的營銷策略，這些策略可能會誤導人們對該領域波動性的理解，包括對 “流動性溢價” 的聲稱。他們警告投資者：“在評估今天的私人信貸與公共信貸時，應該重新校準他們的預期，特別是在阿爾法生成和晚週期的視角下。”</p>
</div><p>Mr. Cohen joined DoubleLine in 2012. He is a Portfolio Manager and Director of the Global Developed Credit Group. Mr. Cohen oversees the group's investment activities in investment grade, high yield (HY) and bank loan corporate credit markets. He also leads the collateralized loan obligation (CLO) issuance effort at the firm. Mr. Cohen is a Portfolio Manager for the Opportunistic Income, Income Solutions, Low Duration, CLO and Floating Rate strategies. Mr. Cohen is a permanent member of the Fixed Income Asset Allocation Committee. Prior to DoubleLine, Mr. Cohen was a Senior Credit Analyst at West Gate Horizons Advisors (and its predecessor, ING Capital Advisors), where he worked as an Analyst covering bank loans and HY bonds. Prior to ING, he was an Assistant Vice President in the Asset Management Group of Union Bank, where he managed CLO and bank loan portfolios. Prior to Union Bank, he was an Associate Director of Corporate and Investment Banking at the Bank of Montreal in its Natural Resources Group. Mr. Cohen holds a B.A. in Economics from the University of Arizona and an MBA from the University of Southern California. He is a CFA® charterholder.</p>
<div class="lb-trans"><p>Cohen 先生於 2012 年加入 DoubleLine。他是投資組合經理和全球發達信用組的總監。Cohen 先生負責該組在投資級、高收益（HY）和銀行貸款企業信用市場的投資活動。他還領導公司的擔保貸款義務（CLO）發行工作。Cohen 先生是機會收入、收入解決方案、低期限、CLO 和浮動利率策略的投資組合經理。Cohen 先生是固定收益資產配置委員會的永久成員。在加入 DoubleLine 之前，Cohen 先生曾是 West Gate Horizons Advisors（及其前身 ING Capital Advisors）的高級信用分析師，負責銀行貸款和高收益債券的分析。在 ING 之前，他是聯合銀行資產管理組的助理副總裁，管理 CLO 和銀行貸款投資組合。在聯合銀行之前，他是蒙特利爾銀行自然資源組的企業和投資銀行副主任。Cohen 先生擁有亞利桑那大學的經濟學學士學位和南加州大學的 MBA 學位。他是 CFA® 持證人。</p>
</div><p>Mr. Stegemann joined DoubleLine in 2017. He is a Client Portfolio Manager and Manager of the Client Portfolio Management team. In this capacity, Mr. Stegemann is responsible for communicating DoubleLine's macroeconomic views and portfolio positioning via client engagement, published market commentary and dedicated strategy content, with a focus on DoubleLine's Fixed Income Asset Allocation strategies. Prior to DoubleLine, Mr. Stegemann was in mutual fund distribution for Putnam Investments. He holds a B.S. in Finance and minors in Accounting and Economics from Elon University's Martha &amp; Spencer Love School of Business. Mr. Stegemann holds the FINRA Series 3, 6, 7 and 63 licenses.</p>
<div class="lb-trans"><p>Stegemann 先生於 2017 年加入 DoubleLine。他是客户投資組合經理和客户投資組合管理團隊的經理。在此職位上，Stegemann 先生負責通過客户互動、發佈市場評論和專門的策略內容，傳達 DoubleLine 的宏觀經濟觀點和投資組合定位，重點關注 DoubleLine 的固定收益資產配置策略。在加入 DoubleLine 之前，Stegemann 先生曾在 Putnam Investments 從事共同基金分銷。他擁有 Elon University 的 Martha &amp; Spencer Love 商學院的金融學學士學位，並輔修會計和經濟學。Stegemann 先生持有 FINRA 第 3、6、7 和 63 號執照。</p>
</div><p><strong>About DoubleLine</strong></p>
<div class="lb-trans"><p><strong>關於 DoubleLine</strong></p>
</div><p>DoubleLine Capital LP is an investment adviser registered under the Investment Advisers Act of 1940. DoubleLine's offices can be reached by telephone at (813) 791-7333 or by email at [email protected]. In addition to its headquarters in Tampa, Fla., and an office in Los Angeles, DoubleLine has offices in Dubai, London and Tokyo. Media can reach DoubleLine by email at [email protected].</p>
<div class="lb-trans"><p>DoubleLine Capital LP 是根據 1940 年投資顧問法註冊的投資顧問。DoubleLine 的辦公室可以通過電話 (813) 791-7333 或電子郵件 [email protected] 聯繫。除了位於佛羅里達州坦帕的總部和洛杉磯的辦公室外，DoubleLine 還在迪拜、倫敦和東京設有辦公室。媒體可以通過電子郵件 [email protected] 聯繫 DoubleLine。</p>
</div><p>DoubleLine® is a registered trademark of DoubleLine Capital LP.</p>
<div class="lb-trans"><p>DoubleLine® 是 DoubleLine Capital LP 的註冊商標。</p>
</div><p>SOURCE DoubleLine</p>
<div class="lb-trans"><p>來源 DoubleLine</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://rt.prnewswire.com/rt.gif/query-RGF0ZUlkPTIwMjYwMjEwJk5ld3NJdGVtSWQ9TEE4NDQ1OCZUcmFuc21pc3Npb25fSWQ9MjAyNjAyMTAwNzMwUFJfTkVXU19VU1BSX19fX19MQTg0NDU4" alt="" original-src="https://rt.prnewswire.com/rt.gif?NewsItemId=LA84458&amp;Transmission_Id=202602100730PR_NEWS_USPR_____LA84458&amp;DateId=20260210"/></p>

07:30 ET DoubleLine 審查晚週期私人信貸中的實際風險