<p>近期，私募信貸市場遭遇了一段困難時期，投資者情緒減弱以及非交易型商業發展公司（BDC）贖回請求增加，顯示出日益加劇的壓力。</p>
<p><strong>Michael Lebowitz</strong>，RIA Advisors 的投資組合經理，認為圍繞私募信貸的 “混亂和負面報道” 使該領域的強者和弱者都受到拖累。</p>
<p>“對私募信貸基金的負面情緒拖累了許多高質量的 BDC，以及一些較弱的 BDC。圍繞私募信貸基金的混亂和負面報道並不是避免 BDC 的理由。事實上，我們認為這正是考慮投資的理由，” Lebowitz 在 X 上寫道。</p>
<p>根據美國銀行最近的一份報告，PitchBook 引用稱，BDC 的贖回活動將在 2026 年第二季度達到最高點，此前第一季度的贖回水平創下紀錄。</p>
<p>由於 “顧問對比例的反應請求超過所需”，贖回活動將在第二季度繼續增加，這使得大多數 BDC 的贖回限制約為 5%。因此，報告指出，一些投資者預計將嘗試收回上一季度未滿足的贖回請求。</p>
<p><strong>另請閲讀：</strong>
<strong>Cramer 對私募股權施加壓力：‘你必須賣掉一些東西’</strong></p>
<p>分析師預計，市場將在第三季度繼續面臨較高的贖回壓力，隨後在第四季度緩解。然而，預計全年所有跟蹤的 BDC 的贖回水平仍將高於典型的 5% 上限。</p>
<p>分析師還表示，他們預計零售另類基金的流入將從四月的低點回升，他們認為這主要是由於 “私募信貸的錯誤信息和伊朗衝突”。</p>
<h2>第二季度基金預期</h2>
<p>報告概述了幾隻主要私募信貸基金在第二季度的贖回水平預期：</p>
<ul>
<li><strong>Apollo Debt Solutions:</strong> 第一季度贖回率為 11.2%，預計第二季度贖回率將上升至 15%</li>
<li><strong>Ares Strategic Income Fund:</strong> 第一季度贖回率為 11.6%，預計第二季度贖回率為 14%</li>
<li><strong>Blackstone BCRED</strong>: 預計第二季度贖回率將達到 12%，高於第一季度的 7.9%。報告指出，BCRED 在同行中記錄了最低的第一季度贖回率，並且是唯一沒有限制贖回的主要私募 BDC，儘管分析師預計它將在第二季度實施限制</li>
<li><strong>HPS HLEND:</strong> 預計第二季度將增加至 13%，高於第一季度的 9.3%</li>
<li>對於 Blue Owl 的兩隻非交易型 BDC：Blue Owl OCIC 預計第二季度為 28.5%，高於 21.9%；Blue Owl OTIC 預計將上升至 52.9%，相比第一季度的 40.7%。</li>
</ul>
<p>儘管面臨這種背景，BofA 分析師對 <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) 維持了買入評級，稱讚它們在私人財富分銷渠道的長期建設。</p>
<p>報告還指出，四月份大多數基金的私募信貸銷售環比下降超過 50%，分析師部分歸因於媒體的高度關注。</p>
<p>另外，今年早些時候宣佈，美國銀行承諾將其 250 億美元的資金用於 私募信貸投資， 以此擴展其當前的直接貸款活動。</p>
<p>該銀行打算通過其資本市場部門，即其投資銀行部門的一部分，來獲取這些交易。</p>
<p>其他銀行也已向私募信貸領域承諾了資金。</p>
<p>在九月份，花旗集團 與 Apollo Global Management 達成戰略合作，推出 250 億美元的私募信貸和直接貸款計劃。同月，富國銀行 宣佈 與 Centerbridge 建立合作關係，專注於向非贊助的北美中型市場公司提供直接貸款。Overland 的目標是籌集至少 50 億美元的可投資資本，其中包括 25 億美元的股權承諾。</p>
<p><em>圖片：使用 ChatGPT 創建的 AI 圖像</em></p>
<p><strong>另請閲讀：</strong>
<strong>韋恩斯坦的 ‘購買悲觀’ 交易在 Blue Owl 招標中失利</strong></p>

美國銀行

富國 BDC 指數 ETF - VanEck Vectors

PBDC

全球上市私募股權 ETF - ProShares

<p>私募信貸行業面臨挑戰，非交易型商業發展公司（BDC）的贖回請求增加，表明市場壓力加大。投資組合經理邁克爾·萊博維茨（Michael Lebowitz）表示，負面情緒影響了強弱 BDC，但他認為該行業仍有潛在價值。美國銀行的一份報告預測，贖回水平將在 2026 年第二季度達到峯值，預計第三季度仍將面臨較大壓力。儘管動盪，分析師對多家公司維持買入評級，而美國銀行已承諾向私募信貸投資投入 250 億美元，其他銀行也開始進入該領域</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，私募信貸市場遭遇了一段困難時期，投資者情緒減弱以及非交易型商業發展公司（BDC）贖回請求增加，顯示出日益加劇的壓力。</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 的投資組合經理，認為圍繞私募信貸的 “混亂和負面報道” 使該領域的強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>“對私募信貸基金的負面情緒拖累了許多高質量的 BDC，以及一些較弱的 BDC。圍繞私募信貸基金的混亂和負面報道並不是避免 BDC 的理由。事實上，我們認為這正是考慮投資的理由，” Lebowitz 在 X 上寫道。</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>根據美國銀行最近的一份報告，PitchBook 引用稱，BDC 的贖回活動將在 2026 年第二季度達到最高點，此前第一季度的贖回水平創下紀錄。</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>由於 “顧問對比例的反應請求超過所需”，贖回活動將在第二季度繼續增加，這使得大多數 BDC 的贖回限制約為 5%。因此，報告指出，一些投資者預計將嘗試收回上一季度未滿足的贖回請求。</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>另請閲讀：</strong>
<strong>Cramer 對私募股權施加壓力：‘你必須賣掉一些東西’</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>分析師預計，市場將在第三季度繼續面臨較高的贖回壓力，隨後在第四季度緩解。然而，預計全年所有跟蹤的 BDC 的贖回水平仍將高於典型的 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>分析師還表示，他們預計零售另類基金的流入將從四月的低點回升，他們認為這主要是由於 “私募信貸的錯誤信息和伊朗衝突”。</p>
</div><h2>Projected Fund Expectations In Q2</h2>
<div class="lb-trans"><h2>第二季度基金預期</h2>
</div><p>The report outlined projected Q2 redemption levels across several major private credit funds:</p>
<div class="lb-trans"><p>報告概述了幾隻主要私募信貸基金在第二季度的贖回水平預期：</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> 第一季度贖回率為 11.2%，預計第二季度贖回率將上升至 15%</li>
<li><strong>Ares Strategic Income Fund:</strong> 第一季度贖回率為 11.6%，預計第二季度贖回率為 14%</li>
<li><strong>Blackstone BCRED</strong>: 預計第二季度贖回率將達到 12%，高於第一季度的 7.9%。報告指出，BCRED 在同行中記錄了最低的第一季度贖回率，並且是唯一沒有限制贖回的主要私募 BDC，儘管分析師預計它將在第二季度實施限制</li>
<li><strong>HPS HLEND:</strong> 預計第二季度將增加至 13%，高於第一季度的 9.3%</li>
<li>對於 Blue Owl 的兩隻非交易型 BDC：Blue Owl OCIC 預計第二季度為 28.5%，高於 21.9%；Blue Owl OTIC 預計將上升至 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>儘管面臨這種背景，BofA 分析師對 <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) 維持了買入評級，稱讚它們在私人財富分銷渠道的長期建設。</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>報告還指出，四月份大多數基金的私募信貸銷售環比下降超過 50%，分析師部分歸因於媒體的高度關注。</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，今年早些時候宣佈，美國銀行承諾將其 250 億美元的資金用於 私募信貸投資， 以此擴展其當前的直接貸款活動。</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>該銀行打算通過其資本市場部門，即其投資銀行部門的一部分，來獲取這些交易。</p>
</div><p>Other banks have committed capital toward the private credit sector.</p>
<div class="lb-trans"><p>其他銀行也已向私募信貸領域承諾了資金。</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，花旗集團 與 Apollo Global Management 達成戰略合作，推出 250 億美元的私募信貸和直接貸款計劃。同月，富國銀行 宣佈 與 Centerbridge 建立合作關係，專注於向非贊助的北美中型市場公司提供直接貸款。Overland 的目標是籌集至少 50 億美元的可投資資本，其中包括 25 億美元的股權承諾。</p>
</div><p><em>Image: AI image created using ChatGPT</em></p>
<div class="lb-trans"><p><em>圖片：使用 ChatGPT 創建的 AI 圖像</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>另請閲讀：</strong>
<strong>韋恩斯坦的 ‘購買悲觀’ 交易在 Blue Owl 招標中失利</strong></p>
</div>

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

- 私募信貸市場近期面臨壓力，投資者情緒疲弱，贖回請求上升。  
- 美銀報告顯示，2026 年第二季度 BDC 贖回活動將達到歷史高點。  
- 分析師預計，市場將持續承壓，零售另類基金流入可能回升。

benzinga_article

Putnam BDC Income ETF

Apollo Global

ARES Management LP

黑石集團

KKR集團

Blue Owl Capital

花旗

富國銀行

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)

‘混亂和負面新聞’ 擾亂了私人信貸——而看漲者則嗅到了其中的價值