<p><strong>KKR &amp; Co.</strong> (NYSE: KKR) 正在向其與 Future Standard 共同管理的 私人信貸基金 投資 3 億美元的自有資本，因為該策略面臨着由於貸款違約上升而帶來的壓力，這導致第一季度損失 5.6 億美元。</p>
<p>KKR Alternative Assets 將通過要約收購以每股 11 美元的價格購買最多 1.5 億美元的 FS KKR Capital 股票，並投資 1.5 億美元於新發行的優先股，彭博社 報道。</p>
<p>截至週一市場收盤，KKR 的股價下跌了 3.2%。</p>
<p>該 BDC 的董事會批准了一項 3 億美元的股票回購計劃，預計將持續約一年。該計劃將於 2027 年 6 月 1 日到期。根據 3 億美元的回購進度，該計劃可以延長或提前結束。KKR 同意放棄四個季度的激勵費用。</p>
<p><strong>另請閲讀：</strong>
<strong>阿波羅探索 30 億美元出售私人信貸基金 MFIC</strong></p>
<p>FS KKR 在第一季度將該軟件公司列為非計息貸款，將貸款減記至 54 美分。彭博社補充稱，Medallia 並未支付來自 FS KKR 的貸款利息。</p>
<p>FS KKR 投資組合中約有 16% 是軟件和服務公司。首席投資官 <strong>Daniel Pietrzak</strong> 指出，Medallia、Cubic Corp 和 Affordable Care 在第一季度幾乎佔據了基金淨資產價值下降的 33%。</p>
<h2>在信用質量擔憂中折扣擴大</h2>
<p>穆迪評級在 3 月將 FS KKR 降級至垃圾級，原因是 “持續的資產質量挑戰”。它現在在公開上市的 BDC 中的淨資產價值折扣幅度最大。</p>
<p>由於投資者重新評估軟件資產，擔心人工智能可能會減少對某些服務的需求，Medallia 最近面臨壓力。</p>
<p>據報道，Thoma Bravo 正在接近一項協議，將軟件提供商 Medallia 的控制權轉移給其貸款方，實際上抹去了與該私募股權公司相關的 51 億美元。</p>
<p>在 2 月的電話會議上，黑石集團的私人信貸負責人 Brad Marshall 表示，Medallia 的表現不佳 “並不是因為與人工智能相關的任何問題，而是由於我們認為的執行驅動問題。”</p>
<p>“我們還預計將討論資本結構，” 他補充道。</p>
<p>推動 數十年牛市 的軟件即服務模型依賴於兩個假設：座位數量的增長和年度價格上漲。人工智能威脅到這兩者。軟件的倍數已經減半。幾十年來，軟件股票的市盈率首次低於更廣泛市場的倍數。</p>
<p>私募股權在 2018 年至 2022 年間向軟件公司注入了數萬億美元。根據 <strong>Steve Eisman</strong> 的説法，所有這些交易現在都處於虧損狀態 “而且可能虧損嚴重”，他是第一個在任何人想聽之前就預言次貸危機的基金經理。</p>
<p><strong>黑石</strong>、<strong>KKR</strong> 和 <strong>凱雷集團</strong> (NYSE: CG) 在第一季度均下跌 25% 或更多。Oaktree 的 Howard Marks 警告 稱私人信貸的承銷標準 “過低，正在為修正創造條件。”</p>
<p><strong>另請閲讀：</strong>
<strong>Thrive Capital、Alphabet 將主導 Isomorphic Labs 20 億美元的融資目標</strong></p>
<p><em>照片來源：Shutterstock</em></p>

KKR集團

<p>KKR & Co. 正在向其與 Future Standard 共同管理的私人信貸基金投資 3 億美元，此時貸款違約率上升，導致第一季度損失 5.6 億美元。此次投資包括對 FS KKR Capital 股票的要約收購和新發行的優先股。KKR 的股票在市場收盤時下跌了 3.2%。該基金的董事會批准了一項 3 億美元的股票回購計劃，預計將持續約一年。穆迪因資產質量問題將 FS KKR 降級為垃圾級，重大損失歸因於像 Medallia 這樣的軟件公司</p>

<p><strong>KKR &amp; Co.</strong> (NYSE: KKR) is committing $300 million of its own capital to a private credit fund it co-manages with Future Standard, as the strategy faces pressure from rising loan defaults that contributed to a $560 million loss in the first quarter.</p>
<div class="lb-trans"><p><strong>KKR &amp; Co.</strong> (NYSE: KKR) 正在向其與 Future Standard 共同管理的 私人信貸基金 投資 3 億美元的自有資本，因為該策略面臨着由於貸款違約上升而帶來的壓力，這導致第一季度損失 5.6 億美元。</p>
</div><p>KKR Alternative Assets will buy up to $150 million of FS KKR Capital shares at $11 each through a tender offer and also invest $150 million in newly issued preferred stock, Bloomberg reported.</p>
<div class="lb-trans"><p>KKR Alternative Assets 將通過要約收購以每股 11 美元的價格購買最多 1.5 億美元的 FS KKR Capital 股票，並投資 1.5 億美元於新發行的優先股，彭博社 報道。</p>
</div><p>At the end of Monday's market close KKR's stock price was down 3.2%.</p>
<div class="lb-trans"><p>截至週一市場收盤，KKR 的股價下跌了 3.2%。</p>
</div><p>The BDC's board of directors approved a $300 million share repurchase program, which is understood to be running for approximately one year. The program will expire on June 1, 2027. It can be extended or end sooner, depending on when the $300 million is reached. KKR agreed to waive its incentive fees for four quarters.</p>
<div class="lb-trans"><p>該 BDC 的董事會批准了一項 3 億美元的股票回購計劃，預計將持續約一年。該計劃將於 2027 年 6 月 1 日到期。根據 3 億美元的回購進度，該計劃可以延長或提前結束。KKR 同意放棄四個季度的激勵費用。</p>
</div><p><strong>Read Also:</strong>
<strong>Apollo Explores $3 Billion Sale Of Private Credit Fund MFIC</strong></p>
<div class="lb-trans"><p><strong>另請閲讀：</strong>
<strong>阿波羅探索 30 億美元出售私人信貸基金 MFIC</strong></p>
</div><p>FS KKR placed the software company on non-accrual in Q1, marking the loan down to 54 cents. Medallia is not paying interest on its loans from FS KKR, Bloomberg added.</p>
<div class="lb-trans"><p>FS KKR 在第一季度將該軟件公司列為非計息貸款，將貸款減記至 54 美分。彭博社補充稱，Medallia 並未支付來自 FS KKR 的貸款利息。</p>
</div><p>Approximately 16% of FS KKR's portfolio is in software and services companies. Chief Investment Officer <strong>Daniel Pietrzak</strong> noted that Medallia, Cubic Corp, and Affordable Care drove nearly 33% of the fund's NAV decline in the first quarter.</p>
<div class="lb-trans"><p>FS KKR 投資組合中約有 16% 是軟件和服務公司。首席投資官 <strong>Daniel Pietrzak</strong> 指出，Medallia、Cubic Corp 和 Affordable Care 在第一季度幾乎佔據了基金淨資產價值下降的 33%。</p>
</div><h2>Discounts Widen Amid Credit Quality Concerns</h2>
<div class="lb-trans"><h2>在信用質量擔憂中折扣擴大</h2>
</div><p>Moody's Ratings downgraded FS KKR to junk status in March due to &#34;continued asset quality challenges.” It now trades at one of the widest discounts to net asset value among publicly listed BDCs.</p>
<div class="lb-trans"><p>穆迪評級在 3 月將 FS KKR 降級至垃圾級，原因是 “持續的資產質量挑戰”。它現在在公開上市的 BDC 中的淨資產價值折扣幅度最大。</p>
</div><p>Medallia has been under recent pressure as investors reassess software assets amid worries that artificial intelligence could reduce demand for some services.</p>
<div class="lb-trans"><p>由於投資者重新評估軟件資產，擔心人工智能可能會減少對某些服務的需求，Medallia 最近面臨壓力。</p>
</div><p>Thoma Bravo is reportedly inching closer to a deal that would transfer control of software provider Medallia to its lenders, effectively erasing $5.1 billion tied to the private equity firm.</p>
<div class="lb-trans"><p>據報道，Thoma Bravo 正在接近一項協議，將軟件提供商 Medallia 的控制權轉移給其貸款方，實際上抹去了與該私募股權公司相關的 51 億美元。</p>
</div><p>On a February conference call, Blackstone’s private credit chief Brad Marshall said Medallia had been “underperforming, not because of anything related to AI, but due to what we believe to be execution-driven issues.&#34;</p>
<div class="lb-trans"><p>在 2 月的電話會議上，黑石集團的私人信貸負責人 Brad Marshall 表示，Medallia 的表現不佳 “並不是因為與人工智能相關的任何問題，而是由於我們認為的執行驅動問題。”</p>
</div><p>“We also expect there to be discussions around the capital structure,” he added.</p>
<div class="lb-trans"><p>“我們還預計將討論資本結構，” 他補充道。</p>
</div><p>The software-as-a-subscription model that powered a multi-decade bull market depended on two assumptions: growing seat counts and annual price increases. AI threatens both. Software multiples have been cut in half. For the first time in decades, price-to-earnings ratios for software stocks sit below the broader market multiple.</p>
<div class="lb-trans"><p>推動 數十年牛市 的軟件即服務模型依賴於兩個假設：座位數量的增長和年度價格上漲。人工智能威脅到這兩者。軟件的倍數已經減半。幾十年來，軟件股票的市盈率首次低於更廣泛市場的倍數。</p>
</div><p>Private equity poured trillions into software companies between 2018 and 2022. Every single one of those deals is now underwater “and probably by a lot,” according to <strong>Steve Eisman,</strong> the fund manager who called the subprime crash before anyone wanted to hear it.</p>
<div class="lb-trans"><p>私募股權在 2018 年至 2022 年間向軟件公司注入了數萬億美元。根據 <strong>Steve Eisman</strong> 的説法，所有這些交易現在都處於虧損狀態 “而且可能虧損嚴重”，他是第一個在任何人想聽之前就預言次貸危機的基金經理。</p>
</div><p><strong>Blackstone</strong>, <strong>KKR</strong> and <strong>Carlyle Group</strong> (NYSE: CG) were all down 25% or more in Q1. Oaktree’s Howard Marks warned that private credit underwriting standards were “too low and setting the scene for a correction.”</p>
<div class="lb-trans"><p><strong>黑石</strong>、<strong>KKR</strong> 和 <strong>凱雷集團</strong> (NYSE: CG) 在第一季度均下跌 25% 或更多。Oaktree 的 Howard Marks 警告 稱私人信貸的承銷標準 “過低，正在為修正創造條件。”</p>
</div><p><strong>Read Also:</strong>
<strong>Thrive Capital, Alphabet To Lead Isomorphic Labs $2 Billion Fundraising Goa</strong></p>
<div class="lb-trans"><p><strong>另請閲讀：</strong>
<strong>Thrive Capital、Alphabet 將主導 Isomorphic Labs 20 億美元的融資目標</strong></p>
</div><p><em>Photo: Shutterstock</em></p>
<div class="lb-trans"><p><em>照片來源：Shutterstock</em></p>
</div>

KKR Just Rescued Its Own Private Credit Fund With $300 Million

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KKR 剛剛用 3 億美元救助了其自有的私募信貸基金