<p>作者：Joy Wiltermuth</p>
<p>“這並不是一陣風就能過去的，” Siebert Financial 的首席投資官 Mark Malek 説道，他是一位私人信貸投資者。</p>
<p>週三，私人股本巨頭及向個人投資者提供私人信貸的基金的股票下跌。</p>
<p>大約 2 萬億美元的私人信貸市場遭遇了一波新的投資者贖回潮，導致該行業巨頭的股票在週三大幅下跌。</p>
<p>此次拋售可以歸因於新聞報道，稱在第二季度，310 億美元的 Cliffwater Corporate Lending Fund 的贖回被限制在 5%，以及瑞士和美國的私人股本公司 Partners Group（CH:PGHN）對基金贖回的限制，該公司管理着 1850 億美元的資產。</p>
<p>Cliffwater 沒有立即回應置評請求。Partners Group 拒絕置評。</p>
<p>“這並不是一陣風就能過去的，” Siebert Financial 的首席投資官 Mark Malek 説道，他是一位私人信貸投資者。“如果這些公司沒有設置贖回限制，這將是個真正的問題。”</p>
<p>Malek 表示，這種情況讓他想起了顧客在銀行外排隊的情景，大家看起來很擔憂，導致更多顧客加入隊伍並取出他們的錢。雖然個人投資者一直在尋找退出的機會，但他沒有看到該行業機構的恐慌性拋售的證據。</p>
<p>私人信貸行業及向個人投資者提供該領域的基金股票自 2026 年以來一直承壓，如下圖所示。</p>
<p>在 4 月之前，關於該行業的擔憂逐漸加劇，當時 Blue Owl Capital（OWL）因限制贖回而成為頭條新聞。Blue Owl 拒絕置評。根據 FactSet 的數據，其股票週三下跌超過 3%，而私人股本巨頭 KKR &amp; Co.（KKR）的股票下跌了 4%，黑石集團（BX）的股票下跌了 3.7%。KKR 和黑石沒有立即回應置評請求。</p>
<p>投資者越來越希望從私人信貸中撤回資金。根據 Partners Group 在 5 月發佈的一份報告，2026 年第一季度，來自一組非交易性商業發展公司的行業贖回超過 120 億美元，其中大約一半得到了滿足。</p>
<p>週三的拋售發生在經歷了幾年的繁榮之後，這些年年回報率達到兩位數。最近的回報較小，背景是持續上升的國債收益率 BX:TMUBMUSD10Y 和整體借貸成本。Cliffwater 公司基金今年迄今的回報率為 1.7%。</p>
<p>許多投資者現在質疑該行業不透明的貸款實踐和基金持有的貸款質量。私人信貸基金通常對軟件行業的貸款暴露程度高於美國信貸市場的其他成熟部分。</p>
<p>“我並不驚訝有更多的贖回請求，” Madison Funds 的固定收益投資組合經理 Mike Sanders 説道。贖回限制可以限制人們從基金中提取的金額，但他表示，這可能無法抑制他們想要收回投資的願望。</p>
<p>儘管如此，Sanders 表示，美國企業債券和其他固定收益領域的緊信用利差表明，目前私人信貸的混亂並沒有造成太多溢出效應。</p>
<p>“我認為你會繼續看到對流動性的需求，看看基金是否能在他們需要的水平上提供流動性將會很有趣，” Sanders 説道。</p>
<p>-Joy Wiltermuth</p>
<p>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞社和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞社</p>
<p>06-03-26 1232ET</p>

黑石集團

KKR-D

KKR集團

<p>一波新的投資者贖回潮襲擊了 2 萬億美元的私人信貸市場，導致 KKR、黑石集團和 Blue Owl 等行業巨頭的股票大幅下跌。這一拋售潮是由於 Cliffwater 和 Partners Group 等基金報告了贖回限制。儘管專家指出機構恐慌仍然有限，但對不透明的借貸行為、近期回報下降和更高的借貸成本的擔憂正在推動對流動性的需求</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>“這並不是一陣風就能過去的，” Siebert Financial 的首席投資官 Mark Malek 説道，他是一位私人信貸投資者。</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>週三，私人股本巨頭及向個人投資者提供私人信貸的基金的股票下跌。</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>大約 2 萬億美元的私人信貸市場遭遇了一波新的投資者贖回潮，導致該行業巨頭的股票在週三大幅下跌。</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>此次拋售可以歸因於新聞報道，稱在第二季度，310 億美元的 Cliffwater Corporate Lending Fund 的贖回被限制在 5%，以及瑞士和美國的私人股本公司 Partners Group（CH:PGHN）對基金贖回的限制，該公司管理着 1850 億美元的資產。</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 沒有立即回應置評請求。Partners Group 拒絕置評。</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>“這並不是一陣風就能過去的，” Siebert Financial 的首席投資官 Mark Malek 説道，他是一位私人信貸投資者。“如果這些公司沒有設置贖回限制，這將是個真正的問題。”</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，這種情況讓他想起了顧客在銀行外排隊的情景，大家看起來很擔憂，導致更多顧客加入隊伍並取出他們的錢。雖然個人投資者一直在尋找退出的機會，但他沒有看到該行業機構的恐慌性拋售的證據。</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>私人信貸行業及向個人投資者提供該領域的基金股票自 2026 年以來一直承壓，如下圖所示。</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，關於該行業的擔憂逐漸加劇，當時 Blue Owl Capital（OWL）因限制贖回而成為頭條新聞。Blue Owl 拒絕置評。根據 FactSet 的數據，其股票週三下跌超過 3%，而私人股本巨頭 KKR &amp; Co.（KKR）的股票下跌了 4%，黑石集團（BX）的股票下跌了 3.7%。KKR 和黑石沒有立即回應置評請求。</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>投資者越來越希望從私人信貸中撤回資金。根據 Partners Group 在 5 月發佈的一份報告，2026 年第一季度，來自一組非交易性商業發展公司的行業贖回超過 120 億美元，其中大約一半得到了滿足。</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>週三的拋售發生在經歷了幾年的繁榮之後，這些年年回報率達到兩位數。最近的回報較小，背景是持續上升的國債收益率 BX:TMUBMUSD10Y 和整體借貸成本。Cliffwater 公司基金今年迄今的回報率為 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>許多投資者現在質疑該行業不透明的貸款實踐和基金持有的貸款質量。私人信貸基金通常對軟件行業的貸款暴露程度高於美國信貸市場的其他成熟部分。</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>“我並不驚訝有更多的贖回請求，” Madison Funds 的固定收益投資組合經理 Mike Sanders 説道。贖回限制可以限制人們從基金中提取的金額，但他表示，這可能無法抑制他們想要收回投資的願望。</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>儘管如此，Sanders 表示，美國企業債券和其他固定收益領域的緊信用利差表明，目前私人信貸的混亂並沒有造成太多溢出效應。</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>“我認為你會繼續看到對流動性的需求，看看基金是否能在他們需要的水平上提供流動性將會很有趣，” Sanders 説道。</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>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞社和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞社</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.

又一波贖回潮正在擾動 2 萬億美元的私人信貸市場