私募信贷行业危中存机，高盛(GS.US)静待逆势出击：竞争降温、利差趋高

智通财经04-07

智通财经APP获悉，高盛(GS.US)表示，依靠更有黏性、更有耐心的机构投资者，而不是富有的个人投资者，帮助其规模达 157 亿美元的私募信贷基金勉强避免了今年困扰同行的普遍资金外流。现在，该公司正试图利用散户资金撤离的机会，趁竞争对手退缩之际趁机抢占先机。据周一提交的文件显示，管理一家所谓非上市商业发展公司(BDC)的高盛私募信贷公司(Goldman Sachs Private Credit ...

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亿美元的私募信贷基金勉强避免了今年困扰同行的普遍资金外流。现在，该公司正试图利用散户资金撤离的机会，趁竞争对手退缩之际趁机抢占先机。据周一提交的文件显示，管理一家所谓非上市商业发展公司(BDC)的高盛私募信贷公司(Goldman Sachs Private Credit Corp.)在第一季度满足了相当于其流通股4.999%的赎回请求。这与包括Blue Owl Capital(OWL.US)在内的同行形成鲜明对比，后者的赎回请求远高于行业普遍规定的5%上限。在资金外流的背景下，高盛观察到贷款环境正在发生“意义深远的转变”：近年来推动规模达1.8万亿美元的这一资产类别崛起的激烈竞争开始缓和。基金经理在致股东的信中表示，这使得天平重新向贷款方而非借款方倾斜。高盛也在募集100亿美元的直接贷款基金，但它并非唯一一家看好这一投资机会的公司。Barings LLC旗下的一只基金周一遭遇了11.3%的赎回请求，该基金表示，限制赎回的决定将使其能够抓住1.8万亿美元市场动荡带来的投资机会。摩根士丹利(MS.US)和摩根大通(JPM.US)正计划设立新的基金投资于私募信贷，尽管后者首席执行官杰米·戴蒙警告称，杠杆贷款的损失将高于预期。惠誉评级北美非银行金融机构主管Meghan Neenan表示，由于散户投资者持续观望，可能会出现一些“再平衡”现象，从而推高利差、契约条款和其他交易条件，使贷款方受益。“但这些影响需要一段时间才能体现在财务报告中，或对整体投资组合指标产生影响，”她补充道。诚然，赎回仍然是市场的一大难题。迄今为止，已有超过80亿美元的资金被困在私募信贷工具中，预计投资者将在下个季度再次寻求比往常更大规模的赎回。此外，整个行业的业绩普遍下滑，2月份公布的亏损额为三年多来最严重。文件显示，截至今年2月底，高盛基金的回报率为0.4%，低于去年同期的1.3%。该基金试图与同行划清界限，称其是“同行中唯一一家回购请求低于5%季度上限的非上市商业发展公司”。高盛表示，尽管其基金的赎回请求仍高于第四季度的3.5%的水平，但净流入为正，认购额约为 10.4 亿美元。“需要明确的是，我们与其他非上市商业发展公司处于同一市场，我们当然无法免受行业动态的影响，”高盛基金经理写道。但他们表示，未受零售资金外流影响的贷款机构可以开始协商更严格的契约和其他保护措施，而借款人也必须支付更多费用才能获得新贷款。高盛称：“我们通过维持一个以机构为导向的私人信贷平台，实现了资本来源的战略多元化，这意味着我们可以保持耐心，可以自行决定部署速度，并且与我们的贷款发起生态系统相结合，使我们在整个信贷周期中都拥有竞争优势。”","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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