近年来，私募信贷（Private Credit）逐渐成为市场上的热门资产类别，各类基金公司纷纷推出各种夺人眼球的产品，主打"高收益、低波动、低相关性"的卖 点。 最近一位读者给我发了一份M基金的宣传材料，便是其中的代表案例。宣传材料里充斥着"年化目标收益9–12%""顶尖管理人""高度分散""稳健月度分 红"等吸引眼球的字眼，听起来仿佛是一份风险与回报兼得的"完美答案"。 但仔细剖析，这类产品并没有宣传中看上去那么美好，甚至存在明显的结构性问题，极易误导普通投资者。本文将逐条分析，解释为什么投资者在面对这种 产品时必须保持高度谨慎。 一、目标回报只是水中月，缺乏真实可验证的业绩纪录 M基金宣传的" 预期 年化 收益率9–12%"，看似诱人，但问题在于，这只是一种假设性的目标，并非真实的历史回报纪录（track record）。任何基金经理 都可以轻易写下一个目标数字，甚至通过回测或模拟组合来"证明"其可行性，但这与投资者最终能拿到手的实际回报并无直接关系。 这意味着，投资者的钱要经过"双重收费"。表面上看到的9–12%年化收益目标，最终可能被层层费用侵蚀，落到投资者手里最后能剩多少呢？只有天知道。 换句话说， ...

Financial Data and Key Metrics Changes - Net asset value per share was $11.18, reflecting a 1% decline quarter over quarter [25] - Net investment income for the quarter was $0.28 per share, an increase from $0.25 per share in the prior quarter [12][27] - The weighted average yield at fair value remained unchanged at 10.1% [14] - The net leverage ratio was 1.29 times at quarter end, up from 1.24 times as of March 31 [28] Business Line Data and Key Metrics Changes - Gross originations were nearly $200 million, with net originations of $32 million [6] - Barings originated positions now make up 95% of the BBDC portfolio at fair value, up from 76% in 2022 [13] - Non-accrual rate improved to 50 basis points at fair value, well below industry averages [13][23] Market Data and Key Metrics Changes - The portfolio consists of 74% secured investments, with approximately 71% being first lien securities [21] - Interest coverage within the portfolio was 2.4 times, above industry averages [21] Company Strategy and Development Direction - The company focuses on core middle market investments due to lower leverage and stronger risk-adjusted returns [6] - Emphasis on sectors that perform resiliently across economic environments to provide stability [6] - The company maintains a cautious optimism about the broader economy and is well-positioned to withstand various economic developments [7][16] Management's Comments on Operating Environment and Future Outlook - The economic outlook remains uncertain, but the company believes its durable portfolio construction will help navigate future challenges [16] - Management noted that macroeconomic events have not historically produced widespread defaults, with idiosyncratic risks being more significant [20] - The company expects increased M&A activity in the latter half of the year based on current market indicators [11] Other Important Information - The Board declared a third-quarter dividend of $0.26 per share, consistent with the prior quarter [14][30] - The company repurchased 100,000 shares during the quarter, totaling 250,000 shares under the current plan [31] Q&A Session Summary Question: Can you expand on the profile of sales to Jakafi and overall leverage? - Management indicated that Jakafi has ample liquidity to absorb incremental investments and that they will continue to run leverage towards the higher end of their range due to strong credit quality [35][40] Question: How does the new name ScreenVision fit into the Barings platform? - Management noted that there is significant collaboration across investment teams, with a centralized sourcing process [43][44] Question: What percentage of originations were follow-ons versus new borrowers? - Approximately 60-70% of originations were follow-ons for existing borrowers [50] Question: How is the pipeline looking after the second quarter? - Management expressed optimism about forward visibility on origination, despite the same economic outlook as previous years [52] Question: How sustainable is the dividend given the forward curve? - Management expressed confidence in earning the dividend based on the current SAFR curve, despite potential changes due to rate cuts [60][62] Question: What is the current state of credit in the cycle? - Management indicated a constructive setup for credit, with modest growth and stable inflation, but acknowledged uncertainty in the future [63] Question: How is the share repurchase program being managed? - Management explained that tactical elements and blackout periods influence share repurchase activity, but they remain focused on shareholder accretive activities [68][70] Question: Is August seeing increased deal activity? - Management noted that while the pipeline is higher, it is too early to declare August as one of the busiest months [72][75]

结合易峯(EquitiesFirst)凭借对海外金融市场的深刻洞察以及长期积累的丰富经验和据媒体报道,关税上 调会加剧美国通胀,这可能会导致美联储降息步伐减慢,而后又可能会推迟全球其他央行的降息进程。美 元走强还可能缩小寻求美元融资的海外融资人的选择范围,尤其是新兴市场的融资人。这可能会使得境 内融资活动增加。 本文件包含EquitiesFirst在美国和其他国家/地区的知识产权,包括但不限于各自的标志以及其他已注册和 未注册的商标和服务标志。EquitiesFirst保留本文件中包含的对其知识产权的所有权利。接收方不得向 任何其他人分发、出版、复制或以其他方式提供本文件的全部或部分内容,特别是不得向分发行为可能 导致违反任何法律或监管要求的任何国家/地区的人士分发本文件。 EquitiesFirst不就本文件作出任何陈述或保证,并明确否认法律规定的任何默示保证。您承认EquitiesFirst 在任何情况下均不对任何直接、间接、特殊、后果性、偶发性或惩罚性损害负责,包括但不限于利润损 失或机会损失,即使EquitiesFirst已被告知此类损害的可能性。 EquitiesFirst所有融资服务均在美国提供, ...

Financial Data and Key Metrics Changes - Moody's reported second quarter revenue of $1.9 billion, growing 4% year over year, despite a tough comparison to the previous year's 22% growth [5][6] - Adjusted operating margin reached 50.9%, up 130 basis points from a year ago, translating to adjusted diluted EPS of $3.56, a 9% increase [6][7] - The company narrowed its guidance ranges for rated issuance, MIS revenue, and EPS based on second quarter performance [6][7] Business Line Data and Key Metrics Changes - MIS revenue was flat year over year at $1 billion, with a 1% decline when adjusted for positive FX effects [25] - Corporate Finance transaction revenue declined 6% year on year, while Investment Grade transaction revenue grew 18% on 16% issuance growth [26] - Moody's Analytics revenue grew 11%, with recurring revenue increasing by 12% and Decision Solutions showing double-digit growth [30][31] Market Data and Key Metrics Changes - Private credit transactions accounted for nearly 25% of first-time mandates, with a 75% revenue growth in private credit across multiple lines of business [10][11] - The U.S. Public Finance group rated the highest quarterly issuance volume since 2007, with nearly 200 first-time mandates in the second quarter [28] - EMEA first-time mandates increased year over year, driven by private credit mandates [29] Company Strategy and Development Direction - Moody's is focused on strengthening its position in private credit markets and enhancing transparency and insights for investors [9][10] - The company is investing in partnerships, such as with MSCI, to leverage data and models for emerging investor needs [12][17] - Moody's aims to capitalize on digital transformation, AI adoption, and the expansion of private markets to drive long-term sustainable value [41] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the second half of the year, citing key credit themes that could influence performance [9] - The company is monitoring macroeconomic and geopolitical uncertainties that may affect issuance volumes [38] - Management highlighted the importance of maintaining a strong pipeline and executing on growth strategies despite market challenges [52] Other Important Information - Moody's Analytics achieved a 32.1% adjusted operating margin, a 360 basis point improvement year over year [13] - The company completed the acquisition of ICR Chile, enhancing its presence in the Latin American bond market [17] - Moody's is integrating GenAI capabilities across its product portfolio, with 40% of products now including some form of GenAI enablement [20] Q&A Session Summary Question: Insights on Decision Solutions and KYC - Management acknowledged attrition from a strategic termination of a distribution partnership in KYC and ongoing ESG-related attrition, but emphasized strong growth in banking and insurance segments [45][46] Question: Potential Pull Forward of Issuance - Management indicated that there was no meaningful pull forward of issuance, noting healthy performance in both public and private credit markets [55][56] Question: Operating Margin Expansion - Management clarified that the operating margin expansion was due to disciplined expense management and not due to expense shifts from Q2 to later quarters [63][64] Question: Banking Sector Performance - Management noted that while there has been a decline in banking ARR, growth in lending products, particularly Credit Lens, is expected to drive future growth [70][71] Question: AI and GenAI Adoption - Management highlighted that while standalone AI revenue is not yet material, early adopters of GenAI are showing double the growth compared to other customers, indicating strong engagement [78][79] Question: Contribution of Private Credit to MIS Revenues - Management confirmed that private credit is contributing to several lines in the rating agency, with significant growth in asset-backed finance and first-time mandates [84][85]

Group 1 - The establishment of the "China International Science and Technology Promotion Association Mother Fund Branch" aims to enhance the role of mother funds in China's capital market and promote healthy development in the investment industry, particularly in mother funds [1][40][42] - The Hubei Provincial Government Investment Guidance Fund is a policy-oriented mother fund established by the Hubei provincial government, which is now inviting applications for GP selection [3][4] - The "West (Chongqing) Science City High-tech Startup Investment Fund" is being launched to strengthen financial services for the real economy in Chongqing, focusing on sectors like smart connected vehicles and biomedicine [12][22] Group 2 - The latest "Global Private Capital Barometer" by Coller Capital indicates that 45% of LPs plan to increase allocations to private credit assets, reflecting a shift towards more defensive investment strategies amid macroeconomic uncertainties [21][22][23] - The Nanjing Innovation Investment Group successfully issued a technology innovation corporate bond worth 1 billion yuan, marking a historical low interest rate for similar bonds [24][26][27] - Guangdong Hengjian Investment Holding Co., Ltd. successfully issued a 5 billion USD three-year senior fixed-rate bond, achieving the lowest issuance yield for local state-owned enterprises since 2023 [30][31] Group 3 - The UAE delegation visited Futian Capital to explore international capital cooperation opportunities, focusing on technology innovation and industry development [32][34][35] - China Resources Henan Pharmaceutical Co., Ltd. engaged in discussions with Yuzi Holdings Group to explore collaboration in the pharmaceutical sector [36][38][39]

Group 1 - The core viewpoint of the article is that PIMCO expects to favor global bonds maturing in 5 to 10 years over long-term bonds in the next five years, while maintaining a cautious stance on private credit due to potential threats from weakened economic growth to lower credit quality companies [1] Group 2 - PIMCO manages assets worth $2 trillion, indicating its significant influence in the asset management industry [1] - The company is adjusting its investment strategy in response to anticipated economic conditions, highlighting a shift towards shorter-duration bonds [1] - The cautious approach towards private credit reflects concerns about credit quality amid economic slowdown [1]

Core Insights - Moody's indicates that the influx of retail capital into private credit may compress credit spreads and encourage riskier lending practices [1] Group 1 - The entry of retail capital into private credit markets is expected to lead to tighter credit spreads [1] - Increased competition from retail investors could result in lenders taking on higher risks in their lending activities [1]

Core Viewpoint - The integration of primary and secondary markets is an inevitable trend, with a shift towards more customized financing solutions combining private credit, equity, and hybrid models due to the increasing asset weight in sectors like AI and defense [3][4]. Group 1: Changes in Credit Markets - Companies with good credit ratings are increasingly turning to private credit markets for financing, indicating that traditional financing methods are insufficient to meet their needs [3][4]. - The annual issuance of Collateralized Loan Obligations (CLOs) has reached $500 billion, reflecting a significant transformation in the credit market [6]. Group 2: Apollo's Business Model Innovation - Apollo has merged with its insurance retirement services company, Athene, creating a model where it acts as both an asset manager and a principal investor, aligning its interests with clients [9][10]. - The company manages nearly $800 billion in assets, with 65% in investment-grade securities, and has a significant focus on private credit and alternative investments [26]. Group 3: Market Dynamics and Future Trends - The U.S. maintains a dominant position in global capital markets, benefiting from a large stock market and a favorable legal environment, but there are emerging opportunities in Europe for private credit and infrastructure financing [13][14]. - The shift towards private assets is driven by the need for more liquidity and the increasing number of companies choosing to remain private rather than going public [37][41]. Group 4: Investment Strategies and Risk Management - Apollo emphasizes understanding the relationship between risk, return, and capital structure costs, allowing for a more flexible approach to investment compared to traditional fund structures [17][18]. - The company is focused on creating innovative fixed-income products that align with its long-term liabilities, particularly in the context of rising interest rates [23][24]. Group 5: The Role of AI and Infrastructure Investment - There is a growing demand for capital to upgrade computing infrastructure, with Apollo positioning itself as a leader in this space by providing flexible capital structures to hyperscalers and defense sectors [50][54]. - The company anticipates that the need for computing power will only increase, making it a key area for future growth [53][54].

大中华私募股权市场显现回暖迹象。5月28日，在香港会议展览中心举行的大中华私募股权峰会(GPES) 上，记者观察到种种积极信号：资金募集规模回升、港股IPO市场活跃度提升、机构投资动作明显增 加。这场由香港创业及私募投资协会主办的行业盛会，吸引了逾600位创投及私募股权投资专业人士、 政府官员和企业高管参与。与会人士围绕私募信贷、退出策略等议题展开深入讨论，普遍对市场持续复 苏持乐观态度。市场数据也显示，2024年大中华区私募市场正逐步走出低谷。根据贝恩公司《2025年中 国私募股权市场报告》，在经历连续两年下滑后，中国私募股权投资总额2024年实现7%的小幅增长， 达到470亿美元。这一回升主要得益于超大额交易(单笔超10亿美元)数量的增加。(人民财讯) ...

以下文章来源于LP波谱 ，作者王满华 LP波谱 . 本账号专注LP市场报道。"波浪、谱系"是识别市场的维度，也是定义市场的坐标；此外，波谱（Pop Art）也意为放低意义与史诗的执念，认同商业的日常之美。 将投中网设为"星标⭐"，第一时间收获最新推送 本次相当于完成首关，而且已经达到基金目标募资额的一半以上。 作者丨 王满华 来源丨LP波谱 5月8日，由原GGV分拆出的亚洲业务Granite Asia，宣布旗下私募信贷（Libra Hybrid Capital Fund）已成功完成 锚定募资 ，规模超过2.5亿美元。 纪源资本向投中网透露， 这是Granite Asia自2023年分拆后开始筹划的新业务，也是Granite Asia 多资产策略的核心支柱。本次相当于完成首关，而且已经达到基金目标募资额的一半以上。 从这一段话中可以获取两个信息，一是投资方向上，瞄准的是科技驱动型公司、以及正在经历数字化 和技术转型的传统企业，这也契合了"GGV"此前的核心投向。并且在阶段上，指向的是成长型、成 熟企业。 之所以锚定成长型企业，Granite Asia也在新闻稿中给出了解释：全球的不确定性中，地区资本正愈 发开始 ...