本文字数：2827，阅读时长大约4分钟 作者 | 第一财经 后歆桐 美国私募信贷市场此前在长期快速发展后曾多次爆雷。该行业的数据缺失及不透明问题也被放大在投 资者面前。当前，在华尔街，收购数据提供商，然后将私募信贷数据有偿提供给更多机构，正在逐渐 成为一些机构潜在的生意经。一些评级机构、大型金融机构已纷纷布局。 虽然私募市场近期暂时平静，但缺乏详细的业绩数据，加之与其他金融机构相关性越来越高，一些分 析师警示，美国私募信贷市场潜在的系统性风险仍不容小觑。 数据缺失暗含生意经 私募信贷，简言之就是资产管理公司充当银行的角色给企业放贷。和银行贷款资金主要来源于客户存 款不同，私募信贷公司的资金来源于养老基金、保险公司及高净值个人等私人投资者。 2008年全球金融危机后，银行业的监管标准大幅提高，使得美欧银行业对实体经济的信贷投放量大 幅下降，但贷款需求依然旺盛，资产管理公司等非银金融机构就承接了这部分工作，把客户的资金借 给需要融资的企业，收取利息和管理费。今年5月，波士顿联储发布的一份报告显示， 美国私募信贷 市场近年来呈现爆炸式增长，市场规模从2000年的460亿美元扩张至2023年约1万亿美元。 2025. ...

美国私募信贷市场此前在长期快速发展后曾多次爆雷。该行业的数据缺失及不透明问题也被放大在投资 者面前。当前，在华尔街，收购数据提供商，然后将私募信贷数据有偿提供给更多机构，正在逐渐成为 一些机构潜在的生意经。一些评级机构、大型金融机构已纷纷布局。 华尔街从这些暴雷事件中看到了提供私人市场数据的新生意。上个月，标普全球宣布计划以18亿美元收 购With Intelligence，成为最新一家斥资收购私人资产数据提供商的华尔街巨头。贝莱德于今年3月就斥 资32亿美元收购Preqin，MSCI于2023年以9亿美元收购Burgiss，晨星于2016年以2亿美元收购 PitchBook。 虽然私募市场近期暂时平静，但缺乏详细的业绩数据，加之与其他金融机构相关性越来越高，一些分析 师警示，美国私募信贷市场潜在的系统性风险仍不容小觑。 数据缺失暗含生意经 私募信贷，简言之就是资产管理公司充当银行的角色给企业放贷。和银行贷款资金主要来源于客户存款 不同，私募信贷公司的资金来源于养老基金、保险公司及高净值个人等私人投资者。 2008年全球金融危机后，银行业的监管标准大幅提高，使得美欧银行业对实体经济的信贷投放量大幅下 降，但贷 ...

虽然私募市场近期暂时平静，但缺乏详细的业绩数据，加之与其他金融机构相关性越来越高，一些分析 师警示，美国私募信贷市场潜在的系统性风险仍不容小觑。 数据缺失暗含生意经 私募信贷，简言之就是资产管理公司充当银行的角色给企业放贷。和银行贷款资金主要来源于客户存款 不同，私募信贷公司的资金来源于养老基金、保险公司及高净值个人等私人投资者。 2008年全球金融危机后，银行业的监管标准大幅提高，使得美欧银行业对实体经济的信贷投放量大幅下 降，但贷款需求依然旺盛，资产管理公司等非银金融机构就承接了这部分工作，把客户的资金借给需要 融资的企业，收取利息和管理费。今年5月，波士顿联储发布的一份报告显示，美国私募信贷市场近年 来呈现爆炸式增长，市场规模从2000年的460亿美元扩张至2023年约1万亿美元。 但在行业指数级增长的同时，可获得的公开信息仍然非常有限。养老金、大学捐赠基金和保险公司已将 大量资金用于长期、私人市场投资，但私人资产管理公司往往对这些资产的基本情况进行保密操作。目 前市场上成千上万的私募信贷基金，从投资者处融资，用以收购企业或购买各类资产，如房地产和基础 设施等。但这些基金的投资经理通常只向投资者披露季度 ...

在比较私募市场中的不同数据时——无论是按风格、地域还是年份划分——我们通常会强调两组数据间的 差异，或者它们在不同市场环境中的分化趋势。然而，当两种投资风格在长时间内呈现高度一致的走势 时，这同样值得深入研究——本文正是聚焦于此：观察私募信贷与私募房地产在过去二十多年里的同步表 现。 我们对比了2000年至2022年间北美、西欧及全球市场中信贷和房地产基金的募资情况，以观察两类策略 在不同经济周期下的变化。 点击图片查看大图 主要结论 最直接的结论是，私募信贷和私募房地产募资额在过去22年的大部分时间里都高度一致。除了2016年出 现明显分化——信贷募资比房地产高出140亿美元之外，两种投资风格的募资差距始终控制在40亿美元的 范围内。 尽管两者募资额走势高度一致，但房地产通常更受青睐，因为在过去22年中，有14年房地产的募资额高 于信贷市场。正如人们所想的那样，房地产募资额在2000年代末的金融/抵押贷款危机期间触底。但除此 之外，我们的分析表明：房地产在私募投资领域是一个规模更大、更稳定的市场。 凭借超过 20 年的历史数据，这一趋势已具有较强的可靠性，并且预计将在不同的经济条件下持续保持， 例如利率或通 ...

Core Viewpoint - The Federal Reserve Governor Lisa Cook emphasizes the need to monitor unexpected losses in private credit due to the increasing complexity and interconnectedness of leveraged firms [1] Group 1: Monitoring Risks - Officials should keep an eye on how unexpected losses in private credit could spread to the broader U.S. financial system [1] - Cook highlights the lessons learned from recent bankruptcy cases, particularly regarding the increased use of physical payment arrangements [1] Group 2: Industry Insights - The scale and complexity of exposure in these arrangements lack transparency, raising the likelihood of similar cases reoccurring, especially during rapid growth periods in an industry [1] - Recent bankruptcies in the automotive sector have revealed unexpected losses and risk exposures among a wide range of financial entities, including banks, hedge funds, and specialized finance companies [1] Group 3: Regulatory Context - Cook's statements align with earlier comments from Federal Reserve Governor Michael Barr, who identified private credit as a potential risk area [1]

智通财经APP获悉，亚洲独立财富顾问及投资平台 Endowus 智安投今日的发布《私人财富洞察报告 2025》揭示，与新加坡相比，香港私人财富投资者更积极寻求另类投资配置。报告亦发现，私人财富投 资者正转向追求与人生目标及规划更契合的个性化财富策略，兼顾收益、流动性、财富传承与个人价值 观。报告指，两地47%投资者计划配置私募股权，结构性产品(42%)、实物资产(41%)及私募信贷(40%) 亦获高度关注，显示另类投资已转为现代投资组合的核心部分。 Endowus智安投香港近半数(42%)专业投资者已将另类投资纳入整体财富策略；香港私人财富投资者对 另类投资(包括对冲基金和私募市场方案)的采纳程度较新加坡更高。 五分之三的投资者寻求更多元化的入息来源，特别是处于中年阶段、正为退休做准备的群体。当中40% (即五分之二)将遗产与继承规划列为主要目标之一，私人财富投资者需求正从单纯的财富积累，转向追 求与人生目标及规划更契合的个性化财富策略，实现收益、流动性、财富传承与个人价值观的平衡。 报告指，70%私人财富投资者每季至少调整一次投资组合，尽管线上自助服务功能完善，投资者也在寻 求更专业和个性化的顾问服务。市场 ...

Group 1 - The article discusses the recent fluctuations in the stock market, particularly the Shanghai Composite Index reaching new highs before experiencing a downturn, causing panic among investors [3][31]. - The absence of the U.S. CPI data has led to market fears regarding the Federal Reserve's cautious approach, with concerns that interest rates may not be lowered in December [4][6]. - The article highlights that despite the lack of CPI data, the Federal Reserve has other data to consider, and the current economic situation in the U.S. is not as strong as it appears, masked by the tech boom [9][10]. Group 2 - There has been a significant increase in non-bank loans in the U.S., with $550 billion in new loans in the first ten months of the year, marking a 40% growth rate [18][19]. - Non-bank loans have surpassed the total of real estate, industrial, and consumer loans combined, indicating a shift in credit dynamics [19][21]. - The article outlines the main areas where non-bank loans are directed, including commercial real estate, residential mortgages, corporate credit, and consumer finance, driven by tighter bank regulations and the need for flexible financing [22][23]. Group 3 - The article notes a style shift in the market, with a general decline influenced by overseas factors, while certain sectors like finance and small-cap stocks have shown resilience [31][33]. - The Hong Kong stock market is more affected by overseas influences, and there have been recommendations to increase positions in insurance and Hong Kong dividend stocks during corrections [34][39]. - The article emphasizes that despite internal style rotations, the overall index is still on a slow upward trend, with the Shanghai Composite Index reaching new highs [43][44]. Group 4 - Recent economic data shows a decline in M1 and M2 growth rates, with M1 decreasing to 6.2% and M2 to 8.2%, indicating potential challenges in the stock market [53][59]. - Retail sales growth has slowed to 2.93%, suggesting a sluggish recovery in consumer spending, with restaurant revenues showing some improvement [62][66]. - Real estate investment has dropped by 14.7% year-on-year, indicating ongoing challenges in the sector, but the article suggests that funds from the real estate market may flow into the stock market [67][68]. Group 5 - The article mentions a rebound in soybean meal prices, with potential for further increases if supply issues arise towards the end of the year [69]. - It highlights the cyclical nature of the market, emphasizing that returns are not linear and that investors should be prepared for periods of volatility [71][73]. - The article advises against certain mindsets during bull markets, such as chasing highs or being overly sensitive to account fluctuations, suggesting a focus on long-term investment strategies [76][77].

Core Viewpoint - The company, Derin Holdings (01709), has entered into a legally binding term sheet with Youngtimers AG (YTME) for a proposed subscription, which includes the conditional agreement to subscribe for shares at a price of 0.42 Swiss Francs (approximately 4.10 HKD) per share, totaling 10 million USD (approximately 78 million HKD) for 19.0476 million shares [1][2][3] Group 1 - The subscription will involve a combination of cash payment and issuance of shares at the subscription price [1] - YTME will grant the company subscription options to acquire up to 3.8095 million shares at the same price, totaling approximately 2 million USD (approximately 15.6 million HKD) [1] - Upon completion, YTME will hold approximately 0.885% of the company's expanded issued share capital [2] Group 2 - YTME is a Swiss-registered company listed on the Swiss Stock Exchange since May 16, 2000, focusing on private equity, private credit, and other private market strategies [2] - The acquisition of C Capital Group, which specializes in private equity and credit, positions YTME as a global asset management company targeting the Asia-Pacific region [2] - The board believes that the proposed subscription aligns with the group's long-term vision to expand its global asset management footprint and enhance its position in Europe and the Asia-Pacific region [3] Group 3 - The investment will leverage YTME's established platform and expertise to capture high-growth opportunities and diversify the investment portfolio [3] - The company aims to utilize YTME's status as a Swiss financial hub to accelerate service development for high-net-worth clients in Europe [3] - The proposed subscription is expected to strengthen the strategic partnership between the company and YTME, facilitating collaboration in joint investments, product development, and cross-border asset management initiatives [3]

Core Viewpoint - The recent loan fraud cases disclosed by two regional banks in the U.S. have raised concerns about the credit market, but the immediate impact appears to be limited and not indicative of systemic risk [1][2][3]. Group 1: Impact of Regional Bank Issues - On October 16, Zion Bank reported a loss of $50 million due to loan fraud, while Western Alliance Bank disclosed similar issues, leading to a sharp market reaction with the regional bank index dropping 6.7% [2][6]. - The market's initial fears were compared to the Silicon Valley Bank crisis, but the scale and nature of the current issues are different, as the involved banks are smaller and the incidents are isolated fraud cases rather than systemic liquidity issues [2][16]. - Following the initial shock, regional bank stock prices have begun to recover, and indicators such as the VIX index and corporate bond credit spreads suggest a reduction in market anxiety [2][22]. Group 2: Concerns about Private Credit - The private credit market, often referred to as a "cockroach" effect, is a growing concern due to deteriorating credit quality and tightening loan conditions, with the market size reaching $2.3 trillion globally, including $1.2 trillion in the U.S. [3][32]. - The default rate for private credit remains low at approximately 1.8%, and the risk of contagion is considered manageable due to the non-traded nature of these loans [3][40]. - However, signs of stress are emerging, particularly with an increase in non-stressed PIK loans, indicating a decline in underlying cash flows, and a concentration of investments in the technology sector raises additional risks [3][44]. Group 3: Hidden Risks in the Credit Market - Commercial real estate (CRE) and commercial mortgage-backed securities (CMBS) are significant areas of concern, with CMBS delinquency rates reaching a historical high of 11.8% as of August 2025, driven by high vacancy rates in office properties [4][53]. - Consumer credit risks, particularly among low-income groups, are also noteworthy, with delinquency rates for auto loans and credit cards nearing historical highs, exacerbated by economic downturns [4][61]. - High-yield debt risks appear relatively contained in the short term, but potential refinancing risks and market volatility could arise if economic conditions worsen or liquidity tightens [4][70].

Group 1 - The recent loan fraud cases disclosed by two regional banks in the U.S. have raised concerns about the credit market, but the immediate market reaction has not persisted [2][6][84] - On October 16, Zion Bank reported a loss of $50 million due to loan fraud, while Western Alliance Bank disclosed a similar case, leading to a 6.7% drop in the regional bank index and a 3.1% rise in gold prices [2][6][84] - The current situation is not directly comparable to the Silicon Valley Bank crisis, as the involved banks are smaller, and the issues appear to be isolated incidents rather than systemic risks [2][16][22] Group 2 - Concerns about private credit markets have emerged, with the potential for "cockroach effects" as credit quality deteriorates and loan conditions tighten [3][32][85] - The default rate for private credit remains low, around 1.8% as of mid-2025, and the risk of contagion is considered manageable due to the nature of private loans [3][40][44] - However, signs of stress are evident, particularly with an increase in non-stressed PIK loans, indicating worsening cash flows among borrowers [3][44][85] Group 3 - Commercial real estate and consumer credit risks are significant concerns, with the CMBS delinquency rate reaching a historical high of 11.8% in August 2025 [4][53][86] - The office vacancy rate in the U.S. hit a record high of 18.4% by mid-2025, exacerbating the challenges in the commercial real estate sector [4][53][86] - Consumer credit risks are also rising, particularly among low-income groups, with delinquency rates for auto loans and credit cards reaching near historical highs [4][61][86]