仅靠限制赎回已难以扭转乾坤——这是凯雷最新财报释放的关键信号。
过去几个季度，这家另类资产管理巨头的私募信贷资产规模虽缓慢爬升，但截至今年三月底仍维持在760亿美元水平，较2024年同期不增反减。事实上，随着个人与机构投资者对该资产类别警惕性攀升，过去一年间众多同业都不得不收缩私募信贷业务的扩张版图。
部分散户投资者正加速撤离被称为"商业发展公司"的零售私募信贷基金。面对资金外流潮，凯雷等机构采取部分满足赎回请求的策略，以此缓冲冲击波。当前行业整体面临募资难、估值承压的双重挑战，如何平衡投资者流动性需求与长期资产配置成为管理人的核心考题。
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