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2021-11-10
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Blackstone Turns Sluggish Credit Business Into a Winner<blockquote>黑石将低迷的信贷业务转变为赢家</blockquote>
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Now, credit has become one of the firm’s fastest-growing segments, part of a broad shift under the leadership of President Jonathan Gray.</p><p><blockquote>黑石公司 (Blackstone Inc.) 拥有 7,310 亿美元的资产，超过了大多数私募股权同行，但该公司多年来一直有一个软肋：其贷款业务低迷。现在，信贷已成为公司发展最快的部门之一，这是乔纳森-格雷（Jonathan Gray）总裁领导下广泛转型的一部分。</blockquote></p><p> Assets under management in the unit, which makes corporate loans backing leveraged buyouts for other private-equity firms, jumped 22% to $188 billion this year through Sept. 30. Private-equity assets under management rose 17% to $231.5 billion over the same period.</p><p><blockquote>截至 9 月 30 日，该部门管理的资产今年增长了 22%，达到 1,880 亿美元，该部门为其他私募股权公司的杠杆收购提供企业贷款支持。同期管理的私募股权资产增长 17%，达到 2315 亿美元。</blockquote></p><p> Blackstone is expanding in the space by launching low-fee funds and selling them to wealthy individuals who might not qualify for products tailored to institutions like pension plans. The strategy replicated a move that Mr. Grayused to turbocharge the growthof the firm’s real-estate investment trust, called BREIT.</p><p><blockquote>黑石正在通过推出低费用基金并将其出售给可能没有资格获得养老金计划等机构定制产品的富裕个人来扩张该领域。这一战略复制了格雷先生用来推动公司名为 BREIT 的房地产投资信托基金增长的举措。</blockquote></p><p> It also marks a culture shift, as the hedge-fund operations that once lent Blackstone its Wall Street cachet fall out of favor. And large money managers that traditionally focused on private equity see a bigger opportunity in debt, where the addressable market could be as large as $40 trillion.</p><p><blockquote>这也标志着文化的转变，因为曾经让黑石在华尔街声望显赫的对冲基金业务正在失宠。传统上专注于私募股权的大型基金管理公司看到了债务方面的更大机会，其潜在市场可能高达 40 万亿美元。</blockquote></p><p> The resurgent credit business should help Blackstone in the race for investor dollars against its principal competitors, includingApollo Global ManagementInc.,Ares ManagementCorp.and KKR & Co.</p><p><blockquote>复苏的信贷业务应该有助于黑石集团与其主要竞争对手（包括 Apollo Global ManagementInc.、Ares ManagementCorp. 和 KKR & Co.）争夺投资者资金。</blockquote></p><p> Debt specialists Apollo and Ares have pledged to boost assets to $1 trillion and $500 billion, respectively, in coming years, while KKR more than doubled its credit business this year, primarily by purchasing insurer Global Atlantic Financial Group Ltd. Only Ares grew its own credit business as fast as Blackstone this year.</p><p><blockquote>债务专家 Apollo 和 Ares 已承诺在未来几年将资产分别增加到 1 万亿美元和 5000 亿美元，而 KKR 今年的信贷业务增长了一倍多，主要是通过收购保险公司 Global Atlantic Financial Group Ltd. 只有 Ares 今年的信贷业务增长速度与黑石一样快。</blockquote></p><p> Several large credit firms vied to win the lead role providing $2.6 billion of loans this year for private-equity firm Thoma Bravo LP’s leveraged buyout of Stamps.com Inc. Blackstone walked away with the top spot by offering to backstop the entire amount, Dwight Scott, head of Blackstone Credit, said.</p><p><blockquote>几家大型信贷公司争夺主导地位，今年为私募股权公司 Thoma Bravo LP 杠杆收购 Stamps.com Inc. Blackstone Credit 负责人德怀特-斯科特（Dwight Scott）说，Blackstone 提出为全部贷款提供支持，从而夺得了头把交椅。</blockquote></p><p> The firm historically operated in debt markets through GSO Capital Partners, a hedge-fund manager it acquired in 2008 that was known for large, aggressive and lucrative trades. GSO’s founders— Bennett Goodman, Tripp Smith and Doug Ostrover —all left Blackstone in recent years. The credit business jettisoned the GSO name last year and has shut its hedge funds.</p><p><blockquote>该公司历史上通过 GSO Capital Partners 在债务市场开展业务，GSO Capital Partners 是一家对冲基金管理公司，于 2008 年收购，以大型、激进和利润丰厚的交易而闻名。GSO 的创始人贝内特-古德曼（Bennett Goodman）、特里普-史密斯（Tripp Smith）和道格-奥斯特罗弗（Doug Ostrover）近年来都离开了黑石集团。信贷业务去年放弃了 GSO 名称，并关闭了其对冲基金。</blockquote></p><p> Blackstone’s separate hedge-fund solutions business has shrunk in importance to 11% of total assets, down from 19.4% five years ago, according to earnings reports. John McCormick, co-head of Blackstone’s funds-of-hedge-funds business, told colleagues last month thathe plans to resign.</p><p><blockquote>根据财报，黑石独立的对冲基金解决方案业务占总资产的比例已从五年前的 19.4% 降至 11%。黑石对冲基金业务联席主管约翰-麦考密克（John McCormick）上个月告诉同事，他计划辞职。</blockquote></p><p> The hedge-fund solutions unit’s “revenues and earnings have doubled in the last three years and the business will continue to expand through new offerings and senior hires,” a Blackstone spokeswoman said.</p><p><blockquote>黑石集团发言人表示，对冲基金解决方案部门的 “收入和盈利在过去三年中翻了一番，业务将通过新产品和高级员工招聘继续扩张”。</blockquote></p><p> The rebranded Blackstone Credit is aggressively marketing less-risky, cheaper funds to individual investors.</p><p><blockquote>更名后的 Blackstone Credit 正在积极向个人投资者营销风险较低、成本较低的基金。</blockquote></p><p> “It’s all about de-risking the portfolio,” said Mr. Scott. Blackstone believes the lower-fee products allow it to deliver attractive returns to investors without reaching for yield by purchasing debt with a higher chance of default, he said.</p><p><blockquote>“斯科特先生说：”这一切都是为了降低投资组合的风险。他表示，黑石认为，费用较低的产品使其能够为投资者提供有吸引力的回报，而无需通过购买违约概率较高的债务来获得收益率。</blockquote></p><p> The credit revamp is part of Blackstone’s aim to achieve $1 trillion in assets by 2026. To get there, Mr. Gray has encouraged Blackstone’s business headsto embrace a thematic investing approachfocused on fast-growing industries. In credit, this translates into more loans to sectors such as technology and life sciences.</p><p><blockquote>此次信贷重组是黑石集团到 2026 年实现 1 万亿美元资产目标的一部分。为了实现这一目标，格雷先生鼓励黑石集团的业务主管采用专注于快速增长行业的主题投资方法。在信贷方面，这转化为对技术和生命科学等行业的更多贷款。</blockquote></p><p> Blackstone earlier this year launched BCRED, a business development company, or BDC, which makes direct loans to medium-size companies. BCRED raised $9.4 billion through share sales this year, primarily to individual investors.</p><p><blockquote>黑石今年早些时候推出了业务发展公司 BCRED（简称 BDC），向中型企业提供直接贷款。BCRED 今年通过股票销售筹集了 94 亿美元，主要面向个人投资者。</blockquote></p><p> Blackstone made its first big foray into credit whenit bought GSOfor about $1 billion. GSO hedge funds excelled at big risky bets on distressed debt thatreturned as much as $100 million each.</p><p><blockquote>黑石集团以约 10 亿美元收购了 GSOfor，首次涉足信贷领域。GSO 对冲基金擅长对不良债务进行高风险押注，每笔回报高达 1 亿美元。</blockquote></p><p> The firm also joined with Franklin Square Holdings LP, which launched a BDC in 2009. GSO made the loans and split management fees with Franklin Square, which raised money from individual investors. Upfront broker and management fees averaged 9.4% in the BDC’s early days, high enough toattract scrutiny from regulators.</p><p><blockquote>该公司还加入了富兰克林广场控股有限公司，后者于2009年推出了BDC。GSO提供了贷款，并与富兰克林广场分摊了管理费，富兰克林广场从个人投资者那里筹集资金。在 BDC 成立初期，前期经纪人和管理费平均为 9.4%，高到足以引起监管机构的审查。</blockquote></p><p> Credit assets jumped about fivefold to $128 billion in the decade after the GSO acquisition as the business built a mixture of BDCs, hedge funds and securitized bundles of low-rated debt known as collateralized loan obligations.</p><p><blockquote>收购 GSO 后的十年间，信贷资产增长了约五倍，达到 1280 亿美元，因为该公司建立了 BDC、对冲基金和被称为抵押贷款义务的低评级债务证券化捆绑包的组合。</blockquote></p><p> The growth stalled out in mid-2018 when the venture with Franklin Square dissolved over the profit-sharing split and differing growth strategies. Blackstoneexited from the businessin exchange for a $640 million breakup fee. The last of the GSO founders resigned shortly afterward.</p><p><blockquote>2018 年年中，由于利润分享和不同的增长战略，与富兰克林广场的合资企业解散，增长陷入停滞。百仕通以 6.4 亿美元的分手费退出该业务。GSO的最后一位创始人不久后辞职。</blockquote></p><p></p><p> Credit assets under management rose by 3.1% to $144.3 billion from April 2018 to the end of 2019 even as Blackstone’s overall assets swelled by 27%, according to company earnings reports. Apollo’s credit assets grew 30.4% over the same period to $215.5 billion and Ares’s surged 43% to $110.5 billion.</p><p><blockquote>根据公司财报，从2018年4月到2019年底，管理的信贷资产增长了3.1%，达到1443亿美元，尽管黑石的总资产增长了27%。同期，阿波罗的信贷资产增长了 30.4%，达到 2155 亿美元；阿瑞斯的信贷资产激增了 43%，达到 1105 亿美元。</blockquote></p><p> Blackstone spent that time designing the terms and sales engine for its new BDC, from which it earns all of the management fees, said Brad Marshall, co-head of performing credit at the firm. BCRED uses the same brokers that sell BREIT for marketing and charges a 1.25% management fee and a 12.5% performance fee. Most big competitors charge 1.5% and 17.5%-20%, respectively, according to Securities and Exchange Commission filings.</p><p><blockquote>黑石集团履行信贷联席主管布拉德·马歇尔 (Brad Marshall) 表示，黑石集团花时间为其新 BDC 设计条款和销售引擎，并从中赚取所有管理费。BCRED 使用销售 BREIT 的相同经纪商进行营销，并收取 1.25% 的管理费和 12.5% 的绩效费。根据美国证券交易委员会的文件，大多数大型竞争对手分别收取 1.5% 和 17.5%-20% 的费用。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Blackstone Turns Sluggish Credit Business Into a Winner<blockquote>黑石将低迷的信贷业务转变为赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBlackstone Turns Sluggish Credit Business Into a Winner<blockquote>黑石将低迷的信贷业务转变为赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Wall Street Journal</strong><span class=\"h-time small\">2021-11-10 18:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Blackstone Inc.towers over most of its private-equity peers with $731 billion in assets, but the firm has had a soft underbelly for years: its sluggish lending business. Now, credit has become one of the firm’s fastest-growing segments, part of a broad shift under the leadership of President Jonathan Gray.</p><p><blockquote>黑石公司 (Blackstone Inc.) 拥有 7,310 亿美元的资产，超过了大多数私募股权同行，但该公司多年来一直有一个软肋：其贷款业务低迷。现在，信贷已成为公司发展最快的部门之一，这是乔纳森-格雷（Jonathan Gray）总裁领导下广泛转型的一部分。</blockquote></p><p> Assets under management in the unit, which makes corporate loans backing leveraged buyouts for other private-equity firms, jumped 22% to $188 billion this year through Sept. 30. Private-equity assets under management rose 17% to $231.5 billion over the same period.</p><p><blockquote>截至 9 月 30 日，该部门管理的资产今年增长了 22%，达到 1,880 亿美元，该部门为其他私募股权公司的杠杆收购提供企业贷款支持。同期管理的私募股权资产增长 17%，达到 2315 亿美元。</blockquote></p><p> Blackstone is expanding in the space by launching low-fee funds and selling them to wealthy individuals who might not qualify for products tailored to institutions like pension plans. The strategy replicated a move that Mr. Grayused to turbocharge the growthof the firm’s real-estate investment trust, called BREIT.</p><p><blockquote>黑石正在通过推出低费用基金并将其出售给可能没有资格获得养老金计划等机构定制产品的富裕个人来扩张该领域。这一战略复制了格雷先生用来推动公司名为 BREIT 的房地产投资信托基金增长的举措。</blockquote></p><p> It also marks a culture shift, as the hedge-fund operations that once lent Blackstone its Wall Street cachet fall out of favor. And large money managers that traditionally focused on private equity see a bigger opportunity in debt, where the addressable market could be as large as $40 trillion.</p><p><blockquote>这也标志着文化的转变，因为曾经让黑石在华尔街声望显赫的对冲基金业务正在失宠。传统上专注于私募股权的大型基金管理公司看到了债务方面的更大机会，其潜在市场可能高达 40 万亿美元。</blockquote></p><p> The resurgent credit business should help Blackstone in the race for investor dollars against its principal competitors, includingApollo Global ManagementInc.,Ares ManagementCorp.and KKR & Co.</p><p><blockquote>复苏的信贷业务应该有助于黑石集团与其主要竞争对手（包括 Apollo Global ManagementInc.、Ares ManagementCorp. 和 KKR & Co.）争夺投资者资金。</blockquote></p><p> Debt specialists Apollo and Ares have pledged to boost assets to $1 trillion and $500 billion, respectively, in coming years, while KKR more than doubled its credit business this year, primarily by purchasing insurer Global Atlantic Financial Group Ltd. Only Ares grew its own credit business as fast as Blackstone this year.</p><p><blockquote>债务专家 Apollo 和 Ares 已承诺在未来几年将资产分别增加到 1 万亿美元和 5000 亿美元，而 KKR 今年的信贷业务增长了一倍多，主要是通过收购保险公司 Global Atlantic Financial Group Ltd. 只有 Ares 今年的信贷业务增长速度与黑石一样快。</blockquote></p><p> Several large credit firms vied to win the lead role providing $2.6 billion of loans this year for private-equity firm Thoma Bravo LP’s leveraged buyout of Stamps.com Inc. Blackstone walked away with the top spot by offering to backstop the entire amount, Dwight Scott, head of Blackstone Credit, said.</p><p><blockquote>几家大型信贷公司争夺主导地位，今年为私募股权公司 Thoma Bravo LP 杠杆收购 Stamps.com Inc. Blackstone Credit 负责人德怀特-斯科特（Dwight Scott）说，Blackstone 提出为全部贷款提供支持，从而夺得了头把交椅。</blockquote></p><p> The firm historically operated in debt markets through GSO Capital Partners, a hedge-fund manager it acquired in 2008 that was known for large, aggressive and lucrative trades. GSO’s founders— Bennett Goodman, Tripp Smith and Doug Ostrover —all left Blackstone in recent years. The credit business jettisoned the GSO name last year and has shut its hedge funds.</p><p><blockquote>该公司历史上通过 GSO Capital Partners 在债务市场开展业务，GSO Capital Partners 是一家对冲基金管理公司，于 2008 年收购，以大型、激进和利润丰厚的交易而闻名。GSO 的创始人贝内特-古德曼（Bennett Goodman）、特里普-史密斯（Tripp Smith）和道格-奥斯特罗弗（Doug Ostrover）近年来都离开了黑石集团。信贷业务去年放弃了 GSO 名称，并关闭了其对冲基金。</blockquote></p><p> Blackstone’s separate hedge-fund solutions business has shrunk in importance to 11% of total assets, down from 19.4% five years ago, according to earnings reports. John McCormick, co-head of Blackstone’s funds-of-hedge-funds business, told colleagues last month thathe plans to resign.</p><p><blockquote>根据财报，黑石独立的对冲基金解决方案业务占总资产的比例已从五年前的 19.4% 降至 11%。黑石对冲基金业务联席主管约翰-麦考密克（John McCormick）上个月告诉同事，他计划辞职。</blockquote></p><p> The hedge-fund solutions unit’s “revenues and earnings have doubled in the last three years and the business will continue to expand through new offerings and senior hires,” a Blackstone spokeswoman said.</p><p><blockquote>黑石集团发言人表示，对冲基金解决方案部门的 “收入和盈利在过去三年中翻了一番，业务将通过新产品和高级员工招聘继续扩张”。</blockquote></p><p> The rebranded Blackstone Credit is aggressively marketing less-risky, cheaper funds to individual investors.</p><p><blockquote>更名后的 Blackstone Credit 正在积极向个人投资者营销风险较低、成本较低的基金。</blockquote></p><p> “It’s all about de-risking the portfolio,” said Mr. Scott. Blackstone believes the lower-fee products allow it to deliver attractive returns to investors without reaching for yield by purchasing debt with a higher chance of default, he said.</p><p><blockquote>“斯科特先生说：”这一切都是为了降低投资组合的风险。他表示，黑石认为，费用较低的产品使其能够为投资者提供有吸引力的回报，而无需通过购买违约概率较高的债务来获得收益率。</blockquote></p><p> The credit revamp is part of Blackstone’s aim to achieve $1 trillion in assets by 2026. To get there, Mr. Gray has encouraged Blackstone’s business headsto embrace a thematic investing approachfocused on fast-growing industries. In credit, this translates into more loans to sectors such as technology and life sciences.</p><p><blockquote>此次信贷重组是黑石集团到 2026 年实现 1 万亿美元资产目标的一部分。为了实现这一目标，格雷先生鼓励黑石集团的业务主管采用专注于快速增长行业的主题投资方法。在信贷方面，这转化为对技术和生命科学等行业的更多贷款。</blockquote></p><p> Blackstone earlier this year launched BCRED, a business development company, or BDC, which makes direct loans to medium-size companies. BCRED raised $9.4 billion through share sales this year, primarily to individual investors.</p><p><blockquote>黑石今年早些时候推出了业务发展公司 BCRED（简称 BDC），向中型企业提供直接贷款。BCRED 今年通过股票销售筹集了 94 亿美元，主要面向个人投资者。</blockquote></p><p> Blackstone made its first big foray into credit whenit bought GSOfor about $1 billion. GSO hedge funds excelled at big risky bets on distressed debt thatreturned as much as $100 million each.</p><p><blockquote>黑石集团以约 10 亿美元收购了 GSOfor，首次涉足信贷领域。GSO 对冲基金擅长对不良债务进行高风险押注，每笔回报高达 1 亿美元。</blockquote></p><p> The firm also joined with Franklin Square Holdings LP, which launched a BDC in 2009. GSO made the loans and split management fees with Franklin Square, which raised money from individual investors. Upfront broker and management fees averaged 9.4% in the BDC’s early days, high enough toattract scrutiny from regulators.</p><p><blockquote>该公司还加入了富兰克林广场控股有限公司，后者于2009年推出了BDC。GSO提供了贷款，并与富兰克林广场分摊了管理费，富兰克林广场从个人投资者那里筹集资金。在 BDC 成立初期，前期经纪人和管理费平均为 9.4%，高到足以引起监管机构的审查。</blockquote></p><p> Credit assets jumped about fivefold to $128 billion in the decade after the GSO acquisition as the business built a mixture of BDCs, hedge funds and securitized bundles of low-rated debt known as collateralized loan obligations.</p><p><blockquote>收购 GSO 后的十年间，信贷资产增长了约五倍，达到 1280 亿美元，因为该公司建立了 BDC、对冲基金和被称为抵押贷款义务的低评级债务证券化捆绑包的组合。</blockquote></p><p> The growth stalled out in mid-2018 when the venture with Franklin Square dissolved over the profit-sharing split and differing growth strategies. Blackstoneexited from the businessin exchange for a $640 million breakup fee. The last of the GSO founders resigned shortly afterward.</p><p><blockquote>2018 年年中，由于利润分享和不同的增长战略，与富兰克林广场的合资企业解散，增长陷入停滞。百仕通以 6.4 亿美元的分手费退出该业务。GSO的最后一位创始人不久后辞职。</blockquote></p><p></p><p> Credit assets under management rose by 3.1% to $144.3 billion from April 2018 to the end of 2019 even as Blackstone’s overall assets swelled by 27%, according to company earnings reports. Apollo’s credit assets grew 30.4% over the same period to $215.5 billion and Ares’s surged 43% to $110.5 billion.</p><p><blockquote>根据公司财报，从2018年4月到2019年底，管理的信贷资产增长了3.1%，达到1443亿美元，尽管黑石的总资产增长了27%。同期，阿波罗的信贷资产增长了 30.4%，达到 2155 亿美元；阿瑞斯的信贷资产激增了 43%，达到 1105 亿美元。</blockquote></p><p> Blackstone spent that time designing the terms and sales engine for its new BDC, from which it earns all of the management fees, said Brad Marshall, co-head of performing credit at the firm. BCRED uses the same brokers that sell BREIT for marketing and charges a 1.25% management fee and a 12.5% performance fee. Most big competitors charge 1.5% and 17.5%-20%, respectively, according to Securities and Exchange Commission filings.</p><p><blockquote>黑石集团履行信贷联席主管布拉德·马歇尔 (Brad Marshall) 表示，黑石集团花时间为其新 BDC 设计条款和销售引擎，并从中赚取所有管理费。BCRED 使用销售 BREIT 的相同经纪商进行营销，并收取 1.25% 的管理费和 12.5% 的绩效费。根据美国证券交易委员会的文件，大多数大型竞争对手分别收取 1.5% 和 17.5%-20% 的费用。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/blackstone-turns-sluggish-credit-business-into-a-winner-11636540201?siteid=yhoof2\">Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BX":"黑石"},"source_url":"https://www.wsj.com/articles/blackstone-turns-sluggish-credit-business-into-a-winner-11636540201?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151092697","content_text":"Blackstone Inc.towers over most of its private-equity peers with $731 billion in assets, but the firm has had a soft underbelly for years: its sluggish lending business. Now, credit has become one of the firm’s fastest-growing segments, part of a broad shift under the leadership of President Jonathan Gray.\nAssets under management in the unit, which makes corporate loans backing leveraged buyouts for other private-equity firms, jumped 22% to $188 billion this year through Sept. 30. Private-equity assets under management rose 17% to $231.5 billion over the same period.\nBlackstone is expanding in the space by launching low-fee funds and selling them to wealthy individuals who might not qualify for products tailored to institutions like pension plans. The strategy replicated a move that Mr. Grayused to turbocharge the growthof the firm’s real-estate investment trust, called BREIT.\nIt also marks a culture shift, as the hedge-fund operations that once lent Blackstone its Wall Street cachet fall out of favor. And large money managers that traditionally focused on private equity see a bigger opportunity in debt, where the addressable market could be as large as $40 trillion.\nThe resurgent credit business should help Blackstone in the race for investor dollars against its principal competitors, includingApollo Global ManagementInc.,Ares ManagementCorp.and KKR & Co.\nDebt specialists Apollo and Ares have pledged to boost assets to $1 trillion and $500 billion, respectively, in coming years, while KKR more than doubled its credit business this year, primarily by purchasing insurer Global Atlantic Financial Group Ltd. Only Ares grew its own credit business as fast as Blackstone this year.\nSeveral large credit firms vied to win the lead role providing $2.6 billion of loans this year for private-equity firm Thoma Bravo LP’s leveraged buyout of Stamps.com Inc. Blackstone walked away with the top spot by offering to backstop the entire amount, Dwight Scott, head of Blackstone Credit, said.\nThe firm historically operated in debt markets through GSO Capital Partners, a hedge-fund manager it acquired in 2008 that was known for large, aggressive and lucrative trades. GSO’s founders— Bennett Goodman, Tripp Smith and Doug Ostrover —all left Blackstone in recent years. The credit business jettisoned the GSO name last year and has shut its hedge funds.\nBlackstone’s separate hedge-fund solutions business has shrunk in importance to 11% of total assets, down from 19.4% five years ago, according to earnings reports. John McCormick, co-head of Blackstone’s funds-of-hedge-funds business, told colleagues last month thathe plans to resign.\nThe hedge-fund solutions unit’s “revenues and earnings have doubled in the last three years and the business will continue to expand through new offerings and senior hires,” a Blackstone spokeswoman said.\nThe rebranded Blackstone Credit is aggressively marketing less-risky, cheaper funds to individual investors.\n“It’s all about de-risking the portfolio,” said Mr. Scott. Blackstone believes the lower-fee products allow it to deliver attractive returns to investors without reaching for yield by purchasing debt with a higher chance of default, he said.\nThe credit revamp is part of Blackstone’s aim to achieve $1 trillion in assets by 2026. To get there, Mr. Gray has encouraged Blackstone’s business headsto embrace a thematic investing approachfocused on fast-growing industries. In credit, this translates into more loans to sectors such as technology and life sciences.\nBlackstone earlier this year launched BCRED, a business development company, or BDC, which makes direct loans to medium-size companies. BCRED raised $9.4 billion through share sales this year, primarily to individual investors.\nBlackstone made its first big foray into credit whenit bought GSOfor about $1 billion. GSO hedge funds excelled at big risky bets on distressed debt thatreturned as much as $100 million each.\nThe firm also joined with Franklin Square Holdings LP, which launched a BDC in 2009. GSO made the loans and split management fees with Franklin Square, which raised money from individual investors. Upfront broker and management fees averaged 9.4% in the BDC’s early days, high enough toattract scrutiny from regulators.\nCredit assets jumped about fivefold to $128 billion in the decade after the GSO acquisition as the business built a mixture of BDCs, hedge funds and securitized bundles of low-rated debt known as collateralized loan obligations.\nThe growth stalled out in mid-2018 when the venture with Franklin Square dissolved over the profit-sharing split and differing growth strategies. Blackstoneexited from the businessin exchange for a $640 million breakup fee. The last of the GSO founders resigned shortly afterward.\nCredit assets under management rose by 3.1% to $144.3 billion from April 2018 to the end of 2019 even as Blackstone’s overall assets swelled by 27%, according to company earnings reports. Apollo’s credit assets grew 30.4% over the same period to $215.5 billion and Ares’s surged 43% to $110.5 billion.\nBlackstone spent that time designing the terms and sales engine for its new BDC, from which it earns all of the management fees, said Brad Marshall, co-head of performing credit at the firm. BCRED uses the same brokers that sell BREIT for marketing and charges a 1.25% management fee and a 12.5% performance fee. Most big competitors charge 1.5% and 17.5%-20%, respectively, according to Securities and Exchange Commission filings.","news_type":1,"symbols_score_info":{"BX":0.9}},"isVote":1,"tweetType":1,"viewCount":1596,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":10,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/847407092"}
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