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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>Blackstone Inc.以7,310亿美元的资产超越了大多数私募股权同行，但该公司多年来一直有一个软肋：其低迷的贷款业务。现在，信贷已成为该公司增长最快的部门之一，这是总裁乔纳森·格雷(Jonathan Gray)领导下广泛转变的一部分。</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。同期管理的私募股权资产增长17%，达到2,315亿美元。</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为养老金计划等机构量身定制的产品的富人来拓展这一领域。该策略复制了格雷先生用来推动该公司房地产投资信托基金BREIT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>这也标志着一种文化转变，因为曾经让黑石在华尔街享有盛誉的对冲基金业务失宠了。传统上专注于私募股权的大型基金经理看到了债务方面的更大机会，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>复兴的信贷业务应该有助于黑石与主要竞争对手（包括阿波罗全球管理公司、战神管理公司和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今年的信贷业务增加了一倍多，主要是通过收购保险公司Global Atlantic Financial Group Ltd。只有Ares实现了自身的增长今年信贷业务与黑石一样快。</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>几家大型信贷公司竞相争夺主导地位，今年为私募股权公司Thoma Bravo LP杠杆收购Stamps.com Inc.提供了26亿美元的贷款。黑石集团(Blackstone)通过提供全额支持而夺得了头把交椅。黑石信贷负责人表示。</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>该公司历来通过GSO Capital Partners在债务市场开展业务，GSO Capital Partners是该公司于2008年收购的一家对冲基金管理公司，以大规模、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)近年来均离开了黑石。该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>财报显示，黑石独立的对冲基金解决方案业务占总资产的比重已从五年前的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>黑石发言人表示，该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推销风险较低、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>“这一切都是为了降低投资组合的风险，”斯科特先生说。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可能性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，格雷先生鼓励黑石业务负责人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>Blackstone今年早些时候推出了BCRED，这是一家业务开发公司，简称BDC，向中型公司提供直接贷款。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>黑石集团首次大举进军信贷领域，以约10亿美元收购了GSO。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>该公司还与Franklin Square Holdings LP合作，后者于2009年推出了BDC。GSO发放贷款并与富兰克林广场分摊管理费，富兰克林广场从个人投资者那里筹集资金。BDC早期的前期经纪费和管理费平均为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>在收购GSO后的十年里，信贷资产增长了约五倍，达到1280亿美元，因为该业务建立了BDC、对冲基金和低评级债务证券化捆绑（即抵押贷款债券）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，由于利润分享分割和不同的增长战略，与富兰克林广场的合资企业解散，增长陷入停滞。黑石退出了该业务，以换取6.4亿美元的分手费。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>根据公司收益报告，从2018年4月到2019年底，管理的信贷资产增长了3.1%，达到1,443亿美元，尽管黑石的整体资产增长了27%。Apollo的信贷资产同期增长30.4%，达到2,155亿美元，Ares的信贷资产飙升43%，达到1,105亿美元。</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>该公司执行信贷联席主管布拉德·马歇尔(Brad Marshall)表示，黑石集团花了这段时间为其新的BDC设计条款和销售引擎，并从中赚取所有管理费。BCRED使用与销售BREIT相同的经纪人进行营销，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提交的文件，大多数大型竞争对手的收费分别为1.5%和17.5%-20%。</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>Blackstone Inc.以7,310亿美元的资产超越了大多数私募股权同行，但该公司多年来一直有一个软肋：其低迷的贷款业务。现在，信贷已成为该公司增长最快的部门之一，这是总裁乔纳森·格雷(Jonathan Gray)领导下广泛转变的一部分。</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。同期管理的私募股权资产增长17%，达到2,315亿美元。</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为养老金计划等机构量身定制的产品的富人来拓展这一领域。该策略复制了格雷先生用来推动该公司房地产投资信托基金BREIT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>这也标志着一种文化转变，因为曾经让黑石在华尔街享有盛誉的对冲基金业务失宠了。传统上专注于私募股权的大型基金经理看到了债务方面的更大机会，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>复兴的信贷业务应该有助于黑石与主要竞争对手（包括阿波罗全球管理公司、战神管理公司和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今年的信贷业务增加了一倍多，主要是通过收购保险公司Global Atlantic Financial Group Ltd。只有Ares实现了自身的增长今年信贷业务与黑石一样快。</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>几家大型信贷公司竞相争夺主导地位，今年为私募股权公司Thoma Bravo LP杠杆收购Stamps.com Inc.提供了26亿美元的贷款。黑石集团(Blackstone)通过提供全额支持而夺得了头把交椅。黑石信贷负责人表示。</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>该公司历来通过GSO Capital Partners在债务市场开展业务，GSO Capital Partners是该公司于2008年收购的一家对冲基金管理公司，以大规模、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)近年来均离开了黑石。该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>财报显示，黑石独立的对冲基金解决方案业务占总资产的比重已从五年前的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>黑石发言人表示，该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推销风险较低、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>“这一切都是为了降低投资组合的风险，”斯科特先生说。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可能性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，格雷先生鼓励黑石业务负责人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>Blackstone今年早些时候推出了BCRED，这是一家业务开发公司，简称BDC，向中型公司提供直接贷款。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>黑石集团首次大举进军信贷领域，以约10亿美元收购了GSO。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>该公司还与Franklin Square Holdings LP合作，后者于2009年推出了BDC。GSO发放贷款并与富兰克林广场分摊管理费，富兰克林广场从个人投资者那里筹集资金。BDC早期的前期经纪费和管理费平均为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>在收购GSO后的十年里，信贷资产增长了约五倍，达到1280亿美元，因为该业务建立了BDC、对冲基金和低评级债务证券化捆绑（即抵押贷款债券）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，由于利润分享分割和不同的增长战略，与富兰克林广场的合资企业解散，增长陷入停滞。黑石退出了该业务，以换取6.4亿美元的分手费。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>根据公司收益报告，从2018年4月到2019年底，管理的信贷资产增长了3.1%，达到1,443亿美元，尽管黑石的整体资产增长了27%。Apollo的信贷资产同期增长30.4%，达到2,155亿美元，Ares的信贷资产飙升43%，达到1,105亿美元。</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>该公司执行信贷联席主管布拉德·马歇尔(Brad Marshall)表示，黑石集团花了这段时间为其新的BDC设计条款和销售引擎，并从中赚取所有管理费。BCRED使用与销售BREIT相同的经纪人进行营销，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提交的文件，大多数大型竞争对手的收费分别为1.5%和17.5%-20%。</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":3371,"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":3,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/847417595"}
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