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私人信贷的赎回闸门：是压力信号还是保护性功能？

设立赎回门槛并非剥夺投资者权利，而是一种保护基金和投资者利益的机制。

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Genevieve Cua

Genevieve Cua

Published Wed, Mar 25, 2026 · 07:00 AM
    • Morningstar 的 Brian Moriarty 表示，私人信贷基金正经历其“第一个真正的资金外流周期”。“资产管理公司需要证明他们有能力应对这种压力。”
    • Morningstar 的 Brian Moriarty 表示，私人信贷基金正经历其“第一个真正的资金外流周期”。“资产管理公司需要证明他们有能力应对这种压力。” 图片来源：PIXABAY

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    对于投资者，尤其是亚洲投资者而言，具备三要素的投资项目极具吸引力：强大的发起人、高回报和流动性。

    直到最近，私人信贷似乎完全具备了这些特质，其历史回报率在8%至10%之间，并由蓝筹公司管理。通常允许季度赎回的常青基金，则为这一传统上缺乏流动性的资产类别提供了解决方案。

    但如今，私人信贷基金赎回激增、投资组合资产估值下调以及赎回设限等现象，似乎威胁到了该资产类别的生存能力，对私人财富市场而言尤其如此。

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