Individual investors are likely to see a growing array of financial products containing private credit heading their way in the coming months and years, financial executives said at the Milken Institute's annual global conference on Monday.
金融高管在周一的米尔肯研究所年度全球会议上表示，个人投资者在未来几个月和几年中可能会看到越来越多包含私人信贷的金融产品。
While only a handful of exchange-traded funds and other products aimed at investors who are not high-net-worth buyers have been approved or launched so far, senior figures from banks, asset management firms and private equity firms said this roster likely will grow.
尽管到目前为止，仅有少数面向非高净值投资者的交易所交易基金和其他产品获得批准或推出，但来自银行、资产管理公司和私募股权公司的高级人士表示，这个名单可能会扩大。
"I think that traditional asset managers will be our largest clients in the future," said Marc Rowan, co-founder and CEO of Apollo Global Management, during a conference panel. "The new form of active management, I think, is not going to be the buying and selling of stocks. It's going to be the addition of private assets" to portfolios that until now have been made up of publicly traded securities.
“我认为传统资产管理公司将是我们未来最大的客户，”阿波罗全球管理公司的联合创始人兼首席执行官马克·罗恩在一次会议小组中表示。“我认为新形式的主动管理不会是买卖股票，而是将私人资产添加到迄今为止由公开交易证券组成的投资组合中。”
Apollo partnered with State Street Global Advisors to roll out the SPDR SSGA Public & Private Credit ETF in February. So far, the ETF has attracted meager inflows, analysts say, and has only $54.7 million in assets, according to data from VettaFi.
阿波罗与道富全球顾问公司合作，于二月份推出了 SPDR SSGA 公共与私人信贷 ETF。分析师表示，到目前为止，该 ETF 吸引的资金流入微薄，根据 VettaFi 的数据，目前资产仅为 5470 万美元。
State Street could not immediately be reached for comment.
道富公司无法立即被联系以发表评论。
"It is going to be difficult to build a structure liquid enough to satisfy SEC rules while offering meaningful exposure to private credit," said Bryan Armour, ETF analyst at Morningstar, who noted that the 10% of that State Street fund that is allocated to private credit also carries a higher fee.
“要建立一个足够流动以满足 SEC 规则，同时又能提供有意义的私人信贷敞口的结构将会很困难，”晨星的 ETF 分析师布莱恩·阿莫尔表示，他指出，那个 State Street 基金中分配给私人信贷的 10%也收取更高的费用。
That is not stopping asset managers from trying. Last week, Capital Group and KKR won SEC approval to issue two new "interval funds" — closed-end products that offer holders only limited liquidity — that will own both publicly traded and private debt securities. In mid-April, Vanguard said it will partner with Blackstone Inc to roll out similar products. Vanguard declined any additional comment.
这并没有阻止资产管理公司尝试。上周，资本集团和 KKR 获得了美国证券交易委员会的批准，发行两只新的“间隔基金”——这是一种封闭式产品，仅为持有者提供有限的流动性——将持有公开交易和私人债务证券。在四月中旬，先锋集团表示将与黑石公司合作推出类似的产品。先锋集团拒绝进一步评论。
"I expect there to be a flurry of activity, in the next year, of different firms getting together" as traditional asset managers team up with private credit investors, Citigroup CEO Jane Fraser told another Milken Institute panel.
“我预计在接下来的一年里，会有许多不同的公司聚在一起，”花旗集团首席执行官简·弗雷泽在另一场米尔肯研究所的讨论会上表示，传统资产管理公司与私人信贷投资者将会合作。
But the allure of opening a largely untapped corner of the financial market to financial advisers and their retail clients may collide with the realities of how difficult it is to structure a private credit investment vehicle for this audience.
但将一个基本未开发的金融市场领域向金融顾问及其零售客户开放的吸引力，可能会与为这一受众构建私人信贷投资工具的现实困难相冲突。
"It's really important to understand: illiquid is illiquid," said Jenny Johnson, CEO of Franklin Templeton, at the Milken event.
“理解这一点非常重要：流动性差就是流动性差，”富兰克林邓普顿的首席执行官珍妮·约翰逊在米尔肯活动上说道。
"A liquid private credit investment product is a contradiction in terms," said Michael Venuto, founder of Tidal Financial Group, which helps asset managers roll out new ETFs.
“流动性私人信贷投资产品是一个自相矛盾的说法，”Tidal Financial Group 的创始人迈克尔·维努托（Michael Venuto）说，该公司帮助资产管理公司推出新的 ETF。