Simplify Asset Management launched the Simplify VettaFi Private Credit Strategy ETF (NYSE: PCR), tapping into one of the most talked-about themes in 2025: private credit. The fund, which carries a net expense ratio of 0.76%, aims to provide investors with a blend of income and capital appreciation while mitigating some of the risks typically associated with the asset class.PCR is at important technical levels. See the trading setup here.PCR tracks the VettaFi Private Credit Index (VPCIX), which gains exposu ...

Key Takeaways Apollo completed its Bridge deal, nearly doubling real estate AUM. Partnerships with major banks expand APO's private credit and origination capacity. APO targets $1.5T AUM by 2029, with plans to double equity and private lending. Apollo Global Management (APO) has focused on growth through a strategy of inorganic expansion, acquiring companies and assets across diverse sectors rather than relying solely on organic growth. This approach has enabled Apollo to rapidly increase its assets under m ...

The private credit landscape continues to evolve amid economic headwinds, underscored the sector’s adaptability, the researchers at PitchBook have noted.Private credit, once a niche alternative to traditional lending, has surged as a go-to financing mechanism for middle-market companies grappling with syndicated loan market disruptions.This overview from PitchBook draws on fresh deal flow, quantitative insights, and expert perspectives to illuminate how direct lenders are stepping in where banks falter, par ...

Leveraging tech: while traditional banks can leverage tech just as private lenders can, the latter are far nimbler in applying it to trade finance because, again, they’re less held back by regulation and legacy systems. Right now, tech is being used to amplify agility in private finance, enabling faster onboarding, greater transparency, and the ability to scale solutions. Digital infrastructure and real-time data, for example, is allowing them to assess risk, monitor collateral, and automate settlement, all ...

公司动态 - Reckoner Capital Management聘请Janus Henderson前ETF业务首席运营官Richard Hoge负责扩展交易所交易基金产品线 目前公司仅有一只ETF产品[2] - 公司于2月由RedBird Capital Partners支持成立 7月推出规模3300万美元的杠杆AAA级CLO ETF（RAAA）[2] - ETF业务是构建全球信贷平台战略的核心组成部分 旨在通过易获取的包装形式向客户提供另类资产[2][3] 行业格局 - ETF行业持续繁荣并不断刷新销售记录 但由贝莱德、先锋集团和道富银行等少数巨头主导[3] - 新产品差异化定位难度增加 需避免与现有产品同质化并符合ETF形式要求[3] - 私人信贷类ETF因流动性限制不可行 行业高度重视每日流动性要求[3] 人才战略 - Richard Hoge具备法律和税务背景 对ETF市场有深度认知 能为产品创新提供多元视角[3] - 其曾共同创立的VelocityShares公司于2014年被Janus Henderson以3000万美元收购 当时被视为人才收购案例[4] - 此前曾在Natixis和毕马威担任高管职务 具备跨领域管理经验[4]

Caspar Macqueen was an executive at BlackRock before starting his own asset manager.Althera42 Althera42 is a new fund launched by a former BlackRock executive and a longtime private markets investor. The fund, which hopes to raise $300 million, will invest primarily in tech companies in Europe and the UK. Althera42 does not receive equity stakes from its investments; instead, the manager gets a portion of future revenues. Royalties from artists like Fleetwood Mac or Justin Bieber have become big b ...

产品创新 - WisdomTree推出新型代币化基金WisdomTree Private Credit and Alternative Income Digital Fund (CRDT) 专注于私人信贷领域 [1] - 该基金追踪包含35只公开交易封闭式基金 商业发展公司和房地产投资信托的投资组合 [1] - 最低投资门槛仅25美元并提供两日赎回机制 [2] 战略布局 - 公司2021年已推出跟踪相同基准的WisdomTree Private Credit and Alternative Income ETF [2] - 迄今已推出多款代币化投资工具 涵盖货币市场基金 固定收益证券和股票等领域 [3] - 通过降低投资门槛将私人信贷资产类别推向更广泛投资者群体 [3] 行业趋势 - 私人信贷作为传统银行体系外借贷方式 近年规模迅速扩张 [2] - 贝莱德管理20亿美元代币化货币市场基金 富达在以太坊推出同类产品 [4] - 传统金融机构正积极布局现实资产代币化 尽管规模较数万亿美元的ETF和共同基金仍较小 [4]

劳埃德·布兰克费恩对经济危机的预警 - 前高盛CEO劳埃德·布兰克费恩对经济危机产生不祥预感 并列举金融市场潜在风险包括信贷利差收窄 大量资金涌入私人信贷市场 以及投资者通过投资组合层面杠杆化追求更高回报的行为[1] - 布兰克费恩指出保险公司为提升长期负债收益率配置大量资产 但质疑这些资产的真实价值 并称存在大量1%风险事件的可能性[2] - 布兰克费恩警告世纪级危机每四到五年发生一次 包括1994年墨西哥债务危机 1998年俄罗斯债务违约与长期资本管理公司救助 2001年互联网泡沫及2008年金融危机 强调需防范意外风险[3] 美联储政策与机构经济预测分歧 - 华尔街普遍预期美联储下周降息 因7月和8月就业数据疲软 但特朗普关税政策推升通胀导致银行对经济健康度判断出现分歧[4] - 瑞银预测93%的衰退风险 而德意志银行更乐观 将标普500年终目标从6550点上调至7000点[4] 美国私人信贷市场风险分析 - 信贷利差收窄至约20年最窄水平 公司债与政府债券收益率差异极小 虽通常显示企业部门健康 但可能导致投资者在不确定经济环境中错误定价风险[6] - 私人信贷规模因高利率推动投资者追求更高收益而激增 达1.7万亿美元[6] - 私人信贷市场缺乏流动性及清晰信用质量指标 摩根大通CEO杰米·戴蒙7月警告该领域可能成为金融危机的配方[7]

经济危机周期 - 美国历史上每4-5年发生一次"世纪危机" 包括主权债务危机 互联网泡沫破裂和次贷危机等事件[2] - 当前经济虽保持韧性且股市处于历史高位 但存在大量1%风险事件发生的可能性[2] 信贷市场风险 - 危机通常源于杠杆 尤其是隐藏在非透明领域的信贷杠杆[3] - 高收益债券利差接近历史低位 ICE美国银行高收益指数调整后利差为2.84%[4][5] - 信贷利差收窄可能意味着投资者错误定价风险 低估了特定行业和经济领域的疲软迹象[4] 私人信贷领域 - 私人信贷资产管理规模以14.5%的同比增速增长[7] - 部分投资者通过非常规方式加杠杆以提升回报 特别是活跃在私人信贷领域的保险公司[7] - 保险监管机构可能对资产估值准确性提出质疑 存在杠杆风险积累[8]

新产品推出 - 道富投资管理公司推出主动管理型交易所交易基金State Street Short Duration IG Public & Private Credit ETF（PRSD）[1] - 该基金净费用率为59个基点 主要投资短期投资级债务 包括公共和私人信贷工具[1] - 基金采用自上而下与自下而上结合的选券策略 目标久期控制在1-3年[2] 投资策略特点 - 基金组合中私人信贷工具配置比例通常为10%-35% 由Apollo Global Securities提供私人信贷工具[3] - 通过ETF形式提供私人信贷敞口 实现风险调整后回报与当期收益平衡[1][3] - 私人信贷配置可帮助分散风险 获取新回报源并进入稀缺市场[3] 产品线扩展 - 此次推出的PRSD是PRIV基金的补充延伸 后者为SPDR SSGA IG Public & Private Credit ETF[1] - 道富公司目前在美国上市超过170只基金 旗舰产品Technology Select Sector SPDR Fund（XLK）管理资产规模达840亿美元[4] - 行业研究机构VettaFi指出PRIV基金在夏季需求增长 固定收益产品线扩展受到市场欢迎[4]