美国证券交易委员会已批准一项全面计划，旨在扩大个人投资者进入私募市场的渠道——就在该行业加速进军零售市场之际，其面临的审查也愈发严格。
The Securities and Exchange Commission has greenlit sweeping plans to widen access to private markets to individual investors — just as the industry's rush into retail faces sharper scrutiny.
美国证券交易委员会主席保罗·阿特金斯表示，投资者对私募市场投资机会的需求正在增长，并补充称，接触“美国企业发展的伟大引擎之一”的机会“不应仅限于最富有的人群或被认为最具专业素养的投资者”。周三，美国监管机构批准了这些提案，旨在扩大个人投资者获得合格投资者资格的数量和方式。
SEC chairman Paul Atkins said investor demand for private market investment opportunities is growing, adding that exposure to "one of the great engines of American enterprise" should "not be reserved for the wealthiest or for those deemed to be the most sophisticated." The proposals, approved Wednesday by the U.S. regulator, would seek to expand the number and type of ways for individuals to qualify as accredited investors.
阿特金斯在一份声明中表示：“我的优先事项之一是探索促进个人投资者参与私募市场的方式，同时保护这些投资者免受不良行为者和欺诈行为的侵害。”美国证券交易委员会的提案包括允许注册投资顾问（RIAs）收取高达20%的业绩报酬——这一水平与对冲基金和另类投资领域历史上使用的费用相当——以吸引更多私募资产管理人进入零售财富领域。
"One of my priorities for the Commission is to explore ways to facilitate the ability of individual investors to participate in private markets, while at the same time protecting those investors from bad actors and fraud," Atkins said in a statement The SEC proposals include permittinged investment advisers (RIAs) to charge performance fees of up to 20% — a level comparable to fees historically used in the hedge fund and alternatives space — to draw more private asset managers into the retail wealth space.
特朗普政府一直热衷于放松私募市场的监管限制，并扩大普通投资者的准入。去年八月，美国总统唐纳德·特朗普签署了一项名为“让401(k)投资者民主化获取另类资产”的行政命令，允许美国人将更多退休计划资金配置于私募股权及其他另类资产。
The Trump administration has been keen to ease regulatory guardrails on private markets and expand access to ordinary investors. Last August, U.S. President Donald Trump signed an executive order titled 'Democratizing Access to Alternative Assets for 401(k) Investors', which allows Americans to put more of their retirement plans into private equity and other alternatives.
私募领域的零售投资者 然而，此举正值私募资产行业向零售财富领域扩张受到更密切审查之时，主要原因在于，那些难以销售、收益率较高的资产并不完全符合零售投资者对资金便捷可及性的预期。
Retail investors in the private space But the move comes as the private assets industry's push into the retail wealth space has drawn closer scrutiny, largely because the harder-to-sell, higher-yielding assets on offer do not fit neatly with retail investors' expectations of easy access to their money.
今年早些时候，一些所谓的“半流动性”私募信贷业务载体出现了赎回请求激增的情况，投资者——包括零售客户——因担忧高风险软件债务而争相撤资。
Some so-called "semi-liquid" private credit business development vehicles saw a surge in redemption requests earlier this year, as investors — including retail clients — scrambled to withdraw their money amid concerns over risky software debt.
今年2月，蓝山资本（Blue Owl Capital）暂停了其面向美国零售客户的蓝山资本公司二号基金（Blue Owl Capital Corporation II）的常规季度现金赎回，此前投资者赎回请求有所上升。
In February, Blue Owl Capital paused regular quarterly cash redemptions in its U.S. retail-focused Blue Owl Capital Corporation II fund, after a rise in investor withdrawal requests.
包括黑石集团（Blackstone）和阿波罗全球管理公司（Apollo）在内的其他私募信贷管理人，也收到了超出其基金现有季度限额的回购请求。
Other private credit managers, including Blackstone Apollo also received repurchase requests that exceeded their funds' existing quarterly limits.
黑石集团首席运营官兼总裁乔恩·格雷（Jon Gray）今年3月告诉美国消费者新闻与商业频道（CNBC），此类措施实际上是私募信贷工具的“特性，而非缺陷”。
Blackstone's Chief Operating Officer and President Jon Gray told CNBC in March that such measures are "really a feature, not a bug" of private credit vehicles.
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