一位来自高盛资产管理公司的报告指出，尽管私人信贷经历了一个充满挑战的一年，但这并未降低人们对替代投资的需求。近年来，零售投资者涌入私人信贷领域，但在2026年初他们迅速撤退。由于对软件贷款的担忧，半流动性私人信贷商业发展公司出现了赎回请求激增的情况。一些基金开始限制提款，而蓝翅资本（Blue Owl Capital）在2月份暂停了其美国零售投资者基金的常规季度流动性支付，以试图遏制资金外流。
A challenging year for private credit isn't denting demand for alternative investments, according to Goldman Sachs Asset Management. Retail investors flooded into private credit in recent years only to stage a hasty retreat in early 2026. Concerns about software loans led to a surge in redemption requests in semi-liquid, private credit business development companies. Some funds began limiting withdrawals, while Blue Owl Capital paused its regular quarterly liquidity payments in its U.S. retail-focused fund in February in an effort to stem the outflows.
然而，高盛的最新调查显示，目前从事替代投资的93%的投资者仍对自己的投资感到满意，97%表示这些投资表现优于或符合他们的预期。了解私人信贷相关消息的56%的投资者表示他们对替代投资的看法没有变化，而30%表示这让他们更加谨慎，14%表示他们的看法更加积极。高盛调查了1000名美国籍的高净值投资者（至少拥有100万美元可投资资产）和超高净值投资者（至少拥有3000万美元可投资资产）。
Yet a new survey by Goldman Sachs found that 93% of current alternative owners were still happy with their investments and 97% said the investments have performed better than, or as they expected. Some 56% who knew about private credit headlines said there was no change in their view on alternatives, while 30% said it made them more cautious and 14% said their view was more positive. Goldman surveyed 1,000 U.S.-based high-net-worth investors, who have at least $1 million of investable assets, and ultra-high-net-worth investors, who have at least $30 million of investable assets.
此次问卷调查于6月29日至7月31日进行。高盛财富业务替代投资全球主管克里斯汀·奥尔森（Kristin Olson）表示：“你所看到的是那些熟悉情况、接受过更多教育的投资者，他们并不受影响。”她还表示，这项调查为“投资者的韧性提供了证据，我认为这也反映了一个更广泛的趋势，即个人投资者渴望进入这个私人投资领域的长期增长。”
The polling took place between June 29 and July 31. "What you see is the investors that have familiarity, that have more of the education, are the ones that are unfazed," said Kristin Olson, Goldman's global head of alternatives for wealth. The survey provides evidence for "the resilience of investors, and I think it also goes to what is just a secular growth in the desire for individual investors to tap into this world of private investing."
回归至私人信贷领域，奥尔森表示，投资者正在拓宽替代投资的范围，转向私人股权、基础设施和实物资产——这些领域都见到显著的资金流入增加。私人信贷也应该最终扭转颓势。她说：“赎回请求开始趋于缓和，而不是继续增加。”
Return to private credit Investors have been broadening out within alternatives to move into private equity, infrastructure and real assets —all of which have seen meaningful uptakes in flows, Olson said. Private credit should also eventually turn around. "The redemption requests are starting to moderate as opposed to continuing to increase," she said.
“我认为随着时间的推移，这一资产类别会重新受到青睐。”首先，此前关于软件行业以及所谓平台行业“末日危机”的担忧其实有些过度了。奥尔森指出，如今这类焦虑情绪已有所缓解。“并非所有软件都会立刻被淘汰。”此外，直接贷款市场的投资者——也就是那些直接向企业发放浮动利率贷款的放贷机构——如今在新发放的贷款中获得了更高的收益率。
"I think you will see a return to the asset class over time." For one, the concerns around software and a so-called "apocalypse" in the platforms proved overblown. Some of that anxiety has abated, Olson said. "Not all software was going to be immediately obsolete." In addition, investors in direct lending, or floating-rate loans made by lenders directly to companies, are seeing higher yields in new originations.
由于流入该领域的资金减少，相关信贷利差也在持续扩大。“目前对于审慎的放贷机构而言，信贷领域确实存在不少值得把握的良机，”奥尔森说道。不过，如果现有信贷产品的风险评估不到位，利率上升仍会对其造成压力。
Spreads have also been widening since less capital has moved into the area. "There's kind of an attractive opportunity right now for prudent lenders to find attractive risk in the credit space," Olson said. On the other hand, higher interest rates will pressure existing credits if they haven't been underwritten properly.
普通散户投资者与超高净值及高净值投资者相比，进入该市场的渠道十分有限。他们可选择的工具包括交易所交易基金——这类基金持有公开上市交易的资产以确保流动性；商业发展公司——它们向企业提供贷款并在证券交易所上市交易；以及半流动性基金。奥尔森指出，所有这些投资结构都存在各自的优缺点，因为基金管理人必须妥善应对流动性需求。
Retail investors Ordinary, retail investors have limited access to the market, compared to ultra-high-net-worth and high-net-worth investors. Their options include exchange-traded funds, which also hold public publicly traded assets for liquidity; business development companies, which make loans to companies and trade on the stock exchange; and interval funds, which are semi-liquid. All of the structures have tradeoffs, as the manager has to handle liquidity needs, Olson said.
“从超高净值投资者到普通投资者，层级越往下，投资组合中就需要配置越多流动性较强的资产，这样才能满足基金的流动性要求，”这位基金经理解释道。不过，美国证券交易委员会正致力于为个人投资者拓宽参与另类投资的途径。该监管机构本月早些时候表示，希望放宽“合格投资者”的认定标准——目前这一标准要求个人年收入需达20万美元以上，已婚夫妇则需达30万美元以上；此外，个人净资产至少达到100万美元（不含自住房产价值）也可被认定为合格投资者。
"The further down you go from ultra-high-net-worth to the average investor, the more you need to keep in more liquid [assets] underneath that portfolio, to satisfy the recurring liquidity structure on that fund," the money manager said. But the Securities and Exchange Commission is looking to make access to alternative investments easier for individual investors. The regulator said earlier this month it wants to widen the path to qualify as accredited investors, currently those who have an income above $200,000 for individuals and $300,000 for married couples. They can also qualify with a net worth of at least $1 million, not including the value of their primary residence value.
“这些举措将持续助力拓宽普通个人投资者的投资渠道，”奥尔森说道。奥尔森认为，资产配置的多元化至关重要。她建议那些有意投资另类资产的投资者应广泛涉猎各类资产，比如在私人信贷之外，还可考虑私募股权、房地产及基础设施领域——不过这些资产并非都能轻易向普通投资者开放。这类另类资产组合通常会被纳入更为庞大的投资组合之中。
"Those will continue to help open the aperture for the broader individual market," Olson said. Diversification matters Olson believes investors in alternatives should look across assets, including expanding beyond private credit and into private equity, real estate and infrastructure — although not all are easily available to retail investors. An alternatives portfolio would then sit within a larger portfolio.
她指出，以超级富豪为例，他们可能会将20%以上的资金配置于另类资产，而普通投资者的配置比例则相对较低。“具体配置比例因客户而异，取决于其流动性需求，”奥尔森解释道。“事实上，从整体个人投资者群体来看，绝大多数人的另类资产配置比例依然极低——整个行业的平均配置率仅为个位数水平。”
The ultra wealthy, for example, might allocate more than 20% to alts, with percentages falling from there, she said. [It is] very client specific, depending on their particular liquidity needs," Olson said. "The reality is that most clients, if you look at the broader individual landscape, are still very low — the overall industry is at low single digits" in alternative allocations.