本周，一项涉及养老护理诊所的交易虽未引起太多关注，却标志着华尔街一场新争夺战的序幕。贝莱德旗下的HPS信贷部门将向Humana提供28亿美元的贷款，这标志着拉里·芬克正式进军此前一直由阿波罗独占的领域。
A little-noticed deal this week for senior-care clinics is the first shot fired in a Wall Street turf battle. BlackRock’s HPS credit arm is essentially lending $2.8 billion to Humana, marking Larry Fink’s entry into a space that Apollo has had to itself until now.
阿波罗于2024年推出了名为“资本解决方案”的业务，旨在让资产管理公司能像银行一样运作。凭借这一模式，阿波罗的资金能够流向那些银行因2008年后监管限制而无法涉足的领域。此后，阿波罗已向英特尔和柯瑞德饮料公司等企业提供大额贷款，去年该业务便创收8亿美元，距离其10亿美元的目标也渐行渐近。
Apollo’s dryly named “capital solutions” business, launched in 2024, was a bet that asset managers could cosplay as banks. Their money could go places that banks’ deposit funding couldn’t, especially after post-2008 regulations. Apollo has since made big loans to companies including Intel and Keurig Dr Pepper, notching $800 million from the business last year on its way to a $1 billion target.
两年前我曾预测，贝莱德与阿波罗将成为后金融危机时代特殊信贷市场的赢家。虽然阿波罗率先行动，但如今贝莱德也正式加入了这场角逐。
Two years ago, I wagered that BlackRock and Apollo would be the winners of the weird debt world that limped, then sprinted, out of the global financial crisis. Apollo got there first, but BlackRock just threw its hat in the ring.