私募信贷直接贷款人正在筹集创纪录的资金，即使交易活动放缓，借款人也在回到银行体系的银团贷款市场，这增加了将资本投入到缩小的有吸引力机会池中的压力。
Private credit direct lenders are raising record sums even as deal activity slows and borrowers return to the banking system's syndicated loan market, increasing pressure to deploy capital into a shrinking pool of attractive opportunities.
直接贷款基金在2026年前九个月筹集了1291.5亿美元，较去年同期增长35%，是Preqin数据自2016年以来九个月的最高总额。
Direct-lending funds raised $129.15 billion in the first nine months of 2026, up 35% from a year earlier and the highest nine-month total in Preqin data going back to 2016.
与此同时，根据PitchBook/LCD的数据，估计第三季度贷款规模同比下降28%，降至497.7亿美元。
Estimated third-quarter lending volume, meanwhile, fell 28% year on year to $49.77 billion, according to PitchBook/LCD.
雷蒙德·詹姆斯私募资本咨询全球负责人苏奈娜·辛哈·哈尔迪亚表示：“募资与投放的不匹配增加了将资金投入使用的压力。”
"The fundraising-deployment mismatch increases pressure to put money to work," said Sunaina Sinha Haldea, global head of private capital advisory at Raymond James.
她说，这种不匹配反映了周期性的吸引人定价交易短缺，并因银团市场的竞争而加剧，而不是借款人的结构性短缺。
She said the mismatch reflected a cyclical shortage of attractively priced deals, compounded by competition from the syndicated market, rather than a structural shortage of borrowers.
这种分歧引发了关于私募信贷管理者将如何积极竞争以投放资本的问题。
The divergence is raising questions about how aggressively private-credit managers will compete to deploy capital.
辛哈·哈尔迪亚表示，资本充裕而交易稀缺可能会导致在利差、杠杆或文件条款上做出让步的压力。
Sinha Haldea said plentiful capital and scarce deals could create pressure to concede on spreads, leverage or documentation.
近年来，私募信贷获得了市场份额，因为借款人转向直接贷款人以获取融资，而这种融资通常可以比通过银团市场发放的贷款具有更大的确定性和灵活性。当公共杠杆融资市场出现波动时，这一优势变得尤为重要。
Private credit gained market share in recent years as borrowers turned to direct lenders for financing that could often be arranged with greater certainty and flexibility than loans distributed through the syndicated market. That advantage became particularly important when public leveraged-finance markets were volatile.
PitchBook/LCD的数据显示，2022年和2023年，从广泛银团市场迁移到直接贷款的贷款多于相反方向的迁移。但今年这种平衡已经发生了变化。
In 2022 and 2023, more loans migrated from the broadly syndicated market into direct lending than moved in the opposite direction, PitchBook/LCD data showed. That balance has shifted this year.
第三季度，有163.9亿美元的直接贷款贷款在广泛银团市场进行了再融资，而仅有26.0亿美元的银团贷款转入了直接贷款。
Some $16.39 billion of direct-lending loans were refinanced in the broadly syndicated market in the third quarter, compared with just $2.60 billion of syndicated loans moving into direct lending.
Royce Stone Capital 首席投资官塔雷克·奥马尔表示，能够同时进入两个市场的借款人在考虑费用和再融资成本后，自然会倾向于选择更便宜的融资方式。
Tarek Omar, chief investment officer of Royce Stone Capital, said borrowers able to access both markets would naturally gravitate towards cheaper financing once fees and refinancing costs were taken into account.
“如果拥有更多选择的借款人进行偿还，那么选择较少的借款人将占剩余贷款的更大比例，”奥马尔说。
"If the borrowers with more alternatives repay, those with fewer alternatives become a greater share of the loans remaining," Omar said.
这并不一定意味着仍留在私人信贷市场的借款人信用质量较弱，因为较小的公司可能会继续选择直接贷款机构，原因是银团融资可能不符合其融资需求。
That does not necessarily mean the borrowers remaining in private credit are weaker credits, since smaller companies may stay with direct lenders because syndicated financing does not suit their funding needs.
“纪律的真正考验在于他们是否愿意让资金闲置不用，”辛哈·哈尔迪亚说。
"The real test of discipline is whether they are willing to leave money undeployed," Sinha Haldea said.