纽约，10月27日——私募信贷的公开清算正步入一个“神奇”阶段。由Ares Management支持的上市贷款机构Ares Capital同意收购同行MidCap Financial Investment，后者由Apollo Global Management运营。这笔包含债务在内总额达26亿美元的交易，利用了双方估值之间巨大的鸿沟，有望创造出一大块价值。它将为私募市场中常引人侧目的那种“巫术”盖上公开的认可印章。
NEW YORK, Oct 27 - Private-credit’s public reckoning is moving into a magical phase. Ares Capital a listed loan outfit backed by Ares Management agreed to buy peer MidCap Financial Investment which is operated by Apollo Global Management The $2.6 billion deal, including debt, takes advantage of a yawning chasm in their valuations that should create a nice chunk of value. It would give a public seal of approval to the sort of wizardry that often raises eyebrows in private markets.
业务发展公司（BDC）是享有税收优惠的空壳公司，投资于非银行贷款。MidCap（也称MFIC）由Apollo旗下同名部门提供贷款来源，这家由Marc Rowan领导的投资巨头在竞争对手收购大亨旗下的“小不点”公司中寻找借款人。它已成为行业中一个令人担忧的痛点。
Business development companies, or BDCs, are shells with tax advantages that invest in non-bank loans. MidCap, also known as MFIC, is fed by an eponymous unit within Apollo, the investment giant led by Marc Rowan, that finds borrowers among pipsqueak companies owned by rival buyout barons. It has become a worrisome spot in the industry.
在科技交易繁荣期间，这个庞大的私募信贷体系放出了巨额贷款。软件开发商占MFIC投资组合的12%。风险动摇了投资者信心，他们开始在别处发现相关裂痕。许多BDC股价大幅跌破其陈述的每股净资产值（NAV）。
This vast private credit complex lent out large sums during a boom in technology deals. Software developers account for 12% of MFIC’s portfolio The dangers rattled investors, who started spotting related cracks elsewhere. Many BDC shares crashed significantly below their stated net asset values, or NAV.
MFIC跌幅尤为严重。在周二收购计划公布前，该公司股价交易价约为其最近陈述的每股NAV的60%，低于行业平均70%的折价水平（据Raymond James分析师追踪）。然而，Ares Capital却是罕见的佼佼者。作为行业最大的公开交易BDC，管理资产超300亿美元，其股价交易价相当接近其NAV。
MFIC sold off particularly severely. Before the acquisition plan was unveiled on Tuesday, the firm traded at about 60% of its last-stated NAV per share, below the industry 70% average discount, as tracked by Raymond James analysts. Ares Capital, however, is a rare standout. The industry’s largest publicly traded BDC, managing more than $30 billion, it trades pretty close to its NAV.
套利空间显而易见。尽管MFIC交易涉及部分现金，但Ares主要用其估值较高的股份支付。Apollo运营的这只基金权益价值约6.9亿美元。按Ares Capital的估值倍数，其价值将超过10亿美元。如果投资者不因此惩罚买方，仅通过挪动一些贷款就能增加3.3亿美元价值。消息公布后，Ares Capital股价大体持平。
The arbitrage is obvious. Although the MFIC deal involves some cash, Ares is largely paying with its richly valued shares. The Apollo-run vehicle's equity was worth about $690 million. On Ares Capital’s valuation multiple, it would exceed $1 billion. If investors don’t punish the buyer for some reason, it would add $330 million of value simply by moving some loans around. Ares Capital’s stock price was roughly flat following the news.
这些BDC与其支持者相比规模微不足道。尽管如此，这表明公开市场或许愿意接受那种在私募领域会引来监管审视的同类操作。管理人以折价买入二手基金份额，有时会激进地将其直接标回其声称的净资产值（NAV）。这一相对简单的伎俩或许还会引发更多金融炼金术式的实验。关注Jonathan Guilford的报道：
These BDCs are tiny relative to their backers. It's nevertheless a sign that public markets may be willing to embrace the same sort of maneuvering that attracts scrutiny in private. Managers buying secondhand fund stakes at a discount sometimes mark them right back up to their stated NAV, in aggressive fashion. The relatively simple trick here may yet lead to more experiments in financial alchemy. Follow Jonathan Guilford on