Well, private credit comes out of the world of leveraged buyouts.

嗯，私人信贷来自杠杆收购的世界。

One of these places is the private credit industry.

其中之一就是私人信贷行业。

I'm here to give a little primer on something called the private credit market.

我来这里是为了简单介绍一下私人信贷市场。

Private credit loans taken on by their firm's portfolio companies tend to have floating rates.

他们公司的投资组合公司接受的私人信贷贷款往往采用浮动利率。

Private credit has more than doubled in size (see chart 2).

私人信贷的规模增加了一倍多（见图 2）。

Like this week, Moody's warned of the systemic risks created by the growing private credit industry, and that's part of private equity.

就像本周，穆迪被警告不断增长的私人信贷行业造成了系统性风险，而这正是私募股权的一部分。

One particularly fast-growing part of the non-bank sector is private credit, which you may have heard a lot about.

非银行部门增长特别快的一个部分是私人信贷，您可能已经听说过很多次。

And what Chris told me is that the lenders in the private credit market are investment funds.

克里斯告诉我的是，私人信贷市场的贷款人是投资基金。

And you know, and remember, private credit and pension funds aren't the ones that employ people.

你知道并记住， 私人信贷和养老基金并不是雇用人员的基金。

One of the most interesting things to me about private credit is really who uses it.

对我来说，关于私人信贷最有趣的事情之一就是谁使用它。

And that's not just private credit, it's also private equity, right?

这不仅仅是私人信贷， 也是私人股本， 对吧？

Like, banks are part of the financial system and they're also significantly more leveraged than a private credit fund is.

例如，银行是金融体系的一部分， 它们的杠杆率也比私人信贷基金高得多。

So having private credit be financing that kind of business I think is really wild and really shows sort of how much it's grown.

因此，我认为让私人信贷为此类业务提供融资确实很疯狂，并且确实显示了它的增长程度。

Companies could take on a lot of debt for cheap, and investors could get a bigger return by putting money in private credit funds.

公司可以廉价地承担大量债务，投资者可以通过将资金投入私人信贷基金来获得更大的回报。

UBS, a bank, estimates the value of outstanding American leveraged loans at around $1.4trn and the assets managed by private credit lenders at more than $1.5trn.

瑞银银行估计美国未偿杠杆贷款的价值约为 1.4 万亿美元，而私人信贷机构管理的资产则超过 1.5 万亿美元。

So I think there was just a big private credit loan to Bombardier, which, I mean, they make like giant like subway cars and I think aeroplanes.

所以我认为庞巴迪只是获得了一笔巨额私人信贷贷款，我的意思是， 他们制造了像地铁车厢和飞机这样的巨型产品。

Private credit is one big growing part of shadow banking, but it's not the only part [MUSIC PLAYING] and it's certainly not the biggest part.

私人信贷是影子银行不断增长的一个重要组成部分，但它不是唯一的部分[音乐播放]， 当然也不是最大的部分。

This time around, they will be going toe-to-toe with private credit lenders, many of which also employ hefty private equity teams, and will be more than happy to take on over-leveraged firms.

这一次， 他们将与私人信贷机构针锋相对，其中许多也雇佣了庞大的私募股权团队，并且非常乐意与过度杠杆化的公司接洽。

So Blackstone's private credit fund has about $50bn under management, which is a lot of money, but compared to the total size of Blackstone, as you say, $1tn, it's not giant.

所以黑石的私人信贷基金管理着大约500亿美元，这是很多钱， 但与黑石的总规模相比，正如你所说的1万亿美元， 这并不是一个巨大的数字。

And indeed, one of the biggest players in private credit, Blackstone, just today hit a big milestone: $1tn in assets under management. It's got a lot of people asking, what's private credit again? Today on the show, we'll tell you.

事实上，私人信贷领域最大的参与者之一黑石集团今天刚刚实现了一个重大里程碑：管理资产达 1 万亿美元。很多人问，什么是私人信贷？今天节目里，我们就来告诉你。