Core Insights - Investor confidence in private credit has been shaken following Blue Owl's decision to halt redemptions from its fund, raising concerns about the stability of other private-debt funds and BDCs [3][5][12] - The situation is being viewed as either a company-specific issue or indicative of broader industry problems, particularly with lending to software companies facing disruption from artificial intelligence [2][15] - The shares of asset managers involved in private credit have experienced significant declines, with Blue Owl's shares dropping around 12% in one week, and other firms like Blackstone and Apollo also facing losses [5][12] Group 1: Market Reactions - Shares of asset managers have been under pressure due to concerns over underwriting standards and the recent selloff in software companies, which are heavily represented in their loan portfolios [4][6] - The VanEck BDC Income ETF has seen a 1.9% weekly loss and has dropped over 25% in the past year, reflecting investor worries about the BDC sector [9] - Apollo Global's shares fell more than 4%, while Blackstone and Ares Management saw losses of 6.6% and 8% respectively during the same week [12] Group 2: Industry Concerns - The liquidity mismatch in publicly traded vehicles that package private loans is becoming apparent, leading to increased scrutiny from investors [8] - U.S. Treasury Secretary Scott Bessent expressed concerns about the growth of private credit outside the banking system and its potential impact on the regulated financial system [13][14] - The current economic expansion, despite a slowdown, may provide some support for private-credit managers, although fears of a recession could lead to higher default rates [14][15] Group 3: Company-Specific Developments - Blue Owl announced it would return 30% of OBDC II investors' capital at book value, aiming to alleviate concerns over liquidity [13] - The firm emphasized that it is not halting investor liquidity, but rather accelerating capital returns to shareholders [13] - The private-equity giants like Blackstone, Apollo, and KKR have significantly contributed to the growth of private credit, which is now facing scrutiny [11][10]

Core Viewpoint - The recent decline in asset-manager stocks is primarily attributed to investor concerns regarding the lending standards in the private-credit industry, particularly linked to a fund managed by Blue Owl Capital [1] Group 1: Market Impact - Shares of Blue Owl Capital (ticker: OWL) experienced a significant drop, with weekly losses reaching approximately 12% [1] - Other asset managers with exposure to private-credit businesses, including Ares Management (ARES), Blackstone (BX), Apollo Global Management (APO), and KKR & Co. (KKR), also saw declines in their stock prices during the week [1] Group 2: Investor Sentiment - Investor fears have intensified regarding the potential spillover effects from the private-credit sector, leading to broader anxiety in the market [1] - The selling pressure on asset managers indicates a growing concern about the stability and lending practices within the private-credit industry [1]

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Core Insights - The private credit market is facing significant pressure as Blue Owl Capital announced the sale of $1.4 billion in assets across three credit funds, which is aimed at returning capital to investors and reducing leverage [13] - The announcement has led to a broader selloff among alternative asset managers, indicating the interconnectedness of private markets and publicly traded financial stocks [2][10] Group 1: Market Reactions - The announcement from Blue Owl Capital unsettled investors, contributing to declines in shares of major firms such as Apollo Global Management, Ares Management, Blackstone, KKR, and Carlyle Group, reflecting anxiety about credit quality and valuation transparency [13] - The developments in private markets have quickly transmitted to publicly traded equities, highlighting how closely listed alternative managers are tied to sentiment around private credit [2][10] Group 2: Credit Quality Concerns - Industry participants have been grappling with questions around credit quality, particularly for portfolios with significant exposure to software and technology companies, as a notable share of the loans being sold is tied to this sector [5][13] - The weakness in private credit has coincided with declines in technology benchmarks within the broader S&P 500, linking concerns in private credit to wider movements in US equities [6][10] Group 3: Liquidity and Restructuring - The asset sale involves loans to over a hundred portfolio companies across multiple industries, with proceeds earmarked for investor distributions and debt reduction, reflecting a balancing act between providing liquidity and maintaining portfolio stability [7][13] - The restructuring follows earlier attempts to merge funds and manage redemption pressures, indicating the cautious approach of private credit managers in the current economic climate [7][8] Group 4: Systemic Risk and Financial Stability - Economist Mohamed El-Erian has indicated that developments in private credit could revive discussions about broader financial stability, prompting investors to reassess whether stresses in less liquid markets could foreshadow tighter conditions elsewhere [9][10] - The situation serves as a reminder that liquidity shifts and valuation adjustments in private assets can have significant repercussions on the US stock market, particularly in sectors like software and leveraged lending [11][10]

Market Overview - The three major US stock indices closed lower on Thursday, with the Dow Jones down 267.50 points (0.54%) at 49,395.16, the Nasdaq down 70.91 points (0.31%) at 22,682.73, and the S&P 500 down 19.42 points (0.28%) at 6,861.89 [2] - Concerns over risks in the private credit sector led investors to withdraw from financial stocks, while escalating tensions between the US and Iran put additional pressure on the market [2] - The S&P 500 index nearly erased all its gains for the year, and the Nasdaq has seen a year-to-date decline of 2.41% [2] Technology Sector Performance - Major tech stocks showed weak performance, with Apple down 1.43%, Netflix down 1.27%, Microsoft down 0.29%, Alphabet down 0.16%, and Nvidia down 0.04% [2] - In contrast, Meta rose 0.24% and Tesla increased by 0.12% [2] Company Highlights - Amazon officially surpassed Walmart to become the world's highest-grossing company, with Amazon's revenue at $716.9 billion for the fiscal year ending in December, compared to Walmart's $713.2 billion for the fiscal year ending in January [2] - Walmart's annual sales fell below Amazon's for the first time [2] Chinese Concept Stocks - The Nasdaq Golden Dragon China Index fell by 0.35%, with notable declines in Alibaba (down 0.96%), Pinduoduo (down 0.94%), and Baidu (down 0.55%) [3] - However, some stocks like Niu Technologies rose by 2.08% and Zhihu increased by 0.86% [3] Financial Sector Developments - Blue Owl Capital announced the sale of $1.4 billion in loan assets and tightened liquidity arrangements for investors, leading to a sell-off in private credit stocks [4] - Blue Owl Capital's stock fell by 5.93%, while Blackstone and Apollo Global Management also experienced declines of 5.37% and 5.21%, respectively [5] - The tightening of liquidity arrangements raised concerns about the liquidity risks associated with private credit funds [5] Software Sector Challenges - The software sector faced pressure, with Salesforce down 1.30%, Intuit down 2.06%, and Cadence Design Systems down 2.76% [5] - Concerns about AI potentially disrupting the industry have contributed to the sector's challenges, with a statement from Mistral AI's CEO suggesting that over 50% of enterprise software could be replaced by AI [6] Oil Market Dynamics - International oil prices continued to rise, with WTI crude oil futures up 1.90% at $66.43 per barrel and Brent crude oil futures up 1.86% at $71.66 per barrel [7] - Geopolitical risks in the Middle East, particularly regarding Iran, have been a driving factor behind the rising oil prices [7] - Additionally, a surprise decline in US crude oil inventories reported by the EIA further supported the increase in oil prices [8] Gold Market Update - Spot gold rose by 0.42% to $4,998.50 per ounce, while COMEX gold futures increased by 0.09% to $5,014 per ounce [9]

Blue Owl Move to Curb Redemptions at Private-Credit Fund Hits Alt Manager Stocks - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Blue Owl Move to Curb Redemptions at Private-Credit Fund Hits Alt Manager StocksBy [Andrew Bary]ShareResize---R ...

1.【特斯拉无人驾驶出租车运营8个月内发生14起事故】据特斯拉向美国监管机构提交的报告显示，该公 司无人驾驶出租车在奥斯汀投入运营8个月内上报了14起碰撞事故，事故类型包括财产损失、轻微受伤及 人员住院。特斯拉尚未披露目前在奥斯汀投放的无人驾驶出租车车队规模，但计划在年中前将服务拓展 至约另外7座城市。首起事故发生在去年7月，公司当时上报仅造成财产损失。但特斯拉在12月就该起事 故提交了补充报告，新增信息显示事故造成了轻微受伤与人员住院。另一起同样发生在7月的事故也导致 轻微受伤。特斯拉最新报告显示，1月上报了去年12月与今年1月发生的5起新事故。其中1月的一起事故 为一辆静止的无人驾驶出租车与奥斯汀市公交车相撞；另有两起事故是无人驾驶出租车在停车场倒车时 撞上物体。（新浪科技） 2.【黑石、EQT和CVC对大众Everllence部门提出收购要约】英国金融时报周三援引知情人士的话报道 称，大众汽车吸引了包括黑石 、EQT和CVC在内的顶级私募股权基金竞购其Everllence部门。报道还称， 大众汽车的Everllence部门生产船用发动机和热泵，潜在买家对该部门的估值在50亿欧元(59.2 亿美元) 到 ...

英国金融时报周三援引知情人士的话报道称，大众汽车吸引了包括黑石 、EQT和CVC在内的顶级私募 股权基金竞购其Everllence部门。报道还称，大众汽车的 Everllence 部门生产船用发动机和热泵，潜在 买家对该部门的估值在 50 亿欧元（59.2 亿美元） 到 60 亿欧元之间。 责任编辑：王永生 英国金融时报周三援引知情人士的话报道称，大众汽车吸引了包括黑石 、EQT和CVC在内的顶级私募 股权基金竞购其Everllence部门。报道还称，大众汽车的 Everllence 部门生产船用发动机和热泵，潜在 买家对该部门的估值在 50 亿欧元（59.2 亿美元） 到 60 亿欧元之间。 责任编辑：王永生 ...

Core Insights - Volkswagen has received bids from leading private equity firms such as Blackstone, EQT, and CVC for its Everllence division, indicating strong interest in the asset from major investment players [1] Group 1 - The involvement of top private equity funds suggests a competitive bidding environment for Volkswagen's Everllence division [1] - The Financial Times reported this development, highlighting the significance of the interest from these firms [1]

Core Viewpoint - Liftoff Mobile Inc. has secretly resubmitted its IPO application after previously postponing a plan to raise up to $762 million, indicating a strategic move amidst market volatility due to AI concerns affecting software stocks [1] Company Summary - Liftoff Mobile Inc. is a mobile application advertising company supported by Blackstone Group, which has recently withdrawn and resubmitted its IPO registration statement [1] - The number of shares to be issued and the price range for the IPO have not yet been determined [1] Industry Context - The resubmission of Liftoff's IPO application comes at a time when software stocks are experiencing significant declines, with competitors like AppLovin Corp. and Unity Software Inc. seeing year-to-date stock price drops of 44% and 58% respectively [1] - Other companies backed by Blackstone Group that are planning to advance their IPOs in the coming months include Jersey Mike's Subs, Entrata, and Copeland [1]