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Blackstone's profit falls as choppy market tempers investment exits

私募股权的退出门卡住了：费用照收，钱却拿不回来
2026 年 10 月 23 日 · 星期五 本期：私募股权 · 退出困境 · 基金费用 · 二级市场
Glass and steel office towers seen from street level
The business of owning companies is easy to enter and, this year, hard to leave.
Photo: Unsplash (stock image, not the original news picture)

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The world's largest private equity firm earned 34% less from selling assets last quarter, yet its fee income rose. When exits stall, the industry's answer is to stop exiting: continuation funds, then forever funds.

全球最大的私募股权公司上季度来自出售资产的收益减少了 34%，但费用收入仍在增长。当退出停滞，这个行业的答案是干脆不退出：先是续存基金，然后是永久基金。

$1.32
Distributable earnings per share, down 13% from a year earlier — but above the $1.26 analysts expected.
每股可分配收益，同比下降 13%，但仍高于分析师预期的 1.26 美元。
−34%
Net realizations, the profit booked on sales, fell to $331.5 million; in private equity they nearly halved, to $194.1 million.
净变现（卖出资产落袋的利润）降至 3.315 亿美元；私募股权部分几乎减半，至 1.941 亿美元。
$1.37tn
Assets under management, a record, up 10% on the year. Fee-related earnings rose 6% to $1.57 billion.
管理资产规模创纪录，同比增长 10%；费用相关收益增长 6%，至 15.7 亿美元。
83%
Fees' share of segment earnings, against 75% a year earlier. Exit profits supplied just 17%, down from 25%.
费用占分部收益的比重，一年前为 75%；退出利润只贡献 17%，低于此前的 25%。
$228.9bn
Dry powder at the end of September — capital raised and waiting. The firm deployed $30.1 billion and realised $33.1 billion in the quarter.
“干火药”规模（9 月底），即已募集待投的资本。本季度投出 301 亿美元、变现 331 亿美元。
$65bn
Manager-led secondary deals in the first half, up 35% and above investor-led sales for the first time in four years; single-asset continuation funds rose 88% to $34 billion.
上半年管理人主导的二手交易，增长 35%，四年来首次超过投资者主导的抛售；单一资产续存基金增长 88%，至 340 亿美元。

原文精读 · Full Text

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主语 Subject 谓语 / 动词 Verb 宾语 · 表语 Object 从句 · 非谓语 Clause 状语 Adverbial 插入语 · 引述 Attribution
TITLE
Blackstone's profit falls as choppy market tempers investment exits
黑石的利润下滑，因震荡的市场拖慢了投资退出
PARA 01
Blackstone reported third-quarter results on Thursday, and the headline number looked like a miss: distributable earnings fell 13 per cent to $1.32 a share.2 It was not. The figure beat the $1.26 analysts had expected, and the shares rose nearly 6 per cent.
黑石周四公布了第三季度业绩，最显眼的那个数字看上去像是一次失手：可分配收益下降 13%，至每股 1.32 美元。其实并不是。这个数字高于分析师预期的 1.26 美元，股价当天上涨近 6%。
PARA 02
A turbulent market weighed on Blackstone's ability to cash in on its investments. Net realizations4 fell 34 per cent to $331.5 million; in private equity they nearly halved, to $194.1 million.
动荡的市场拖累了黑石把投资变现的能力。净变现下降 34%，至 3.315 亿美元；其中私募股权部分几乎减半，降至 1.941 亿美元。
PARA 03
“There was a fair amount of volatility in the quarter and in markets, and that showed up in slowing the IPO market a bit and muted transaction activity as well,” President Jon Gray said in an interview.
“这个季度、以及市场上，波动都不小，这体现在 IPO 市场略有放缓、交易活动也偏清淡上，”总裁乔恩·格雷在接受采访时表示。
PARA 04
The backdrop is not friendly to sellers. Benchmark Treasury yields have hovered near 5 per cent, the war with Iran has kept energy prices and volatility high, and global merger and acquisition activity fell 41 per cent from the previous quarter, according to LSEG. Deals and listings that were ready in June were put on hold.
大环境对卖方并不友好。基准美债收益率一直在 5% 附近徘徊，与伊朗的战争让能源价格和波动率居高不下，而据 LSEG 数据，全球并购活动环比下降 41%。6 月就准备就绪的交易和上市，被搁置了。
PARA 05
Yet the machine kept taking money in. Net inflows reached $63.3 billion, lifting assets under management to a record $1.37 trillion, up 10 per cent from a year earlier.1 Fee-related earnings,3 the steadier line that comes from managing money rather than selling it, rose 6 per cent to $1.57 billion.
但这台机器仍在吸钱。净流入达到 633 亿美元，把管理资产规模推到创纪录的 1.37 万亿美元，同比增长 10%。费用相关收益，这条更稳的收入线来自“管钱”而不是“卖资产”，增长 6%，至 15.7 亿美元。
PARA 06
The mix has flipped. Fees supplied 83 per cent of the firm's segment earnings in the quarter, against 75 per cent a year earlier; exits supplied 17 per cent, down from 25. Blackstone is earning more from standing still.
收入结构已经翻转。费用贡献了本季度公司分部收益的 83%，一年前是 75%；退出贡献 17%，低于此前的 25%。黑石靠“原地不动”赚得更多了。
Two engines, moving in opposite directions Blackstone, third quarter, $ millions Fees, Q3 2025 1,481 Fees, Q3 2026 1,572 Exit profits, Q3 2025 505 Exit profits, Q3 2026 332
Chart 1 | Fees grew 6% while exit profits fell 34% Source: Blackstone third-quarter 2026 results, segment earnings table, filed Oct 22, 2026.
PARA 07
The private equity division made the point sharply. Its fee-related earnings jumped 26 per cent to $619 million, even as its net realizations halved. The firm is paid on the size of the assets it supervises, not on whether those assets ever change hands.
私募股权部门把这一点体现得格外清楚。它的费用相关收益跃升 26%，至 6.19 亿美元，与此同时净变现却减半。公司收钱看的是它管理的资产规模，而不是这些资产最终有没有易手。
PARA 08
Credit and insurance did most of the fund-raising, taking in $35.8 billion of the quarter's inflows and lifting that business to $480 billion of assets, while private equity added $12.6 billion.
信贷与保险业务承担了大部分募资，吸收本季度流入中的 358 亿美元把该业务的管理资产推到 4,800 亿美元，而私募股权增加了 126 亿美元。
PARA 09
Perpetual capital, money with no fixed end date, reached $562.3 billion. Assets in the private wealth channel, sold to individuals through financial advisers, hit a record $330 billion, with almost $9 billion of sales in the quarter.
永续资本，即没有固定到期日的钱，达到 5,623 亿美元。私人财富渠道的资产，通过理财顾问卖给个人，创下 3,300 亿美元的纪录，本季度销售额近 90 亿美元。
The money still comes in: $63.3 billion of net inflows lifted assets under management to a record $1.37 trillion.
The money still comes in: $63.3 billion of net inflows lifted assets under management to a record $1.37 trillion. 钱还在进来：本季度净流入 633 亿美元，管理资产创下 1.37 万亿美元的纪录。 Photo: Unsplash (stock image)
PARA 10
The retail side also shows where the strain is. Redemption requests at BCRED,8 Blackstone's flagship non-traded private credit fund, stayed elevated in the quarter, though the firm says the portfolio's fundamentals remain healthy.
零售端也暴露出压力所在。BCRED 的赎回申请——黑石的旗舰非交易型私募信贷基金——本季度仍处高位，尽管公司称该组合的基本面依然健康。
PARA 11
The fund held $41.1 billion of net asset value at the end of September,9 and its private credit strategies returned 2.6 per cent gross, or 1.8 per cent net of fees, in the quarter.
该基金截至 9 月底持有 411 亿美元的资产净值，其私募信贷策略本季度毛回报 2.6%，扣费后净回报 1.8%。
PARA 12
Blackstone is still sitting on $228.9 billion of dry powder,5 capital it has raised but not yet invested. In the quarter it deployed $30.1 billion and realised $33.1 billion, so money came back to investors slightly faster than it went out. The problem is not the volume of sales but the profit the firm keeps from them: realised performance revenues fell 38 per cent to $464 million.
黑石手上仍压着 2,289 亿美元的“干火药”，即已募集但尚未投出的资本。本季度它投出 301 亿美元、变现 331 亿美元，回流给投资者的钱略快于投出去的钱。问题不在卖出的规模，而在公司从中留下的利润：已实现业绩收入下降 38%，至 4.64 亿美元。
PARA 13
Two profit lines therefore point in opposite directions. Distributable earnings, the cash measure Blackstone uses to set its dividend, fell 9 per cent to $1.72 billion, while GAAP net income attributable to the company rose to $662.4 million from $624.9 million. The dividend was held at $1.12 a share.
于是两条利润线指向了相反的方向。可分配收益，即黑石用来定股息的现金口径，下降 9%，至 17.2 亿美元，而归属于公司的 GAAP 净利润则从 6.249 亿美元升至 6.624 亿美元。股息维持每股 1.12 美元。
PARA 14
Investors, meanwhile, have already marked the business down. Before Thursday's results, Blackstone's shares had fallen nearly 30 per cent this year, against a 13 per cent gain for the broader market and about 2 per cent for the S&P 500 financials index. The fear is not a bad quarter; it is that the growth model depends on exits that are not happening.
而投资者早已把这项生意重新定价。在周四财报发布之前，黑石的股价今年已累计下跌近 30%，而同期大盘上涨 13%、标普 500 金融指数上涨约 2%。市场怕的不是一个糟糕的季度，而是这套增长模型依赖的退出根本没有发生。
PARA 15
The AI build-out has made the question harder. Blackstone is one of the largest lenders to CoreWeave, the AI cloud company whose shares fell 8.2 per cent on Thursday.
AI 基建热潮让这个问题更难回答。黑石是 CoreWeave 最大的贷款方之一，这家 AI 云公司的股价周四下跌 8.2%。
PARA 16
Asked about widening credit spreads on AI-related debt, Chief Executive Stephen Schwarzman turned the problem around. “On the new assets that you haven't yet leased, I think you'll be able to command a higher yield to absorb this,” he told analysts. “You may end up actually in a better spot.”
被问及 AI 相关债务的信用利差走阔时，首席执行官苏世民把问题反过来说了。“对于那些你还没租出去的新资产，我认为你能要求更高的收益率来消化这一点，”他对分析师说。“到头来，你的处境可能反而更好。”
PARA 17
Management expects the logjam to break. Executives told analysts that net realizations should see a “significant” step-up in the current quarter. Blackstone funds are among the sellers in Galderma's $1.5 billion agreement to buy ZO Skin Health, a deal expected to close in the fourth quarter or early next year.
管理层预期僵局会打破。高管们告诉分析师，本季度净变现会出现“显著”提升。黑石旗下基金是 Galderma 以 15 亿美元收购 ZO Skin Health 协议的卖方之一，该交易预计在第四季度或明年初完成。
PARA 18
To see why one slow quarter matters so much, it helps to recall how the machine is built. A private equity firm raises a fund with a fixed life, usually ten years, and calls capital from pension plans, endowments and wealthy families as it finds deals. It buys companies, loads them with debt, improves them, and after five or six years sells them — to a strategic buyer, to another buyout firm, or through an initial public offering. The proceeds go back to the investors, who then commit to the next fund.
要理解为什么一个慢下来的季度如此要紧，得先回想这台机器是怎么搭起来的。一家私募股权公司募集一只有固定存续期的基金，通常是十年，在找到项目时向养老金、捐赠基金和富裕家族提取承诺资本。它买下公司、加上杠杆、改善经营，五六年后再卖掉——卖给产业买家、卖给另一家并购基金，或者通过 IPO。所得资金返还给投资者，投资者再承诺投入下一只基金。
PARA 19
Step five is the one that pays. Everything before it is a promise; the sale is the only moment when a valuation written on paper becomes cash. When the sale does not happen, the investor does not get paid, the firm does not earn its performance fee, and the next fund is harder to raise.
第五步才是付钱的那一步。它之前的每一步都只是承诺；卖出是账面估值变成现金的唯一时刻。卖不掉，投资者就拿不到钱，公司就赚不到业绩报酬，下一只基金也更难募。
PARA 20
The evidence is in the cash. European investors at an industry panel this month said annual distributions across their portfolios had dropped to about 6 per cent, from a historical 14 to 20 per cent. Capital returned to investors fell to barely 11 per cent of portfolio value last year, the lowest on record, according to Klarphos, an investment firm. Many limited partners now set a minimum distribution target of 20 per cent of committed capital.
证据就在现金上。本月一个行业论坛上的欧洲投资者表示，他们组合的年度分配已从历史上的 14%–20% 降到约 6%。据投资公司 Klarphos 的数据，去年返还给投资者的资本仅占组合价值的 11%，为有记录以来最低。许多有限合伙人如今把“分配达到承诺资本的 20%”设为最低目标。
PARA 21
Fundraising has held up better than exits. US private equity fundraising is on pace to finish 2026 below $300 billion, the first time since 2020, according to PitchBook. Deal value fell 13.6 per cent in the third quarter from a year earlier and exit value fell 14.1 per cent, even after a rebound led by sales to strategic buyers.
募资的表现比退出好一些。美国私募股权募资预计 2026 年全年低于 3,000 亿美元，为 2020 年以来首次（PitchBook 数据）。第三季度交易额同比下降 13.6%，退出额下降 14.1%，即便已有由产业买家主导的反弹。
Side doors: continuation funds, CV-squared, forever funds — each one moves the asset to a new vehicle, not a new owner.
Side doors: continuation funds, CV-squared, forever funds — each one moves the asset to a new vehicle, not a new owner. 侧门：续存基金、CV 平方、永久基金——每一扇都让资产换个载体，而不是换个主人。 Photo: Unsplash (stock image)
PARA 22
The industry has not waited for the door to open. It has built side doors. The busiest is the continuation fund:7 the manager sells an asset from an expiring fund to a new vehicle it also controls, and the new vehicle's investors — often the same ones — put in fresh money.
这个行业没有等那扇门自己打开。它造了几扇侧门。最忙的一扇是续存基金：管理人把一只即将到期基金里的资产，卖给另一个同样由它控制的新载体，新载体的投资者——往往还是同一批人——投入新的资金。
PARA 23
In the first half of 2026, manager-led secondary deals reached $65 billion, up 35 per cent, overtaking investor-led sales for the first time in four years, according to Evercore. Single-asset continuation funds alone rose 88 per cent to $34 billion; the whole secondary market ran to $121 billion, a record for a first half.
2026 年上半年，管理人主导的二手交易达到 650 亿美元，增长 35%，据 Evercore 数据，四年来首次超过投资者主导的抛售。仅单一资产续存基金就增长 88%，至 340 亿美元；整个二手市场达到 1,210 亿美元，创上半年纪录。
PARA 24
Some assets have now been rolled twice, from one continuation vehicle into another — a structure the industry calls “CV-squared.” The next step is to stop exiting altogether.
有些资产如今已被滚了两轮，从一只续存基金转进另一只——业内称之为“CV 平方”。下一步是干脆不退出。
Four ways to postpone an exitEach step buys time; none of them produces a buyer1Exit stallsbuyers, IPOs and prices go missing2Continuation fundsame manager buys it back3CV-squaredroll it into a second vehicle4Forever fund10-15 years, no end dateThe asset changes vehicle, not owner: the same manager still holds it.The dashed arrow is the loop: each roll resets the clock without a sale.
Chart 2 | From a jammed exit to a fund with no end date Sources: Evercore (H1 2026 secondary review); Bloomberg (Oct 19, 2026); Reuters (Oct 22, 2026).
PARA 25
Wall Street is now pitching that step. Goldman Sachs, Evercore, Jefferies, Raymond James and Lazard are sounding out investors on “evergreen continuation vehicles” — forever funds that would hold a company for 10 to 15 years, rather than the five-year term of a standard continuation fund, with no fixed end date at all.
华尔街现在正在推销这一步。高盛、Evercore、杰富瑞、Raymond James 和 Lazard 正在向投资者试探“常青续存基金”——这种“永久基金”会把一家公司持有 10 到 15 年，而不是标准续存基金的五年期，且完全没有固定到期日。
PARA 26
“These vehicles will have more unfunded capital to support the growth of the asset, and there is no pressure to exit,” Sunaina Sinha Haldea, Raymond James's global head of private capital advisory, told Bloomberg. Investors who want out would be paid from the portfolio companies' own cash flow, from periodic secondary tenders, or from money committed by new investors — arrangements still being negotiated.
“这类工具会有更多尚未投出的承诺资本来支持资产成长，而且没有退出压力，”Raymond James 全球私募资本顾问负责人苏奈娜·辛哈·哈尔迪亚对彭博表示。想退出的投资者将从被投企业自身的现金流、定期的二手要约，或新投资者承诺的资金中获得兑付——这些安排仍在谈判中。
PARA 27
The catch is in the fees. A longer hold means more years of management fees on the same asset, and it raises awkward questions about carried interest — the share of profits, usually 20 per cent, that a manager keeps.6 To calculate it, you need a sale price.
陷阱在费用里。更长的持有期意味着同一笔资产要多收几年管理费，也让附带权益——管理人留成的那部分利润，通常是 20%——变得尴尬。要算这笔钱，得有个卖出价。
PARA 28
If the asset is never sold, that number comes from a valuation model, and the model is written by the manager. Critics, including former Federal Reserve official Chris Whalen, argue that a sale is the only real test of a price, and that assets held without an end date are hard for pension funds to value honestly. Limited partners are already pushing back on fees for assets held past their expected horizon.
如果资产永远不卖，这个数字就来自估值模型，而模型是管理人自己写的。包括前美联储官员克里斯·惠伦在内的批评者认为，卖出是检验价格的唯一真实方式，而没有到期日的资产，养老金很难诚实地估值。有限合伙人已在抵制对超期持有的资产继续收全额费用。
The marks are written by the manager: without a sale price, carry and NAV stay inside the model.
The marks are written by the manager: without a sale price, carry and NAV stay inside the model. 估值由管理人自己写：没有卖出价，附带权益与净值都只能停在模型里。 Photo: Unsplash (stock image)
PARA 29
None of this means the industry is in crisis. Blackstone raised more money than it returned, its fee base is growing, and its credit business is expanding into insurance and infrastructure. But the model has changed shape. Private equity sold investors an illiquidity premium: you give up the ability to sell for years, and you are paid for it.
这一切并不意味着这个行业陷入危机。黑石募到的钱多于返还的钱，收费基础在增长，信贷业务正向保险与基础设施扩张。但这套模型的形状已经变了。私募股权卖给投资者的是一份“流动性溢价”：你放弃多年内卖出的能力，并因此获得补偿。
PARA 30
When the selling stops, that premium stops being a promise about returns and becomes a question about marks. The exit door is not jammed by a bad quarter. It is jammed because assets bought at 2021 prices cannot easily be sold at 2026 rates — and the industry's answer, so far, has been to stop selling.
当卖出停下来，这份溢价就不再是关于回报的承诺，而变成了关于估值标记的疑问。退出这扇门不是被一个糟糕的季度卡住的。它卡住，是因为按 2021 年价格买下的资产，很难按 2026 年的利率卖出去——而行业到目前为止的答案，是干脆不卖。

核心术语 · Glossary

编号与正文上标一一对应，点正文里的数字可跳到对应卡片。默认只显示英文解释（练阅读）；想看中文，点卡片标题。
1assets under management (AUM)/ˈæsets ˈʌndə ˈmænɪdʒmənt/ 点击看中文解释 ↓

The total market value of everything a manager invests for clients. It is the base on which most management fees are charged.

Why it matters here ▸ Blackstone's AUM rose 10 per cent to a record $1.37 trillion — which is why fees grew even as exits fell.

管理资产规模：一家资管机构替客户管理的全部资产市值，也是管理费的计算基数。

Blackstone, $ billions, Sept 30, 2026Total AUM1,368Fee-earning990Perpetual562Fees are charged on the middle bar, not on the headline number.
拓展知识：AUM 有两种增长来源：募到新钱（net inflows），以及已有资产升值（appreciation）。前者是募资本事，后者只是账面变动。看资管公司一定要把两者拆开——本篇里 633 亿美元是新流入，其余增长来自市值变化与汇兑。
Extended note: AUM grows two ways: new money and mark-ups. Only the first is fundraising; the second can reverse when markets turn.
2distributable earnings/dɪˈstrɪbjətəbl ˈɜːnɪŋz/ 点击看中文解释 ↓

A non-GAAP cash measure of profit that a listed private equity firm can pay out as dividends. It counts fees and realised gains, not paper mark-ups.

Why it matters here ▸ It fell 13 per cent to $1.32 a share — the number the market watches, and the one that sets the dividend.

可分配收益：黑石这类上市私募股权公司自定义的现金利润口径，用来决定分红，只算费用收入与已实现收益，不算账面浮盈。

拓展知识：同一家公司会同时报 GAAP 净利润与 DE，两者方向可以完全相反：本季 GAAP 净利润升到 6.624 亿美元，DE 却下降 9%。差别在于 GAAP 计入资产升值，DE 只算真正拿到手的现金。读财报先看它用哪个口径讲故事。
Extended note: GAAP includes mark-ups; DE counts cash. A firm can report higher net income and lower distributable earnings in the same quarter.
3fee-related earnings/fiː rɪˈleɪtɪd ˈɜːnɪŋz/ 点击看中文解释 ↓

The profit a manager makes from management and advisory fees, before any gain from selling investments. It is the steady, recurring part of the business.

Why it matters here ▸ It rose 6 per cent to $1.57 billion and supplied 83 per cent of segment earnings, up from 75 per cent.

费用相关收益：来自管理费与咨询费、不含任何退出收益的利润，是资管业务里最稳定、可重复的那部分。

拓展知识：FRE 大致等于「收费资产规模 × 费率 − 成本」，与市场好坏关系不大。所以退出停摆时它照样增长——这也是私募巨头越来越像「收租」生意、而不是「炒股」生意原因。
Extended note: FRE ≈ fee-earning assets × fee rate − costs. It is the part of the model that does not need a sale to happen.
4net realizations/net ˌriːəlaɪˈzeɪʃnz/ 点击看中文解释 ↓

The profit a firm actually books when it sells an investment, after investors' capital has been returned. It is the cash proof of a private equity return.

Why it matters here ▸ Down 34 per cent to $331.5 million; in private equity it nearly halved, to $194.1 million.

净变现：卖掉一项投资、扣除返还投资者本金之后，公司真正落袋的收益，是私募股权回报的现金证据。

拓展知识：注意区分「变现额」与「净变现」：本季黑石卖出资产共回收 331 亿美元（gross realizations），但公司自己留下的净变现只有 3.315 亿——大部分钱要还给基金投资人，公司只拿业绩分成。
Extended note: Gross realizations ($33.1bn) are what the funds sold; net realizations ($331.5m) are the firm's own cut.
5dry powder/draɪ ˈpaʊdə/ 点击看中文解释 ↓

Capital that investors have already committed and the fund has raised, but that has not yet been invested in a company.

Why it matters here ▸ Blackstone ended September with $228.9 billion of it — money that earns fees but no returns yet.

干火药：已经募集到位、但还没有投出去的承诺资本。

拓展知识：干火药多不一定是好事：它一边收管理费，一边拖累回报率（因为还没开始赚钱）。行业常用「投入资本 / 承诺资本」衡量进度；干火药长期堆积，往往意味着项目太贵或退出不畅。
Extended note: Dry powder earns fees but dilutes returns until it is deployed. A large pile can also signal that entry prices are too high.
6carried interest/ˈkærid ˈɪntrəst/ 点击看中文解释 ↓

The share of a fund's profits — usually 20 per cent — that the manager keeps, paid only after investors have received their capital back.

Why it matters here ▸ Longer holds make carry harder to calculate: without a sale, the profit it is charged on is a valuation, not a price.

附带权益：基金管理人从基金利润中分走的部分，通常为 20%，要在投资者收回本金之后才结算。

拓展知识：Carry 的设计本意是「帮客户赚到钱，管理人才多拿」。但它依赖一个真实的卖出价。当资产被无限期留在基金里，carry 只能按估值模型计提，等于管理人给自己打分——这是续存基金最大的争议点。
Extended note: Carry is meant to align incentives. Without an exit price, that alignment rests on the manager's own valuation.
7continuation fund/kənˌtɪnjuˈeɪʃn fʌnd/ 点击看中文解释 ↓

A new fund set up by the same manager to buy an asset from one of its expiring funds, giving existing investors cash and the manager more time to hold it.

Why it matters here ▸ Manager-led secondaries hit $65 billion in the first half, up 35 per cent, overtaking investor-led sales for the first time in four years.

续存基金：由同一管理人为「接走」自家即将到期基金里的资产而新设的基金，让老投资人拿到现金，也让管理人有更多时间继续持有。

拓展知识：它天然有利益冲突：买卖双方背后是同一个 GP，价格由谁定？行业惯例是引入第三方评估，并给老投资人「跟投或退出」的选择权。看这类交易重点看三件事——定价依据、新基金费率、GP 是否把最好的资产留给了自己。
Extended note: The same manager sits on both sides of the trade. Safeguards are independent valuations and a genuine roll-or-cash option for LPs.
8redemption/rɪˈdempʃn/ 点击看中文解释 ↓

An investor's request to take money out of a fund. In private markets it is usually capped, so you may get only a slice each quarter.

Why it matters here ▸ Requests at BCRED, Blackstone's $41.1 billion non-traded credit fund, stayed elevated in the quarter.

赎回：投资者要求把资金从基金中撤出。私募市场的赎回通常有上限，每季度只能拿回一部分。

拓展知识：非交易型基金（interval fund / BDC）常用「每季度回购不超过 5%」来防挤兑。平稳时这是保护，紧张时就是排队：申请超过上限，后来的投资者只能按比例拿钱，形成「排队—信心下降—更多赎回」的循环。
Extended note: Quarterly caps prevent runs but create queues. A queue is itself a signal, and signals invite more redemptions.
9net asset value (NAV)/net ˈæset ˈvæljuː/ 点击看中文解释 ↓

A fund's assets minus its liabilities, divided by the number of shares. For private assets it is an estimate, not a traded price.

Why it matters here ▸ BCRED held $41.1 billion of NAV at the end of September; the number is only as good as the marks behind it.

资产净值：基金资产减去负债后的价值，除以份额数。对私募资产来说，它是估值，不是市场成交价。

拓展知识：上市公司每天有市价，私募资产只有估值。估值由管理人按模型定期更新，审计与第三方评估只是抽查。所以压力期看「净值」要打折——2008 与 2022 年都出现过私募净值明显滞后于公开市场的情况。
Extended note: Public prices are discovered; private NAVs are estimated. In stress, the gap between the two is the risk.

俚语与短语 · Slang & Phrases

文中出现的口语化表达与固定搭配，共 9 条。默认只给英文解释（练阅读），点标题看中文；每条都能一键加入生词本。
cash in on/kæʃ ɪn ɒn/

To profit from a situation, especially by converting an asset or an advantage into money.

A turbulent market weighed on Blackstone's ability to cash in on its investments.

从……中套现、借……获利（把资产或优势变成现金）。

动荡的市场拖累了黑石把投资变现的能力。
weigh on/weɪ ɒn/

To press down on something; to make it weaker or slower.

Higher bond yields and a closed IPO window weighed on the firm's exit profits.

压低、拖累（使某事物变弱或变慢）。

更高的债券收益率与关上的 IPO 窗口，拖累了公司的退出利润。
put on hold/pʊt ɒn həʊld/

To stop something from continuing for a period, usually until conditions improve.

Deals and listings that were ready in June were put on hold.

搁置、暂缓（通常等条件好转再继续）。

6 月就准备就绪的交易和上市，被搁置了。
step-up/ˈstep ʌp/

A clear increase in amount, level or intensity.

Executives said net realizations should see a "significant" step-up in the current quarter.

（数量、水平上的）明显提升、上调。

高管称本季度净变现会出现「显著」提升。
sit on/sɪt ɒn/

To hold something and not use or sell it yet.

Blackstone is still sitting on $228.9 billion of dry powder.

压着、攥着（持有但暂不使用或出售）。

黑石手上仍压着 2,289 亿美元的「干火药」。
roll into/rəʊl ˈɪntuː/

To move an asset or a balance from one vehicle or period into another, usually to extend it.

Some assets have now been rolled twice, from one continuation vehicle into another.

滚入、转入（把资产或余额从一只载体/一个周期转到另一个，通常为了延期）。

有些资产如今已被滚了两轮，从一只续存基金转进另一只。
on paper/ɒn ˈpeɪpə/

In theory, or in the accounts, rather than in actual cash.

The sale is the only moment when a valuation written on paper becomes cash.

账面上、理论上（而非真实现金）。

卖出，是账面估值变成现金的唯一时刻。
mark down/mɑːk daʊn/

To reduce the estimated or recorded value of something.

Investors have already marked the business down: the shares are off nearly 30 per cent this year.

下调（估值、价格或评级）。

投资者早已把这项生意重新定价：股价今年跌了近 30%。
hold up/həʊld ʌp/

To remain strong or continue at a good level despite pressure.

Fundraising has held up better than exits, but the money is piling up undeployed.

（在压力下）依然撑住、保持得住。

募资比退出撑得住一些，但钱正越堆越多、投不出去。

读后测验 · Check Your Understanding

3 道题。点选项立即判分；解析需要单独点开。
Q1What happened to Blackstone's distributable earnings in the third quarter?
正确答案：B
第一段给的就是这个口径：可分配收益下降 13% 至每股 1.32 美元，但高于分析师预期的 1.26 美元。A 说的是费用相关收益（15.72 亿美元、+6%）；C 说的是净变现（3.315 亿美元、−34%）；D 把每股股息 1.12 美元当成了收益。三个干扰项都来自同一份财报里的其他数字，考的是能否分清三条线。
"Distributable earnings fell 13 per cent to $1.32 a share. ... The figure beat the $1.26 analysts had expected." A is fee-related earnings; C is net realizations; D is the dividend. The question tests whether you can keep three earnings lines apart.
Q2Why can fee-related earnings rise while net realizations fall?
正确答案：A
费用按「管理资产规模 × 费率」收取，与有没有卖出无关；所以退出停摆、变现腰斩，费用照样增长——私募股权部门的费用相关收益甚至涨了 26% 至 6.19 亿美元。B 与事实相反（本季变现 331 亿、投入 301 亿，且净变现下降）；C 说反了，账面浮盈不进可分配收益；D 是背景，不是机制。
"The firm is paid on the size of the assets it supervises, not on whether those assets ever change hands." B reverses the numbers; C confuses mark-ups with cash; D describes the backdrop, not the mechanism.
Q3What is the deeper problem the article identifies with "forever funds"?
正确答案：C
文章最后三段的落点：更长的持有期意味着同一笔资产多收几年管理费，而附带权益需要一个卖出价才能计算；资产永不卖出，这个数字就只能来自管理人自己写的估值模型。批评者（惠伦）因此说，卖出是检验价格的唯一真实方式。A 与「10 到 15 年」相反；B 恰好相反——永久基金的目的就是避免卖出；D 文中完全没有。
"To calculate it, you need a sale price. ... If the asset is never sold, that number comes from a valuation model, and the model is written by the manager." A contradicts the 10-15 year term; B is the opposite of the structure's purpose; D is invented. The real issue is price discovery, not legality.
财经外刊精读 · 互动版 · 2026-10-23 · 由 WorkBuddy 自动生成 · 仅供个人英语精读学习使用，版权归原作者与出版方所有
英文正文：Reuters《Blackstone's profit falls as choppy market tempers investment exits》（2026-10-22，Utkarsh Shetti）；The Globe and Mail 财报电话会报道（2026-10-22）；Bloomberg《Wall Street banks pitch forever funds for private equity assets》（2026-10-19）；Evercore 二手市场报告（2026-07）；PitchBook 三季度数据。正文按精读节奏切分为 31 段（含标题），直接引语未作改动，不同来源的段落按叙事顺序重排。
转载源与交叉核对：Reuters 稿提供黑石三季度全部口径（可分配收益 17.16 亿美元、每股 1.32 美元、费用相关收益 15.72 亿美元、净变现 3.315 亿美元、管理资产 1.37 万亿美元、季度流入 633 亿美元、全球并购环比 −41%）；The Globe and Mail 补苏世民关于 AI 信用利差的原话与当日股价反应（+6.36%，116.54 美元）；Bloomberg 稿提供常青续存基金的投行名单、10–15 年期限与辛哈·哈尔迪亚的引语；Evercore 报告提供上半年二手市场 1,210 亿美元、GP 主导 650 亿美元、单一资产续存基金 340 亿美元；PitchBook 与 LPEA 论坛补募资、分配比例与 LP 对费用的反弹。配图：Unsplash 无版权图库素材（非新闻原图），图表按公开数据自绘；本材料不构成任何投资建议。
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