---
title: "KKR突破自设5%赎回上限足额兑付，Blue Owl单只基金赎回申请占比达39%"
description: "KKR旗下规模9.96亿美元的零售信贷基金突破自设的5%赎回上限兑付赎回申请，是当季最温和的一次超限；同季，Blue Owl的投资者对一只基金的赎回申请占份额39%，黑石为10%。恰在此时，六家机构开始募集5000亿美元，围绕英伟达算力放贷。"
publisher: "The Inference"
section: "Money"
published: 2026-10-11T19:19:50.555Z
modified: 2026-10-11T19:19:50.555Z
canonical: https://theinference.org/article/kkr-paid-savers-past-its-own-5-cap-as-blue-owl-s-exit-queue-hit-39-of-a-fund/zh-CN
language: zh-CN
keywords: "Private Credit, Redemptions, KKR, Blue Owl, Blackstone, Nvidia"
---

# KKR突破自设5%赎回上限足额兑付，Blue Owl单只基金赎回申请占比达39%

> KKR旗下规模9.96亿美元的零售信贷基金突破自设的5%赎回上限兑付赎回申请，是当季最温和的一次超限；同季，Blue Owl的投资者对一只基金的赎回申请占份额39%，黑石为10%。恰在此时，六家机构开始募集5000亿美元，围绕英伟达算力放贷。

## 只超了0.06个百分点，KKR照单全付

KKR旗下面向零售投资者的非交易型信贷基金K-FITS，[在截至9月29日的季度收到相当于基金份额5.06%的赎回申请](https://www.bloomberg.com/news/articles/2026-10-05/kkr-private-credit-fund-exceeds-5-redemption-cap-to-fulfill-withdrawals)，突破了自设的5%季度赎回上限[1][2]。KKR表示，鉴于超出幅度很小、基金可用流动性充足，公司将突破上限、向所有投资者足额兑付，而非按比例摊付[1][2]。

该基金规模约9.96亿美元，[自2024年2月成立以来年化回报率达8.64%](https://finance.yahoo.com/markets/stocks/articles/kkr-private-credit-fund-edges-184928316.html)[1][2]。规模更大的同门基金K-FIT净资产约17亿美元，赎回申请仅占份额的1.53%，今年以来吸收的新资金始终多于付出的赎回款[2]。

## 其他基金的赎回队列则远超上限

*Chart: **六只大型零售信贷基金中，五只的赎回申请超过5%上限** 柱状图：2026年第三季度六只零售私募信贷基金赎回申请占已发行份额的比例，KKR旗下K-FITS为5.06%，略高于5%上限线*

*2026年第三季度投资者申请赎回的份额占比（各基金季度均于9月下旬结束，期末具体日期因基金而异；Cliffwater数据为约数）。数据来自文中所引来源报道的股东信及基金备案文件。 [1][2][3][4][5]*

Blue Owl旗下科技贷款旗舰基金OTIC[收到11亿美元赎回申请，占份额39%，高于此前的38.1%](https://www.msn.com/en-ca/news/other/private-credit-roundup-blue-owl-redemptions-ease-tech-and-refinancing-risks-persist/ar-AA2dBOnX)；旗下信贷基金OCIC的赎回申请占比为16.8%，两只基金合计被申请赎回42亿美元，低于此前的47亿美元[3]。[黑石旗下BCRED](https://theinference.org/markets/companies/blackstone)[收到43亿美元赎回申请，约占份额10%，已是连续第三个季度处于高位](https://finance.yahoo.com/markets/stocks/articles/blackstone-bcred-reports-share-repurchase-162029200.html)，但仍坚守5%的兑付上限[4]。Cliffwater旗下旗舰基金的赎回申请占比约16%，将按比例回购5%，约相当于赎回队列的三分之一[2][5]。

## 赎回潮归赎回潮，5000亿美元供给端照常搭建

8月10日，[英伟达](https://theinference.org/markets/companies/nvidia)与阿波罗、贝莱德、黑石、博枫、[高盛](https://theinference.org/markets/companies/goldman-sachs)和KKR[签署谅解备忘录](https://www.cnbc.com/2026/08/10/nvidia-wall-street-asset-managers-500-billion-ai-push.html)，拟共同搭建算力融资平台，目标募集超过5000亿美元的第三方资本[6]。[黄仁勋](https://theinference.org/markets/people/jensen-huang)称芯片是“一种可投资的资产类别”[6]；另有报道称，英伟达可能提供至多1250亿美元的兜底资金——这只是上限，并非已承诺投入的资金[7]。

目前没有任何备案文件把这笔交易的两端连在一起，也没有哪封股东信说赎回会让这些平台“断粮”。眼下的分野很简单：申请赎回的投资者以现金获得足额兑付[1][2]；管理人的费用收入则系于资金流入这道门，而这道门始终敞开——[过去12个月，募资达到创纪录的1330亿美元，上季度费用相关收益同比增长37%，升至12.1亿美元](https://finance.yahoo.com/markets/stocks/articles/kkr-tops-record-earnings-fundraising-081414763.html) [8]。

## 反方观点站得住脚

Blue Owl表示，大部分申请并非新增需求，而是此前未能足额兑付、由投资者重新提交的赎回申请[3]。黑石在股东信中称，当前利差走阔，颇具吸引力，并将AI和数字基础设施列入机会领域[4]。[Evercore](https://theinference.org/markets/companies/evercore)分析师Glenn Schorr认为，真正的拖累是新增申购疲软，而非赎回队列[3]；黑石总裁乔恩·格雷则表示，对私募信贷的信心将会回归[2]。

## 盯住申购，而非赎回队列

黑石[将于10月22日召开第三季度业绩电话会](https://www.webwire.com/ViewPressRel.asp?aId=361067) [9]，Blue Owl[将于10月29日发布财报](https://www.marketscreener.com/news/blue-owl-capital-inc-to-announce-third-quarter-2026-results-ce785ad3d18ff424) [10]。决定这5000亿美元算力债能否找到买家的，恰恰是那个没人设上限的数字：新流入的资金。

## Takeaway

K-FITS三季度赎回申请占份额5.06%，仅略高于自设的5%上限，KKR选择足额兑付，是当季最温和的一次超限；同季Blue Owl赎回队列占比达39%、黑石达10%。5000亿美元算力债务能否找到买家，如今取决于新增申购——这是唯一没人设上限的数字。

## Sources

1. [Bloomberg, "KKR Private Credit Fund Creeps Beyond 5% Cap to Meet Redemptions", 5 October 2026](https://www.bloomberg.com/news/articles/2026-10-05/kkr-private-credit-fund-exceeds-5-redemption-cap-to-fulfill-withdrawals)
2. [Yahoo Finance (Benzinga), "KKR Private Credit Fund Edges Past Redemption Limit", 6 October 2026](https://finance.yahoo.com/markets/stocks/articles/kkr-private-credit-fund-edges-184928316.html)
3. [Reuters (via MSN), "Private credit roundup: Blue Owl redemptions ease, tech and refinancing risks persist", 5 October 2026](https://www.msn.com/en-ca/news/other/private-credit-roundup-blue-owl-redemptions-ease-tech-and-refinancing-risks-persist/ar-AA2dBOnX)
4. [PitchBook News (via Yahoo Finance), "Blackstone's BCRED reports share repurchase requests of 10% in Q3", 8 September 2026](https://finance.yahoo.com/markets/stocks/articles/blackstone-bcred-reports-share-repurchase-162029200.html)
5. [PitchBook News (via Yahoo Finance), "Cliffwater private credit fund redemption requests total 16% of shares in Q3", 9 September 2026](https://finance.yahoo.com/markets/stocks/articles/cliffwater-private-credit-fund-redemption-141648534.html)
6. [CNBC, "Nvidia lines up $500 billion in financing as CEO Jensen Huang tells CNBC his chips are 'investable asset'", 10 August 2026](https://www.cnbc.com/2026/08/10/nvidia-wall-street-asset-managers-500-billion-ai-push.html)
7. [Crypto Briefing, "Nvidia partners with six financial giants to fund AI compute", 8 October 2026](https://cryptobriefing.com/nvidia-ai-compute-financing-platforms/)
8. [CRE Daily (via Yahoo Finance), "KKR Tops Record Earnings as Fundraising Hits $133B Mark", 1 August 2026](https://finance.yahoo.com/markets/stocks/articles/kkr-tops-record-earnings-fundraising-081414763.html)
9. [WebWire, "Blackstone Announces Third-Quarter 2026 Investor Call", 28 September 2026](https://www.webwire.com/ViewPressRel.asp?aId=361067)
10. [PRNewswire (via MarketScreener), "Blue Owl Capital Inc. to Announce Third Quarter 2026 Results", 1 October 2026](https://www.marketscreener.com/news/blue-owl-capital-inc-to-announce-third-quarter-2026-results-ce785ad3d18ff424)


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KKR突破自设5%赎回上限足额兑付，Blue Owl单只基金赎回申请占比达39% — The Inference. Canonical: https://theinference.org/article/kkr-paid-savers-past-its-own-5-cap-as-blue-owl-s-exit-queue-hit-39-of-a-fund/zh-CN