OpenAI和Anthropic刚刚各自成立了AI咨询合资公司——BlackStone投了，Apollo投了，贝恩资本和TPG都进来了

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OpenAI和Anthropic刚刚各自成立了AI咨询合资公司——黑石投了，阿波罗投了，贝恩资本和TPG都进来了。表面上是"投资未来科技"，但你看一眼交易结构就明白了：私募既是合资公司的股东，又是客户的实控人。买方和卖方是同一拨人。

这期视频，我把它拆开来讲。三个逻辑：第一，私募基金的吸血模式——从玩具反斗城到养老院，它怎样把能抽的都抽走；第二，私募和AI合体之后，怎样用AI咨询费和AI股价故事，两笔钱同时抽血，最后留一地债务走人；第三，这些钱从哪来——特朗普的行政令、劳工部的新规、SEC的松绑，加上私募四千五百万美元的游说和暗钱组织，正在把9000万美国人一辈子攒的401(k)退休金，变成这轮AI泡沫的新燃料。
https://youtu.be/aIusLap-QzE?si=GyecU_4q92Ib0eYx

【数据来源与参考文献】

1. Axios, "OpenAI and Anthropic partner with private equity," 2026年5月4日
2. Axios, "Why private equity is making deals with the AI giants," 2026年5月5日
3. 白宫，特朗普行政令"Democratizing Access to Alternative Assets for 401(K) Investors"，2025年8月7日
4. Bloomberg, "Private Equity May Gain Easier 401(k) Plan Access Under US Plan," 2026年3月30日
5. OpenSecrets，私募行业联邦游说支出数据
6. OpenSecrets，黑石集团游说档案——旋转门数据
7. Private Equity Stakeholder Project, "Private Equity Forms New Dark Money Group," 2025年9月
8. Semafor, "Voters back alternative assets in 401(k)s, poll shows," 2025年12月
9. 《美国医学会杂志》（JAMA），私募基金收购养老院对老年人死亡率影响的大样本研究
10. Bloomberg，私募2015-2025年收购超1900家软件公司数据
11. 马萨诸塞州参议员伊丽莎白·沃伦办公室，Steward Health Care调查报告
12. CNBC，Blue Owl永久关闭私募信贷基金赎回通道相关报道
13. Bloomberg, "Wall Street's New Push to Sell Private Equity to the Masses," 2025年4月

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Private credit markdowns and losses are now hitting every major fund:  Apollo.  BlackRock.  Blackstone. Blue Owl. Oaktree. Sixth Street.  All reporting a combination of:
• falling net asset values• troubled loans• markdowns• widening credit spreads• dividend pressure• AI/software exposure• rising non-accruals• redemption stress

This is no longer an isolated story.  The real issue is that Wall Street is beginning to lose confidence in the marks themselves.  Once investors stop trusting the valuations, the entire private credit structure begins repricing at the same time.

Authorities / Sources Discussed:
     • Bloomberg — “Sixth Street BDC Cuts Its Dividend After Posting Quarterly Loss” — May 5, 2026
      • Bloomberg — “Oaktree BDC Marks Down Software Loans, Flags 26% AI Exposure” — May 5, 2026
      • Bloomberg — “Apollo Private Credit Fund Reports Loss on Portfolio Weakness”  — May 6, 2026
      • Bloomberg — “Blue Owl BDCs Buy Back $85 Million of Shares as Loan Values Sink” — May 6, 2026
       • Bloomberg — “BlackRock Private Credit Fund Cuts Asset Value on Markdowns” — Updated May 7, 2026
       • Reuters — “Blackstone, BlackRock cut value of their private credit funds” — May 7, 2026

#PrivateCredit​ #BlackRock​ #Blackstone​ #Apollo​ #BlueOwl​ #Oaktree​ #SixthStreet​ #CreditMarkets​ #AI​ #ArtificialIntelligence​ #BDC​ #WallStreet​ #Pensions​ #Retirement​ #IncomeInvesting​ #MarketRisk​ #CreditRisk​ #FinancialCrisis​ #LiquidityCrisis​ #YieldTrap​ #DebtMarkets​ #CommercialRealEstate​ #Economy​ #RiskMap​ #BankingCrisis​ #Macro​ #Investing​ #Finance​ #StockMarket​ #Repricing​

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