The upward growth trajectory of BDCs shows no sign of slowing, with assets under management (AUM) climbing to a record US$503bn in 2Q25, representing a US$28bn increase from the prior quarter and a whopping US$128bn gain in the last twelve months. Investors continue to allocate more capital to BDCs, enticed by the attractive yields on offer. Looking at the different fund types, perpetual-life BDCs saw their AUM climb to US$250bn in 2Q25, up over US$24bn in the most recent quarter. Publicly traded BDC assets increased to US$176bn, while private BDCs (excluding perpetuals) fell to US$76bn, impacted by some funds going public. In total there are now 166 active BDCs in the market. Blackstone Private Credit Fund, the largest BDC, has total assets of US$76.71bn, followed by Blue Owl Credit Income Corporation at US$33.3bn, Ares Capital Corporation at US$29.1bn, Apollo Debt Solutions BDC at US$21.8bn and HPS Corporate Lending Fund at US$21.4bn.
Latest news
Multiples on PE buyouts
This quarter marks our integration of SPI by StepStone as the primary source for US buyout valuation metrics for the PE Breakdown.
US Leveraged Loan Issuance Slows to $76.5b in July
The US leveraged loan market has continued to slow from the May level of $104.7b, with approximately $76.5b priced in…
