Download PitchBook’s Report here.
Since 2019, PitchBook has tracked 207 private market fund launches across these three vehicle types, all targeting the private wealth channel; the total net assets in these vehicles were $274.8 billion as of July 31, 2024. Moreover, nontraded BDCs continued to FUNDRAISING AND DRY POWDER command significant capital and remained the top-selling category among alternative investments in 2024 in the retail channel, eclipsing nontraded REITs for two years running. While private credit does not account for 100% of AUM in these products, they are a standout. Non-listed BDC AUM is unsurprisingly the exception, consisting of only private credit capital, while interval and tender offer funds span multiple asset classes. According to the report, private credit accounts for nearly 75% of all interval fund AUM.
(Past performance is no guarantee of future results.)
Latest news
Q2'26 BDC analysis shows additional 184 bps of nonaccruals at cost
In a universe of 173 business development companies, or BDCs, Octus identified a total of $9.5 billion of debt (at cost) in nonaccrual status reported in the second quarter of 2026, a slight decline of 5% from $10 billion in the first quarter of 2026.
Reading the Board
The story changes depending on which numbers you’re counting.
Private Credit Defaults 101: Different Numbers, Different Stories
In Season 2 of Billions, Bobby Axelrod takes his lawyer Orrin Bach to an empty Yonkers racetrack in the dead of night.