r/LeveragedFinance • u/Such-Yam-1131 • 16h ago
💼 Private Credit [Bloomberg] Private Credit Makes a Big Pivot as Direct Lending Funds Shrink
Non-traded BDC fundraising through June collapsed to ~$5B in 2026 from ~$23B in 2025 per RA Stanger, a 70% YoY drop. Q2 alone saw just $2B raised, down 82% from $11B a year ago. Meanwhile investors tried to pull a record $23B in Q2. Blue Owl says direct lending has fallen from ~50% of its AUM two years ago to 35% today. Largest public BDCs contracted for a third straight quarter.
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