华利安：2025年业务发展公司（BDC）市场夏季更新报告（英文版）

The top 10 managers represent 20% of the BDCs by fund count and 64% of the BDCs by total assets. • Direct lending positions continued to grow in number and size in Q1 2025. The total fair value of BDC public and private investments reached $451.1 billion in Q1 2025 (up from $418.5 billion in Q4 2024), driven by approximately 469 net additional investments. • Private BDCs comprise a substantial portion of the market, accounting for approximately two-thirds of the 160+ active funds