Largest private credit firms by BDC portfolio fair value

• Each investment adviser's measure is the fair value of the investments held by the business development companies (BDCs) it advises, summed across those BDCs, as each BDC reported it on its latest schedule of investments filed with the SEC.
• The 100 largest advisers by that sum are ranked. The figures are the BDCs' own, not estimates.
• A BDC whose latest schedule is more than 365 days older than the newest one filed is left out, as no longer reporting.
• The adviser is the one each BDC names. Affiliated advisers of the same group (two Ares advisers, three Blue Owl advisers) are ranked separately, as they register.
• Ranked by fair value. A tie is broken by the date of the latest schedule, then alphabetically.

Included

• The 100 largest advisers of SEC-reporting business development companies.

Left out

• Private credit held in private funds, separately managed accounts, CLOs and insurance balance sheets, which file no schedule of investments: a firm's total private credit assets are larger than its BDC figure.
• BDCs that have stopped filing, and BDCs with no adviser on record.

• The largest advises $100.5B of BDC investments at fair value.
• The ten largest hold 61% of the ranked total.
• A firm's BDCs are only part of its private credit book, so this ranks BDC platforms, not total private credit assets.

• How this ranking is calculated
• Most active private equity buyers in 2026
• Most active healthcare private equity buyers
• Most active independent sponsors
• Most active RIA acquirers
• Most active institutional allocators
• Largest RIAs by regulatory assets under management

• SEC filings of business development companies (Forms 10-K and 10-Q, schedules of investments)
• SEC Form ADV registrations of the advisers the BDCs name

Every source DFX reads is listed with its rights determination on the sources page.

• All rankings
• Business development companies
• Every private credit lender
• Companies on non-accrual