Key Takeaways
- Blackstone runs the most BDC investments of any private credit manager, $93.0 billion across 3 BDCs, according to SEC filings.
- According to SEC data, the 174 BDCs hold $549 billion in investments at fair value; the largest three managers run 41% of it.
- BDCs not listed on an exchange hold 70% of BDC investments, and Blackstone Private Credit Fund is the largest single BDC, with $77.6 billion.
- Figures are each BDC's investments at fair value in its latest quarterly or annual filing, mostly as of June 30, 2026.
Blackstone runs more private credit through business development companies than any other manager: $93.0 billion across 3 BDCs, according to their SEC filings. Blue Owl and Ares follow. The 174 BDCs hold $549 billion in investments between them, and the largest three managers run 41% of it.
Business development companies are the part of private credit that publishes full financial statements: every BDC files them with the SEC each quarter. Each figure here is a BDC's investments at fair value in its latest filing, mostly as of June 30, 2026.
The 20 largest private credit managers in BDCs
Managers are ranked by the investments held by the BDCs they run, at fair value. A manager that runs several BDCs, often a listed one alongside non-traded ones sold through wealth channels, is credited with all of them.
| Rank | Manager | BDC investments | Share of all BDC investments | BDCs | Largest BDC |
|---|---|---|---|---|---|
| 1 | Blackstone | $93.0 billion | 17.0% | 3 | Blackstone Private Credit Fund |
| 2 | Blue Owl | $71.1 billion | 12.9% | 5 | Blue Owl Credit Income |
| 3 | Ares | $58.5 billion | 10.7% | 3 | Ares Capital |
| 4 | Apollo | $30.5 billion | 5.5% | 4 | Apollo Debt Solutions BDC |
| 5 | HPS | $26.4 billion | 4.8% | 2 | HPS Corporate Lending Fund |
| 6 | Goldman Sachs | $22.8 billion | 4.1% | 3 | Goldman Sachs Private Credit |
| 7 | Golub | $22.4 billion | 4.1% | 7 | Golub Capital Private Credit Fund |
| 8 | FS KKR | $17.0 billion | 3.1% | 4 | FS KKR Capital |
| 9 | Sixth Street | $12.0 billion | 2.2% | 2 | Sixth Street Lending Partners |
| 10 | Morgan Stanley | $10.9 billion | 2.0% | 4 | North Haven Private Income Fund |
| 11 | Oaktree | $10.5 billion | 1.9% | 3 | Oaktree Strategic Credit Fund |
| 12 | Barings | $9.2 billion | 1.7% | 3 | Barings Private Credit |
| 13 | New Mountain | $8.1 billion | 1.5% | 5 | New Mountain Finance |
| 14 | Main Street | $7.1 billion | 1.3% | 2 | Main Street Capital |
| 15 | MSD Partners | $6.9 billion | 1.2% | 1 | MSD Investment |
| 16 | Antares | $6.5 billion | 1.2% | 3 | Antares Strategic Credit Fund |
| 17 | Prospect | $6.4 billion | 1.2% | 2 | Prospect Capital |
| 18 | Monroe Capital | $6.2 billion | 1.1% | 2 | Monroe Capital Income Plus |
| 19 | Nuveen Churchill | $5.2 billion | 0.9% | 2 | Nuveen Churchill Private Capital Income Fund |
| 20 | Carlyle | $5.1 billion | 0.9% | 2 | Carlyle Credit Solutions |
Download this table (CSV), free, with every BDC credited to each manager. The full dataset, every BDC with its investments, assets, listing and filing, is one email away.
The 30 largest BDCs
| Rank | BDC | Manager | Investments at fair value | Listed | As of | Source |
|---|---|---|---|---|---|---|
| 1 | Blackstone Private Credit Fund | Blackstone | $77.6 billion | Not listed | June 30, 2026 | SEC |
| 2 | Blue Owl Credit Income | Blue Owl | $35.7 billion | Not listed | June 30, 2026 | SEC |
| 3 | Ares Capital | Ares | $29.3 billion | ARCC | June 30, 2026 | SEC |
| 4 | Apollo Debt Solutions BDC | Apollo | $25.4 billion | Not listed | June 30, 2026 | SEC |
| 5 | HPS Corporate Lending Fund | HPS | $24.2 billion | Not listed | June 30, 2026 | SEC |
| 6 | Ares Strategic Income Fund | Ares | $21.8 billion | Not listed | June 30, 2026 | SEC |
| 7 | Goldman Sachs Private Credit | Goldman Sachs | $18.2 billion | Not listed | June 30, 2026 | SEC |
| 8 | Blue Owl Capital | Blue Owl | $15.0 billion | OBDC | June 30, 2026 | SEC |
| 9 | Blue Owl Technology Finance | Blue Owl | $14.7 billion | OTF | June 30, 2026 | SEC |
| 10 | Blackstone Secured Lending Fund | Blackstone | $13.4 billion | BXSL | June 30, 2026 | SEC |
| 11 | FS KKR Capital | FS KKR | $11.4 billion | FSK | June 30, 2026 | SEC |
| 12 | Golub Capital Private Credit Fund | Golub | $9.6 billion | Not listed | June 30, 2026 | SEC |
| 13 | Sixth Street Lending Partners | Sixth Street | $8.7 billion | Not listed | June 30, 2026 | SEC |
| 14 | Golub Capital BDC | Golub | $8.2 billion | GBDC | June 30, 2026 | SEC |
| 15 | Ares Core Infrastructure Fund | Ares | $7.3 billion | Not listed | June 30, 2026 | SEC |
| 16 | MSD Investment | MSD Partners | $6.9 billion | Not listed | June 30, 2026 | SEC |
| 17 | Oaktree Strategic Credit Fund | Oaktree | $6.8 billion | Not listed | June 30, 2026 | SEC |
| 18 | Prospect Capital | Prospect | $6.3 billion | PSEC | June 30, 2026 | SEC |
| 19 | North Haven Private Income Fund | Morgan Stanley | $6.0 billion | Not listed | June 30, 2026 | SEC |
| 20 | Monroe Capital Income Plus | Monroe Capital | $6.0 billion | Not listed | June 30, 2026 | SEC |
| 21 | Main Street Capital | Main Street | $5.7 billion | MAIN | June 30, 2026 | SEC |
| 22 | Barings Private Credit | Barings | $5.4 billion | Not listed | June 30, 2026 | SEC |
| 23 | Blue Owl Technology Income | Blue Owl | $5.1 billion | Not listed | June 30, 2026 | SEC |
| 24 | TPG Twin Brook Capital Income Fund | TPG | $4.8 billion | Not listed | June 30, 2026 | SEC |
| 25 | Antares Strategic Credit Fund | Antares | $4.6 billion | Not listed | June 30, 2026 | SEC |
| 26 | Hercules Capital | Hercules | $4.6 billion | HTGC | June 30, 2026 | SEC |
| 27 | Franklin BSP Capital | Franklin BSP | $4.1 billion | Not listed | June 30, 2026 | SEC |
| 28 | StepStone Private Credit Fund | StepStone | $3.8 billion | Not listed | June 30, 2026 | SEC |
| 29 | Morgan Stanley Direct Lending Fund | Morgan Stanley | $3.6 billion | MSDL | June 30, 2026 | SEC |
| 30 | Sixth Street Specialty Lending | Sixth Street | $3.3 billion | TSLX | June 30, 2026 | SEC |
Where BDC money sits
- The largest three managers run 41% of all BDC investments reported to the SEC, and the largest ten 66%; 119 managers or standalone BDCs appear in all.
- BDCs that are not listed on an exchange, sold instead to investors directly or through advisers, hold 70% of BDC investments, according to SEC filings. 49 BDCs are listed.
- Blackstone Private Credit Fund is the largest single BDC, with $77.6 billion in investments.
What this means for technology buyers
A lender holding thousands of loans across several vehicles runs loan administration, valuation and investor reporting that a bank would recognize. These guides compare the options:
- Private credit loan management and servicing: the loan book, from drawdown to payoff.
- Loan servicing platforms for specialty finance: servicing at volume for non-bank lenders.
Mapping the business? The Private Equity Capability Model sets out what a private markets manager does, and the Private Equity Value Streams show how that work runs end to end.
More from Finantrix Atlas
- Largest private fund managers
- Who administers private funds
- Largest institutional investors by reported holdings
How this list was built
The SEC publishes the financial data from every BDC filing each month. The universe is every BDC in the data sets from 2026-05 to 2026-09, at its latest filing; every BDC files quarterly, so that window holds each one's latest report. Investments are the total investments at fair value it reported for the period end. Each BDC is credited to the manager its name identifies, and every BDC in the table is matched to one.
Limits
- BDCs, not whole private credit books. Managers also run private credit in private funds and separate accounts, which file no financial statements with the SEC. A manager's total private credit can be several times its BDC figure.
- Fair value, not committed capital. Investments are valued as the BDC reports them; undrawn commitments are not included.
- Equity and other holdings included. Most BDC investments are loans, but the total includes equity stakes and other holdings.
- Manager by name. BDCs are matched to managers by name; the BDC names behind each manager are in the free table.
Cite this
Free to quote, cite and republish, including the chart, with credit to Finantrix Atlas and a link to this page.
Blackstone runs $93.0 billion in BDC investments, the most of any private credit manager, according to a Finantrix Atlas analysis of SEC filings as of June 30, 2026.
Business development companies not listed on an exchange hold 70% of the $549 billion in BDC investments, according to Finantrix Atlas.
Suggested citation: Finantrix Atlas, "Largest Private Credit Managers by BDC Investments," as of June 30, 2026, from SEC BDC data sets. https://www.finantrix.com/articles/largest-bdc-managers
Embed the chart:
<a href="https://www.finantrix.com/articles/largest-bdc-managers"><img src="https://www.finantrix.com/atlas/largest-bdc-managers.png" alt="The largest private credit managers by BDC investments, from Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/largest-bdc-managers">Finantrix Atlas</a>, from SEC BDC data.</p>
Frequently asked questions
Q: What is a business development company? A: A closed-end fund that lends to and invests in private and smaller public companies and elects to be regulated as a business development company under the Investment Company Act. BDCs are not registered investment companies, but they file financial statements with the SEC.
Q: Which manager runs the most private credit in BDCs? A: Blackstone, with $93.0 billion in investments across 3 BDCs, according to SEC filings.
Q: What is the largest BDC? A: Blackstone Private Credit Fund, with $77.6 billion in investments at fair value, according to its SEC filings.
Download the data
The 20 rows on this page (CSV), free. The full dataset has all 174 rows, as of June 30, 2026; we email you a link.
Frequently Asked Questions
What is a business development company?
A closed-end fund that lends to and invests in private and smaller public companies and elects to be regulated as a business development company under the Investment Company Act. BDCs are not registered investment companies, but they file financial statements with the SEC.
Which manager runs the most private credit in BDCs?
Blackstone, with $93.0 billion in investments across 3 BDCs, according to SEC filings.
What is the largest BDC?
Blackstone Private Credit Fund, with $77.6 billion in investments at fair value, according to its SEC filings.