BDC market growth expectations slowed in 1Q23, with the majority of respondents (58%) in the Refinitiv LPC Quarterly BDC Survey forecasting that assets under management (AUM) will finish 2023 in the US$275bn-300bn range. Another one-third of survey participants predict that BDC AUM will end the year in the US$300bn-plus range, down from 45% of respondents in the prior quarter. Total assets in BDCs ended 2022 at US$273bn, a 2.4% gain from the prior quarter and a 32% increase from a year earlier. Public BDCs continue to represent the largest segment of the market, holding steady at US$130bn AUM. Perpetual-life BDCs added US$3.5bn of assets during 4Q22, taking them to US$85bn. Private BDCs (excluding perpetuals) added US$3bn to reach US$58bn.
(Past performance is no guarantee of future results.)
Private Credit Defaults 101: Back to School
As Labor Day approaches, the unofficial end of summer is upon us. But, before we get too sad, there is also the familiar back-to-school energy.