Research Report · 2026-06-30
Top Registered Investment Advisers for Business Development Companies
SEC-registered investment advisers ranked by reported assets from business development company clients.
Firms
132
Total AUM
$5.50T
Median AUM
$2.14B
Latest Filing
2026-06-30
| Rank↕ | Firm Name | CRD↕ | BDC Assets↕ | AUM↕ | Employees↕ | Latest Filing | |
|---|---|---|---|---|---|---|---|
| 1 | BLACKSTONE CREDIT BDC ADVISORS LLC | 296294 | $100.65B | $100.65B | 753 | 2026-03-31 | → |
| 2 | BLUE OWL CREDIT ADVISORS LLC | 282575 | $55.85B | $64.86B | 250 | 2026-03-31 | → |
| 3 | ARES CAPITAL MANAGEMENT LLC | 131619 | $53.94B | $97.62B | 634 | 2026-05-31 | → |
| 4 | APOLLO CREDIT MANAGEMENT, LLC | 156115 | $29.16B | $29.97B | 3,564 | 2026-03-31 | → |
| 5 | GOLDMAN SACHS ASSET MANAGEMENT, L.P. | 107738 | $29.07B | $2.65T | 2,059 | 2026-05-31 | → |
| 6 | HPS ADVISORS, LLC | 324983 | $28.55B | $28.55B | 826 | 2026-05-31 | → |
| 7 | GC ADVISORS LLC | 148687 | $27.50B | $177.85B | 1,035 | 2026-06-30 | → |
| 8 | FS/KKR ADVISOR, LLC | 292803 | $16.10B | $16.10B | 736 | 2026-06-30 | → |
| 9 | MS CAPITAL PARTNERS ADVISER INC. | 147521 | $15.48B | $38.76B | 209 | 2026-05-31 | → |
| 10 | BLUE OWL TECHNOLOGY CREDIT ADVISORS LLC | 297497 | $14.72B | $16.10B | 250 | 2026-03-31 | → |
| 11 | OAKTREE FUND ADVISORS, LLC | 290193 | $12.37B | $14.10B | 451 | 2026-03-31 | → |
| 12 | NEW MOUNTAIN FINANCE ADVISERS, L.L.C. | 155493 | $9.16B | $11.23B | 235 | 2026-06-30 | → |
| 13 | SIXTH STREET LENDING PARTNERS ADVISERS, LLC | 320821 | $8.69B | $8.69B | 66 | 2026-03-31 | → |
| 14 | BARINGS LLC | 106006 | $8.22B | $392.75B | 1,101 | 2026-05-31 | → |
| 15 | BDT & MSD BDC MANAGEMENT, LLC | 330624 | $7.18B | $7.18B | 498 | 2026-03-31 | → |
| 16 | MONROE CAPITAL BDC ADVISORS, LLC | 165657 | $6.71B | $6.71B | 101 | 2026-03-31 | → |
| 17 | PROSPECT CAPITAL MANAGEMENT L.P. | 131018 | $6.62B | $6.64B | 143 | 2026-03-31 | → |
| 18 | BLUE OWL TECHNOLOGY CREDIT ADVISORS II LLC | 316821 | $6.50B | $6.95B | 250 | 2026-03-31 | → |
| 19 | ANTARES CAPITAL CREDIT ADVISERS LLC | 328497 | $6.17B | $6.17B | 466 | 2026-03-31 | → |
| 20 | CARLYLE GLOBAL CREDIT INVESTMENT MANAGEMENT L.L.C. | 162053 | $5.60B | $68.38B | 382 | 2026-03-31 | → |
| 21 | CHURCHILL ASSET MANAGEMENT LLC | 175092 | $5.11B | $55.66B | 206 | 2026-06-30 | → |
| 22 | AGTB FUND MANAGER, LLC | 318665 | $4.51B | $4.51B | 239 | 2026-03-31 | → |
| 23 | FRANKLIN BSP CAPITAL ADVISER LLC | 307684 | $4.25B | $4.25B | 2 | 2026-03-31 | → |
| 24 | PENNANTPARK INVESTMENT ADVISERS, LLC | 143149 | $4.01B | $6.16B | 91 | 2026-03-31 | → |
| 25 | OHA PRIVATE CREDIT ADVISORS LLC | 319664 | $3.58B | $3.58B | 435 | 2026-03-31 | → |
| 26 | ARES CAPITAL MANAGEMENT II LLC | 157292 | $3.46B | $19.64B | 924 | 2026-05-31 | → |
| 27 | DIAMETER PRINCIPAL FINANCE LLC | 328057 | $3.45B | $3.45B | 119 | 2026-04-30 | → |
| 28 | SIXTH STREET SPECIALTY LENDING ADVISERS, LLC | 155006 | $3.42B | $3.42B | 66 | 2026-03-31 | → |
| 29 | SLR CAPITAL PARTNERS, LLC | 146106 | $3.41B | $9.42B | 65 | 2026-03-31 | → |
| 30 | APOLLO INVESTMENT MANAGEMENT, L.P. | 130610 | $3.32B | $3.32B | 3,564 | 2026-03-31 | → |
| 31 | JEFFERIES CREDIT MANAGEMENT LLC | 324525 | $3.23B | $3.82B | 26 | 2026-03-31 | → |
| 32 | STONE POINT CREDIT ADVISER LLC | 310377 | $3.21B | $11.13B | 80 | 2026-03-31 | → |
| 33 | TCW ASSET MANAGEMENT COMPANY LLC | 105742 | $3.19B | $81.18B | 431 | 2026-05-31 | → |
| 34 | FIDELITY DIVERSIFYING SOLUTIONS LLC | 315088 | $3.14B | $18.88B | 44 | 2026-05-31 | → |
| 35 | OVERLAND ADVISORS, LLC | 325525 | $3.03B | $3.03B | 267 | 2026-06-30 | → |
| 36 | BLACKROCK CAPITAL INVESTMENT ADVISORS, LLC | 290336 | $2.78B | $66.93B | 39 | 2026-06-30 | → |
| 37 | 26NORTH DIRECT LENDING LP | 323152 | $2.65B | $2.65B | 142 | 2026-03-31 | → |
| 38 | BCSF ADVISORS, LP | 282092 | $2.44B | $3.65B | 682 | 2026-03-31 | → |
| 39 | KA CREDIT ADVISORS, LLC | 306753 | $2.29B | $2.29B | 64 | 2026-03-31 | → |
| 40 | CHURCHILL PCIF ADVISOR LLC | 329140 | $2.23B | $2.23B | 206 | 2026-03-31 | → |
| 41 | STEPSTONE GROUP PRIVATE DEBT LLC | 323711 | $2.09B | $5.79B | 0 | 2026-06-30 | → |
| 42 | CHURCHILL DLC ADVISOR LLC | 304945 | $2.05B | $2.05B | 206 | 2026-03-31 | → |
| 43 | GLADSTONE MANAGEMENT CORPORATION | 122482 | $1.97B | $4.42B | 45 | 2026-04-30 | → |
| 44 | SARATOGA INVESTMENT ADVISORS, LLC | 153060 | $1.89B | $1.90B | 28 | 2026-03-31 | → |
| 45 | SARATOGA MANAGEMENT COMPANY LLC | 161822 | $1.89B | $1.90B | 7 | 2026-03-31 | → |
| 46 | CION INVESTMENT MANAGEMENT, LLC | 160386 | $1.81B | $1.81B | 27 | 2026-03-31 | → |
| 47 | CRESCENT CAP ADVISORS, LLC | 175430 | $1.81B | $1.81B | 0 | 2026-03-31 | → |
| 48 | AB PRIVATE CREDIT INVESTORS LLC | 173027 | $1.80B | $11.36B | 1 | 2026-05-31 | → |
| 49 | VISTA CREDIT BDC MANAGEMENT, L.P. | 326611 | $1.77B | $1.77B | 0 | 2026-06-30 | → |
| 50 | BCPC ADVISORS, LP | 327851 | $1.74B | $1.74B | 682 | 2026-03-31 | → |
| 51 | BLACKSTONE REAL ESTATE SPECIAL SITUATIONS ADVISORS L.L.C. | 146043 | $1.58B | $69.79B | 255 | 2026-03-31 | → |
| 52 | TENNENBAUM CAPITAL PARTNERS, LLC | 113203 | $1.53B | $3.16B | 10 | 2026-06-30 | → |
| 53 | FPLF MANAGEMENT LLC | 331881 | $1.49B | $1.49B | 140 | 2026-03-31 | → |
| 54 | MSC ADVISER I, LLC | 169939 | $1.38B | $1.73B | 116 | 2026-03-31 | → |
| 55 | FIDUS INVESTMENT ADVISORS, LLC | 156981 | $1.32B | $1.44B | 35 | 2026-03-31 | → |
| 56 | SILVER POINT SPECIALTY CREDIT FUND MANAGEMENT, LLC | 317225 | $1.26B | $1.26B | 357 | 2026-03-31 | → |
| 57 | LORD ABBETT PRIVATE CREDIT ADVISOR LLC | 332701 | $1.24B | $1.28B | 821 | 2025-12-31 | → |
| 58 | TRIPLEPOINT ADVISERS LLC | 168948 | $1.24B | $1.31B | 72 | 2026-03-31 | → |
| 59 | PALMER SQUARE BDC ADVISOR LLC | 306742 | $1.22B | $1.22B | 76 | 2026-03-31 | → |
| 60 | STONE POINT CREDIT INCOME ADVISER LLC | 332241 | $1.19B | $1.19B | 80 | 2026-03-31 | → |
| 61 | AUDAX PDB MANAGEMENT COMPANY, LLC | 333812 | $1.17B | $1.17B | 249 | 2026-03-31 | → |
| 62 | KENNEDY LEWIS CAPITAL HOLDINGS LLC | 324025 | $1.16B | $1.16B | 144 | 2026-03-31 | → |
| 63 | CRESCENT CAP NT ADVISORS, LLC | 324139 | $1.11B | $1.11B | 0 | 2026-03-31 | → |
| 64 | WILLOW TREE CAPITAL CORP ADVISORS LLC | 328528 | $1.04B | $1.17B | 21 | 2026-03-31 | → |
| 65 | STELLUS CAPITAL MANAGEMENT, LLC | 160115 | $1.04B | $3.51B | 36 | 2026-04-30 | → |
| 66 | LS BDC ADVISER, LLC | 313799 | $1.02B | $1.04B | 35 | 2026-06-30 | → |
| 67 | CRESCENT CAPITAL GROUP LP | 153966 | $1.01B | $49.71B | 239 | 2026-05-31 | → |
| 68 | COMVEST CREDIT MANAGERS, LLC | 322342 | $956.8M | $956.8M | 150 | 2026-03-31 | → |
| 69 | VCC ADVISORS, LLC | 301023 | $956.8M | $956.8M | 78 | 2026-03-31 | → |
| 70 | RUNWAY GROWTH CAPITAL LLC | 281514 | $945.6M | $1.03B | 26 | 2026-03-31 | → |
| 71 | BRIGHTWOOD CAPITAL ADVISORS, LLC | 167330 | $836.5M | $6.19B | 64 | 2026-06-30 | → |
| 72 | COMMONWEALTH CREDIT ADVISORS, LLC | 312541 | $819.3M | $1.73B | 150 | 2026-03-31 | → |
| 73 | HORIZON TECHNOLOGY FINANCE MANAGEMENT LLC | 153052 | $811.1M | $811.1M | 23 | 2026-06-30 | → |
| 74 | TCW PT MANAGEMENT COMPANY LLC | 333068 | $668.4M | $2.70B | 344 | 2026-05-31 | → |
| 75 | PNC STEEL CITY ADVISORS, LLC | 172658 | $668.4M | $2.72B | 12 | 2026-05-31 | → |
| 76 | FIRST EAGLE INVESTMENT MANAGEMENT, LLC | 108260 | $651.8M | $136.48B | 392 | 2026-05-31 | → |
| 77 | FIRST EAGLE ALTERNATIVE CREDIT, LLC | 150900 | $651.8M | $12.56B | 79 | 2026-06-30 | → |
| 78 | H.I.G. WHITEHORSE ADVISERS, LLC | 164905 | $615.1M | $615.1M | 82 | 2026-03-31 | → |
| 79 | SOUND POINT CAPITAL MANAGEMENT, LP | 157479 | $601.8M | $36.98B | 200 | 2026-03-31 | → |
| 80 | 5C LENDING PARTNERS ADVISOR LLC | 328959 | $601.8M | $601.8M | 29 | 2026-03-31 | → |
| 81 | WESTECH INVESTMENT ADVISORS LLC | 110429 | $568.5M | $2.02B | 35 | 2026-03-31 | → |
| 82 | BARING INTERNATIONAL INVESTMENT LTD | 105724 | $553.8M | $22.57B | 504 | 2026-03-31 | → |
| 83 | CRESTLINE MANAGEMENT, L.P. | 122711 | $549.6M | $22.51B | 195 | 2026-03-31 | → |
| 84 | OHA PRIVATE CREDIT ADVISORS II, L.P. | 322289 | $539.3M | $805.2M | 435 | 2026-03-31 | → |
| 85 | SIERRA CREST INVESTMENT MANAGEMENT LLC | 300069 | $523.6M | $781.1M | 0 | 2026-03-31 | → |
| 86 | ANDALUSIAN CREDIT PARTNERS, LLC | 324744 | $509.6M | $541.3M | 16 | 2026-03-31 | → |
| 87 | CSL III ADVISOR, LLC | 316704 | $473.8M | $473.8M | 335 | 2025-03-31 | → |
| 88 | STELLUS PRIVATE BDC ADVISOR, LLC | 317513 | $472.8M | $472.8M | 36 | 2026-03-31 | → |
| 89 | NEOSTELLAR ADVISORS LLC | 343216 | $433.3M | $433.3M | 9 | 2026-06-30 | → |
| 90 | AUDAX MANAGEMENT COMPANY (NY), LLC | 159458 | $422.9M | $25.69B | 238 | 2026-05-31 | → |
| 91 | ONEX CREDIT ADVISOR, LLC | 330076 | $417.8M | $417.8M | 70 | 2026-05-31 | → |
| 92 | KA CREDIT ADVISORS II, LLC | 311657 | $395.2M | $395.2M | 64 | 2026-03-31 | → |
| 93 | PGIM INVESTMENTS LLC | 105670 | $393.8M | $344.84B | 458 | 2026-05-31 | → |
| 94 | STAR MOUNTAIN FUND MANAGEMENT, LLC | 164728 | $387.1M | $4.18B | 121 | 2026-03-31 | → |
| 95 | OFS CAPITAL MANAGEMENT, LLC | 153533 | $377.1M | $1.76B | 47 | 2026-03-31 | → |
| 96 | DWS INVESTMENT MANAGEMENT AMERICAS, INC. | 104518 | $372.0M | $199.66B | 452 | 2026-05-31 | → |
| 97 | SILVER POINT PRIVATE CREDIT FUND MANAGEMENT, LLC | 332374 | $358.6M | $358.6M | 357 | 2026-03-31 | → |
| 98 | CHICAGO ATLANTIC BDC ADVISERS, LLC | 312723 | $342.0M | $342.0M | 0 | 2026-03-31 | → |
| 99 | GREAT ELM CAPITAL MANAGEMENT, LLC | 284304 | $332.9M | $346.1M | 21 | 2026-03-31 | → |
| 100 | OXFORD SQUARE MANAGEMENT, LLC | 127888 | $306.7M | $306.7M | 23 | 2026-03-31 | → |
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