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Perpetual vehicles for the private wealth investor, also known as semiliquid funds, raised $122 billion in 2024. We estimate that 55% of that fundraising has flowed to private debt strategies ranging from nontraded business development companies (BDCs) to interval funds with broader mandates to tender offer funds with more opportunistic or specialty credit approaches. This puts the category in line to have raised $67 billion for the year for various private debt strategies—an approximately 40% YoY increase. Several of the megaalternative managers targeted 25% of all fundraising to come from the wealth channel, and a few have already arrived— including Blue Owl, which derived $13.7 billion of its $27.5 billion in 2024 fundraising from the private wealth channel, primarily in its private debt products.
(Past performance is no guarantee of future results.)
Latest news
Q2'26 BDC analysis shows additional 184 bps of nonaccruals at cost
In a universe of 173 business development companies, or BDCs, Octus identified a total of $9.5 billion of debt (at cost) in nonaccrual status reported in the second quarter of 2026, a slight decline of 5% from $10 billion in the first quarter of 2026.
Reading the Board
The story changes depending on which numbers you’re counting.
Private Credit Defaults 101: Different Numbers, Different Stories
In Season 2 of Billions, Bobby Axelrod takes his lawyer Orrin Bach to an empty Yonkers racetrack in the dead of night.