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In the 12 months ended Q2 2024, private debt returns outpaced all other private market asset classes. As a result, the asset class experienced robust inflows as investors looked to capitalize on exposure to floating-rate debt benefiting from higher interest rates. However, the back half of 2024 was a different story, as the lower expectations for the asset class, given the less favorable interest-rate backdrop, made the strategy less attractive. Despite the more gradual rate cuts from central banks, investor demand for new funds fell short. Lower rates triggered a flight from floating-rate securities and loans in prior cycles.
(Past performance is no guarantee of future results.)
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Top 50 BDCs Accounted for 75% of Nonaccrual Loan Cost in Q2’26
The 50 largest BDCs, on the basis of total debt investments as of the second quarter of 2026, accounted for 75% of the total aggregate reported value of nonaccrual debt at cost and fair value.
US private debt AUM ($B) by channel
In 2025 and the early part of 2026, the retail channel added AUM to the asset class at a much faster rate than institutional investors in both regions, with growth rates of 43.7% globally, 41.4% in the US, and 73. 1% in Europe through the beginning of 2026 compared with year-end 2024 figures.
