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Breaking down the data by fund sizes, middle-market buyout funds have outperformed megafunds for six consecutive quarters. Historically, these leadership cycles between middlemarket funds and megafunds tend to run their course after one to three years before reversing again. While middle-market managers maintain the lead, the gap between the two continues to narrow, and we expect that megafunds will continue to close the gap with the sharp rebound in large-cap equities, which has resulted in positive marks to portfolio values.
(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.