- Non-traded BDCs have grown rapidly since 2020, with a 64.3% CAGR, far outpacing interval funds, tender-offer funds, and REITs.
- Public non-traded BDCs lead in asset growth but are highly concentrated, with Blackstone, Blue Owl, and Apollo holding nearly 70% of assets.
- Private non-traded BDCs dominate in product launches, averaging 17 per year (2020–2024) versus four for public BDCs. As of 1Q25, there were 88 private BDCs compared to 24 public ones.
- FUSE expects continued growth in the non-traded BDC market. With few public options and strong demand for alternatives, new entrants have a clear opportunity to capture meaningful assets.
