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Investment strategy
Direct Lending
Direct Lending is pursued by 38 firms tracked on DataBane, spanning Private Credit. Coverage includes 25 funds linked to this strategy, with vintages, sizes and performance where disclosed. The largest tracked manager by assets is BlackRock at $13.89T. Profiles below cover each firm's mandate, focus areas, funds and relationships — updated as analysts publish new research.
38
Firms
25
Related funds
1
Asset classes
Asset-class mix
Insight
Most concentrated in Private Credit (38 of 38 firms). BlackRock is the largest tracked manager at $13.89T.
Firms pursuing this strategy
BlackRockUnited States$13.89TJ.P. Morgan Asset ManagementUnited States$4.8TInvescoUnited States$2.2TNuveenUnited States$1.4TBlackstoneUnited States$1.3TLegal & General Investment Management (LGIM)United Kingdom$1.2TManulife Investment ManagementCanada$1.11TUniCreditItaly$870BApollo Global ManagementUnited States$750BKKRUnited States$640BCarlyle GroupUnited States$440BRussell InvestmentsUnited States$416BAustralianSuperAustralia$402.5BCrédit Agricole AssurancesFrance$373BAustralian Retirement TrustAustralia$363.64BAegon Asset ManagementNetherlands$287.5BStepStone GroupUnited States$233BState of Wisconsin Investment Board (SWIB)USA - WI$178BOMERSCanada - ON$106.03BVista Equity PartnersUnited States$100BLos Angeles County Employees Retirement AssociationUSA - CA$87.97BMPSERSUSA - MI$87.06BAlaska PFCUSA - AK$86.38BLaSalle Investment ManagementUnited States$84BAdams Street PartnersUnited States$73BNew Mexico SICSanta Fe, New Mexico, United States$70.42BPKADenmark$69.75BAres ManagementUnited States$64.4BBorder to Coast Pensions PartnershipUnited Kingdom$55.4BFortress Investment GroupUnited States$54BCrescent Capital GroupUnited States$50BDavidson Kempner Capital ManagementUnited States$46.6BBC PartnersLondon, United Kingdom$40BSiemens PensionGermany$35BArcmont Asset ManagementUnited Kingdom$33BPemberton Asset ManagementUnited Kingdom$32.5BThird PointUnited States$24.7BVarde PartnersUnited States$16B
Geographic exposure
Europe149North America135Asia81Global65United States37United Kingdom33Germany24France22Canada17Australia9Oceania9India8
Related funds
Capital Solutions Fund IIStrategic Capital IVReal Estate Debt Strategy (Open-Ended)U.S. Real Estate Debt StrategyDavidson Kempner Income Fund IBlackstone Credit Opportunities Fund V (BCOF V) · 2026Davidson Kempner Income Fund II · 2026Private Credit III · 2026ASP PIF CLO I, LLC · 2026Crescent [Fourth U.S. Direct-Lending Fund] · 2026Crescent Credit Solutions VII Continuation Vehicle (CSS VII CV) · 2026Crescent Credit Solutions VII CV · 2026Crescent Direct Lending Fund IV · 2026Crescent GP Financing Solutions · 2025Crescent European Specialty Lending Fund III · 2025Indigo IV CLO · 2025Impact Lending Strategy · 2025$475MNAV Financing Core Fund I · 2025HPS Corporate Lending Fund (HLEND) · 2024Direct Lending Fund IV & associated vehicles · 2024Atlas Senior Loan Fund XXIV · 2024GIP Credit Opportunities Fund · 2024BlackRock Private Credit Fund III · 2024BlackRock Multi Strategy Credit Fund · 2022BlackRock Direct Lending Fund II · 2021
Recent news
partnership
Adams Street Partners Partners with iCapital to Expand Private Markets Access
partnership
Adams Street Partners Partners with GeoWealth to Distribute Private Market Offerings
fundraise
Blackstone Raises its Largest Asia Private Equity Fund at $13.1 Billion
Blackstone · 01/12/2026
other
Debtwise 1+25 European Direct Lender Rankings Position
Arcmont Asset Management · 20/08/2026
regulatory
Siemens Pension-Trust 2026 13F filing
Siemens Pension · 14/08/2026
fundraise
Fortress Prices Third European CLO
Fortress Investment Group · 14/08/2026
deal
Fortress Prices Third European CLO Transaction
Fortress Investment Group · 14/08/2026
deal
Fortress Leads Senior Loan for OAK OKC Mixed-Use Development
Fortress Investment Group · 12/08/2026
deal
Third Point Ventures Invests in Zenity's $125M Series C
Third Point · 03/08/2026
strategy
Merger-Arbitrage Activity
Davidson Kempner Capital Management · 01/08/2026