Blue Vault
Fundraising for publicly registered non-listed BDCs slowed sharply in the second quarter.
According to Robert A. Stanger & Co., non-listed BDCs raised $2.0 billion in Q2 2026—down 82% from Q2 2025 and the lowest quarterly total since Q4 2020. First-half fundraising totaled $7.1 billion, compared with $23.5 billion during the first half of 2025.
At the same time, investors were asking for more liquidity. Stanger reported that repurchase requests reached 12.4% of aggregate NAV in Q2, up from 10.4% in Q1 and the highest quarterly level it has recorded.
Why It Matters
Those two trends are worth watching together.
Slower fundraising means less new capital is entering non-listed BDCs just as redemption demand is increasing. That doesn’t tell us what happens next, but it does make capital raising, repurchase activity and liquidity increasingly important pieces of the BDC due-diligence picture.
For advisors evaluating BDCs, the headline distribution rate is only one data point. Understanding how a fund is raising capital, managing repurchase requests and positioning its portfolio can provide important additional context.
Blue Vault tracks these and other standardized BDC metrics to make comparisons across products easier.
Explore the Complete Q2 BDC Data
Source: Robert A. Stanger & Co., Q2 206 Non-Listed BDC Edition of The Stanger Report, as summarized in its August 10, 2026 release. Third-party research is cited for informational purposes. Blue Vault’s proprietary BDC data is maintained separately from third-party and public-source information.
