BDC capital raise slowed sharply in Q2 2026. Across BDCs with comparable Q1 and Q2 data, gross capital raise declined from approximately $5.33 billion in Q1 to $2.61 billion in Q2 — a 51% decrease.
But the decline in overall fundraising tells only part of the story. Blue Vault’s standardized data shows meaningful shifts in market share, fundraising momentum and sales rankings beneath the headline numbers.
One Market. Very Different Outcomes.
Among BDCs that raised at least $1 million in Q1, nearly every fund raised fewer dollars in Q2. But declining sales did not necessarily mean declining competitive position.
In fact, nine BDCs gained market share in Q2 even though only one materially increased its actual capital raise. When the overall market contracts, a fund can raise fewer dollars and still gain ground relative to its peers.
Bain Moved Against the Market
Bain Capital Private Credit was the standout growth story. Gross capital raise increased from approximately $94.4 million in Q1 to $141.2 million in Q2 — an increase of 49.6%.
At the same time, Bain’s market share increased from 1.77% to 5.40%, and its sales ranking moved from #12 to #7. While comparable BDC capital raise declined 51%, Bain moved in the opposite direction.
TPG Twin Brook Gained Substantial Share Without Increasing Sales
TPG Twin Brook raised approximately $193.1 million in Q1 and $192.6 million in Q2, meaning capital raise was essentially unchanged.
But because the broader market contracted sharply, TPG Twin Brook’s share of comparable BDC capital raise more than doubled from 3.62% in Q1 to 7.37% in Q2. Its capital-raise ranking also moved from #7 to #4.
This is a good example of why Blue Vault looks beyond simple quarter-over-quarter dollar changes.
Blackstone Remained the Leader — and Gained Share
Blackstone Private Credit Fund remained the largest capital raiser in the comparable BDC universe. Its gross capital raise declined from approximately $1.29 billion to $660 million, a decrease of roughly 49%.
Yet because the broader market declined slightly more, Blackstone’s share of comparable BDC capital raise actually increased from 24.2% to 25.2%. A decline in dollars did not equal a decline in market position.
Capital Shifted Within the Leaders
The concentration data tells another interesting story. The top five BDCs accounted for approximately 73% of capital raise in Q1, declining to approximately 66% in Q2.
But the top ten continued to account for roughly 90% of total comparable capital raise in both quarters. That suggests capital did not broadly migrate across the entire BDC universe. Instead, much of the movement occurred within the group of established fundraising leaders.
Q1 vs. Q2 Capital Raise Concentration
The Sales Leaderboard Doesn’t Tell the Entire Story
The largest BDCs naturally tend to raise significant amounts of capital. That’s why Blue Vault also looks at fundraising relative to the existing size of each fund, creating a different lens on sales momentum.
Some BDCs that do not lead the market in absolute dollars are raising significant amounts of new capital relative to their current asset base. We refer to this as capital-raise intensity, and it can help identify fundraising momentum that may be difficult to see from the traditional sales leaderboard alone.
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Source & Methodology
Blue Vault market statistics are derived from Blue Vault’s proprietary standardized BDC dataset. This analysis compares BDCs with comparable gross capital raise data for Q1 and Q2 2026. Figures may be rounded.
Information is intended only for institutional, broker dealer or registered investment adviser use. This information is prohibited for use by the general public. Past performance is not indicative of future results.
