Non-Listed BDC NAV Tops $200B as Liquidity Pressures Broaden

The non-listed business development company (BDC) market has surpassed $200 billion in aggregate net asset value, even as redemption activity intensifies across both public and private segments. 

According to Robert A. Stanger & Company, Inc., the market reached $203.9 billion in Q4 2025, with private placement BDCs now accounting for 35.7% of total assets. At the same time, private placement REITs expanded their share to 25.1% of the $120.5 billion non-listed REIT market, highlighting continued growth in semi-liquid alternative structures. 

New data on private placement BDCs suggests redemption trends are closely tracking those seen in publicly registered NAV BDCs. Among 19 private placement funds reporting Q1 2026 results—representing $27.5 billion in NAV—investors redeemed $1.2 billion, with approximately $431 million in requests going unmet. Overall, 74% of redemption requests were fulfilled, with five funds prorating withdrawals. 

These figures mirror activity in the public NAV BDC market, where more than $7.4 billion was returned to investors in Q1, alongside roughly $6.5 billion in unmet redemption requests. 

“The Q1 redemption data from private placement BDCs confirms what we have been tracking on the publicly registered side — investor demand for liquidity is broad-based across the non-listed BDC market,” said Kevin T. Gannon. “What is notable is how consistently the semi-liquid structure is functioning across both segments.” 

“Sponsors are delivering liquidity within defined program limits, and where demand exceeds those limits, proration is working exactly as intended,” Gannon added.