Kayne Anderson BDC
KBDC
87 hedge funds and large institutions have $526M invested in Kayne Anderson BDC in 2025 Q4 according to their latest regulatory filings, with 28 funds opening new positions, 14 increasing their positions, 26 reducing their positions, and 20 closing their positions.
42% more capital invested
Capital invested by funds: $371M → $526M (+$154M)
40% more first-time investments, than exits
New positions opened: 28 | Existing positions closed: 20
25% more funds holding in top 10
Funds holding in top 10: 4 → 5 (+1)
14.2% more ownership
Funds ownership: 39.45% → 53.64% (+14%)
5% more funds holding
Funds holding: 83 → 87 (+4)
46% less repeat investments, than reductions
Existing positions increased: 14 | Existing positions reduced: 26
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SOMRS
State of Michigan Retirement System
Lansing,
Michigan
|
+$95.7M |
| 2 |
VanEck Associates
New York
|
+$12M |
| 3 |
UBS Group
Zurich,
Switzerland
|
+$6.1M |
| 4 |
Franklin Resources
San Mateo,
California
|
+$4.61M |
| 5 |
Squarepoint
New York
|
+$3.27M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
MFG
Merit Financial Group
Alpharetta,
Georgia
|
-$23.2M |
| 2 |
KWM
Keebeck Wealth Management
Chicago,
Illinois
|
-$4.7M |
| 3 |
SMA
Sage Mountain Advisors
Atlanta,
Georgia
|
-$3.79M |
| 4 |
RCM
Rivernorth Capital Management
West Palm Beach,
Florida
|
-$3.64M |
| 5 |
Corient Private Wealth
Miami,
Florida
|
-$1.77M |
KBDC Hedge Fund Activity: Q4 2025 in Review
87 of the 8,270 institutional investors tracked by Wall St. Rank reported a position in Kayne Anderson BDC (KBDC) for Q4 2025, worth a combined $526M — up 42% from $371M a quarter earlier.
Buyers outnumbered sellers: 28 funds opened new KBDC positions and 20 closed out — a net gain of 8 holders — while 14 added to existing stakes and 26 trimmed.
The largest buyer was State of Michigan Retirement System, opening a new position worth an estimated $95.7M. The largest seller was Merit Financial Group, exiting entirely with an estimated $23.2M sold.
- 87 institutional investors held Kayne Anderson BDC (KBDC) as of Q4 2025, up from 83 in Q3 2025.
- Funds reported $526M of Kayne Anderson BDC stock for Q4 2025, up 42% quarter-over-quarter.
- 28 funds opened new Kayne Anderson BDC positions in Q4 2025 and 20 closed out, a net change of +8 holders.
- The largest Kayne Anderson BDC buyer in Q4 2025 was State of Michigan Retirement System, an estimated $95.7M added.
- The largest Kayne Anderson BDC seller in Q4 2025 was Merit Financial Group, an estimated $23.2M sold.
Based on aggregated 13F filings for Q4 2025.