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Morgan Stanley Direct Lending Fund
MSDL

97 hedge funds and large institutions have $514M invested in Morgan Stanley Direct Lending Fund in 2025 Q1 according to their latest regulatory filings, with 27 funds opening new positions, 52 increasing their positions, 12 reducing their positions, and 11 closing their positions.

New
Increased
Maintained
Reduced
Closed

333% more repeat investments, than reductions

Existing positions increased: 52 | Existing positions reduced: 12

145% more first-time investments, than exits

New positions opened: 27 | Existing positions closed: 11

19% more capital invested

Capital invested by funds: $432M → $514M (+$82M)

18% more funds holding

Funds holding: 82 → 97 (+15)

5.58% more ownership

Funds ownership: 23.48% → 29.06% (+5.6%)

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

57% less call options, than puts

Call options by funds: $1.26M | Put options by funds: $2.92M

Holders
97
Holders Change
+15
Holders Change %
+18.29%
% of All Funds
1.3%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.01%
New
27
Increased
52
Reduced
12
Closed
11
Calls
$1.26M
Puts
$2.92M
Net Calls
-$1.66M
Net Calls Change
+$370K

Top Buyers

Rank Fund Capital Flow
1
Morgan Stanley
Morgan Stanley
New York
+$46.5M
2
GAM
Generali Asset Management
Italy
+$18.2M
3
UBS Group
UBS Group
Switzerland
+$9.58M
4
Wells Fargo
Wells Fargo
California
+$5.58M
5
Two Sigma Investments
Two Sigma Investments
New York
+$4.95M

Top Sellers

Rank Fund Capital Flow
1
C
Cliffwater
California
-$24.9M
2
Renaissance Technologies
Renaissance Technologies
New York
-$6.99M
3
D.E. Shaw & Co
D.E. Shaw & Co
New York
-$2.71M
4
Marshall Wace
Marshall Wace
United Kingdom
-$2.06M
5
HF
HRT Financial
New York
-$1.64M
Name Holding Trade Value Shares
Change 		Change in
Stake
Two Sigma Advisers
26
Two Sigma Advisers
New York
$2.23M +$1.82M +87,800 +367%
JP Morgan Chase
27
JP Morgan Chase
New York
$2.17M -$342K -16,535 -13%
Grantham, Mayo, Van Otterloo & Co (GMO)
28
Grantham, Mayo, Van Otterloo & Co (GMO)
Massachusetts
$2.13M +$789K +38,142 +55%
Balyasny Asset Management
29
Balyasny Asset Management
Illinois
$2.01M +$1.7M +82,075 +439%
MCM
30
MAI Capital Management
Ohio
$1.98M +$1.3M +62,842 +172%
DA
31
Denali Advisors
California
$1.78M -$73.9K -3,574 -4%
HWAM
32
Hennion & Walsh Asset Management
New Jersey
$1.77M +$1.39M +67,251 +314%
SSA
33
Schonfeld Strategic Advisors
New York
$1.71M +$1.78M +85,874 New
AC
34
ASB Consultores
Florida
$1.6M – – –
HF
35
HRT Financial
New York
$1.58M -$1.64M -79,509 -50%
LCWP
36
Legacy Capital Wealth Partners
Arkansas
$1.49M +$1.55M +74,826 New
Rockefeller Capital Management
37
Rockefeller Capital Management
New York
$1.48M +$701K +33,894 +84%
LA
38
LM Advisors
California
$1.45M +$1.06M +51,107 +236%
AAA
39
Adams Asset Advisors
Texas
$1.26M – – –
FA
40
Fountainhead AM
New Jersey
$1.18M +$667K +32,265 +121%
CAPTRUST Financial Advisors
41
CAPTRUST Financial Advisors
North Carolina
$967K +$341K +16,479 +52%
Squarepoint
42
Squarepoint
New York
$946K +$751K +36,313 +328%
ZIG
43
Zuckerman Investment Group
Illinois
$878K +$165K +8,000 +22%
Bank of America
44
Bank of America
North Carolina
$858K +$664K +32,107 +296%
Ameriprise
45
Ameriprise
Minnesota
$852K +$880K +42,564 New
Invesco
46
Invesco
Georgia
$745K +$65.2K +3,153 +9%
GCP
47
GSA Capital Partners
United Kingdom
$721K -$101K -4,899 -12%
EA
48
Everpar Advisors
Oklahoma
$719K +$208K +10,059 +39%
Pathstone Holdings
49
Pathstone Holdings
New Jersey
$712K +$735K +35,553 New
Osaic Holdings
50
Osaic Holdings
Arizona
$691K +$624K +30,154 +672%
1
2
3 4 5

MSDL Hedge Fund Activity: Q1 2025 in Review

97 of the 7,459 institutional investors tracked by Wall St. Rank reported a position in Morgan Stanley Direct Lending Fund (MSDL) for Q1 2025, worth a combined $514M — up 19% from $432M a quarter earlier.

Buyers outnumbered sellers: 27 funds opened new MSDL positions and 11 closed out — a net gain of 16 holders — while 52 added to existing stakes and 12 trimmed.

The largest buyer was Morgan Stanley, adding an estimated $46.5M. The largest seller was Cliffwater, cutting an estimated $24.9M.

  • 97 institutional investors held Morgan Stanley Direct Lending Fund (MSDL) as of Q1 2025, up from 82 in Q4 2024.
  • Funds reported $514M of Morgan Stanley Direct Lending Fund stock for Q1 2025, up 19% quarter-over-quarter.
  • 27 funds opened new Morgan Stanley Direct Lending Fund positions in Q1 2025 and 11 closed out, a net change of +16 holders.
  • The largest Morgan Stanley Direct Lending Fund buyer in Q1 2025 was Morgan Stanley, an estimated $46.5M added.
  • The largest Morgan Stanley Direct Lending Fund seller in Q1 2025 was Cliffwater, an estimated $24.9M sold.

Based on aggregated 13F filings for Q1 2025.