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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
Cetera Investment Advisers
76
Cetera Investment Advisers
Illinois
$285K +$295K +14,257 New
Cambridge Investment Research Advisors
77
Cambridge Investment Research Advisors
Iowa
$274K +$284K +13,722 New
CL
78
COWA LLC
Oklahoma
$268K +$278K +13,436 New
OC
79
Oppenheimer & Co
New York
$266K +$276K +13,346 New
IFG
80
Independent Financial Group
California
$257K +$267K +12,900 New
Kovitz Investment Group Partners
81
Kovitz Investment Group Partners
Illinois
$251K +$260K +12,585 New
GC
82
Gilbert & Cook
Iowa
$242K +$251K +12,131 New
PC
83
Promus Capital
Illinois
$240K +$248K +12,000 New
Northern Trust
84
Northern Trust
Illinois
$236K +$245K +11,841 New
SIC
85
Samalin Investment Counsel
New York
$227K +$5.67K +274 +2%
TCWM
86
Total Clarity Wealth Management
Illinois
$204K – – –
AI
87
Accredited Investors
Minnesota
$200K +$207K +10,000 New
Citigroup
88
Citigroup
New York
$108K +$8.09K +391 +8%
SOW
89
State of Wyoming
Wyoming
$108K +$112K +5,412 New
FDCDDQ
90
Federation des caisses Desjardins du Quebec
Quebec, Canada
$103K +$107K +5,169 New
CFD
91
Creative Financial Designs
Indiana
$71K +$73.5K +3,555 New
AF
92
Advisornet Financial
Minnesota
$65.9K +$68.2K +3,300 New
Comerica Bank
93
Comerica Bank
Texas
$53.7K +$2.52K +122 +5%
AF
94
Allworth Financial
California
$31.1K – – –
TRCT
95
Tower Research Capital (TRC)
New York
$25.9K +$10K +486 +60%
PNC Financial Services Group
96
PNC Financial Services Group
Pennsylvania
$24.8K -$486K -23,484 -95%
SPIA
97
Steward Partners Investment Advisory
New York
$20K – – –
D.E. Shaw & Co
98
D.E. Shaw & Co
New York
– -$2.71M -131,395 Closed
Marshall Wace
99
Marshall Wace
United Kingdom
– -$2.06M -99,913 Closed
Envestnet Asset Management
100
Envestnet Asset Management
Illinois
– -$1.29M -62,491 Closed
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.