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.
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
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Morgan Stanley
New York
|
+$46.5M |
| 2 |
GAM
Generali Asset Management
Trieste,
Italy
|
+$18.2M |
| 3 |
UBS Group
Zurich,
Switzerland
|
+$9.58M |
| 4 |
Wells Fargo
San Francisco,
California
|
+$5.58M |
| 5 |
Two Sigma Investments
New York
|
+$4.95M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
C
Cliffwater
Marina Del Rey,
California
|
-$24.9M |
| 2 |
Renaissance Technologies
New York
|
-$6.99M |
| 3 |
D.E. Shaw & Co
New York
|
-$2.71M |
| 4 |
Marshall Wace
London,
United Kingdom
|
-$2.06M |
| 5 |
HF
HRT Financial
New York
|
-$1.64M |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
101
Jane Street
New York
| – | -$850K | -41,146 | Closed |
|
|
XT
102
XTX Topco
George Town,
Cayman Islands
| – | -$602K | -29,142 | Closed |
|
|
CG
103
Caprock Group
Boise,
Idaho
| – | -$515K | -24,092 | Closed |
|
|
CC
104
Centiva Capital
New York
| – | -$359K | -17,356 | Closed |
|
|
VEA
105
Virtus ETF Advisers
New York
| – | -$286K | -13,820 | Closed |
|
106
Bank of Nova Scotia
Toronto,
Ontario, Canada
| – | -$200K | -9,689 | Closed |
|
107
BNP Paribas Financial Markets
Paris,
France
| – | -$140K | -6,771 | Closed |
|
108
National Bank of Canada
Montreal,
Quebec, Canada
| – | -$5.21K | -252 | Closed |
|
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.