Morgan Stanley Direct Lending Fund
MSDL
110 hedge funds and large institutions have $521M invested in Morgan Stanley Direct Lending Fund in 2025 Q2 according to their latest regulatory filings, with 24 funds opening new positions, 49 increasing their positions, 25 reducing their positions, and 11 closing their positions.
118% more first-time investments, than exits
New positions opened: 24 | Existing positions closed: 11
100% more funds holding in top 10
Funds holding in top 10: 1 → 2 (+1)
96% more repeat investments, than reductions
Existing positions increased: 49 | Existing positions reduced: 25
13% more funds holding
Funds holding: 97 → 110 (+13)
2.56% more ownership
Funds ownership: 29.06% → 31.63% (+2.6%)
1% more capital invested
Capital invested by funds: $514M → $521M (+$7.08M)
21% less call options, than puts
Call options by funds: $1.7M | Put options by funds: $2.15M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
GAM
Generali Asset Management
Trieste,
Italy
|
+$17M |
| 2 |
MC
Muzinich & Co
New York
|
+$4.7M |
| 3 |
RCM
Rivernorth Capital Management
West Palm Beach,
Florida
|
+$4.01M |
| 4 |
UBS Group
Zurich,
Switzerland
|
+$3.79M |
| 5 |
Morgan Stanley
New York
|
+$3.72M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
C
Cliffwater
Marina Del Rey,
California
|
-$4.83M |
| 2 |
Citadel Advisors
Miami,
Florida
|
-$4.03M |
| 3 |
BSG
Black Swift Group
Boulder,
Colorado
|
-$3.41M |
| 4 |
Grantham, Mayo, Van Otterloo & Co (GMO)
Boston,
Massachusetts
|
-$2.13M |
| 5 |
SSA
Schonfeld Strategic Advisors
New York
|
-$1.71M |
MSDL Hedge Fund Activity: Q2 2025 in Review
110 of the 7,596 institutional investors tracked by Wall St. Rank reported a position in Morgan Stanley Direct Lending Fund (MSDL) for Q2 2025, worth a combined $521M — up 1.4% from $514M a quarter earlier.
Buyers outnumbered sellers: 24 funds opened new MSDL positions and 11 closed out — a net gain of 13 holders — while 49 added to existing stakes and 25 trimmed.
The largest buyer was Generali Asset Management, adding an estimated $17M. The largest seller was Cliffwater, exiting entirely with an estimated $4.83M sold.
- 110 institutional investors held Morgan Stanley Direct Lending Fund (MSDL) as of Q2 2025, up from 97 in Q1 2025.
- Funds reported $521M of Morgan Stanley Direct Lending Fund stock for Q2 2025, up 1.4% quarter-over-quarter.
- 24 funds opened new Morgan Stanley Direct Lending Fund positions in Q2 2025 and 11 closed out, a net change of +13 holders.
- The largest Morgan Stanley Direct Lending Fund buyer in Q2 2025 was Generali Asset Management, an estimated $17M added.
- The largest Morgan Stanley Direct Lending Fund seller in Q2 2025 was Cliffwater, an estimated $4.83M sold.
Based on aggregated 13F filings for Q2 2025.