Morgan Stanley Direct Lending Fund
MSDL
118 hedge funds and large institutions have $505M invested in Morgan Stanley Direct Lending Fund in 2025 Q3 according to their latest regulatory filings, with 23 funds opening new positions, 48 increasing their positions, 35 reducing their positions, and 15 closing their positions.
53% more first-time investments, than exits
New positions opened: 23 | Existing positions closed: 15
37% more repeat investments, than reductions
Existing positions increased: 48 | Existing positions reduced: 35
7% more funds holding
Funds holding: 110 → 118 (+8)
4.5% more ownership
Funds ownership: 31.63% → 36.13% (+4.5%)
0% more funds holding in top 10
Funds holding in top 10: 2 → 2 (0)
3% less capital invested
Capital invested by funds: $521M → $505M (-$15.9M)
62% less call options, than puts
Call options by funds: $932K | Put options by funds: $2.43M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
RCM
Rivernorth Capital Management
West Palm Beach,
Florida
|
+$14.3M |
| 2 |
Toronto Dominion Bank
Toronto, Ontario,
Ontario, Canada
|
+$10.3M |
| 3 |
Renaissance Technologies
New York
|
+$8.88M |
| 4 |
Marshall Wace
London,
United Kingdom
|
+$8.22M |
| 5 |
Morgan Stanley
New York
|
+$5.27M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
HF
HRT Financial
New York
|
-$3.3M |
| 2 |
MCM
MAI Capital Management
Independence,
Ohio
|
-$1.83M |
| 3 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
-$1.55M |
| 4 |
AC
ASB Consultores
Aventura,
Florida
|
-$1.5M |
| 5 |
Neuberger Berman Group
New York
|
-$1.4M |
MSDL Hedge Fund Activity: Q3 2025 in Review
118 of the 7,638 institutional investors tracked by Wall St. Rank reported a position in Morgan Stanley Direct Lending Fund (MSDL) for Q3 2025, worth a combined $505M — down 3.1% from $521M a quarter earlier.
Buyers outnumbered sellers: 23 funds opened new MSDL positions and 15 closed out — a net gain of 8 holders — while 48 added to existing stakes and 35 trimmed.
The largest buyer was Rivernorth Capital Management, adding an estimated $14.3M. The largest seller was HRT Financial, exiting entirely with an estimated $3.3M sold.
- 118 institutional investors held Morgan Stanley Direct Lending Fund (MSDL) as of Q3 2025, up from 110 in Q2 2025.
- Funds reported $505M of Morgan Stanley Direct Lending Fund stock for Q3 2025, down 3.1% quarter-over-quarter.
- 23 funds opened new Morgan Stanley Direct Lending Fund positions in Q3 2025 and 15 closed out, a net change of +8 holders.
- The largest Morgan Stanley Direct Lending Fund buyer in Q3 2025 was Rivernorth Capital Management, an estimated $14.3M added.
- The largest Morgan Stanley Direct Lending Fund seller in Q3 2025 was HRT Financial, an estimated $3.3M sold.
Based on aggregated 13F filings for Q3 2025.