Morgan Stanley Direct Lending Fund
MSDL
134 hedge funds and large institutions have $598M invested in Morgan Stanley Direct Lending Fund in 2025 Q4 according to their latest regulatory filings, with 42 funds opening new positions, 43 increasing their positions, 37 reducing their positions, and 22 closing their positions.
150% more funds holding in top 10
Funds holding in top 10: 2 → 5 (+3)
91% more first-time investments, than exits
New positions opened: 42 | Existing positions closed: 22
19% more capital invested
Capital invested by funds: $505M → $598M (+$93.7M)
16% more repeat investments, than reductions
Existing positions increased: 43 | Existing positions reduced: 37
14% more funds holding
Funds holding: 118 → 134 (+16)
5.69% more ownership
Funds ownership: 36.13% → 41.82% (+5.7%)
34% less call options, than puts
Call options by funds: $2.15M | Put options by funds: $3.27M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
UBS Group
Zurich,
Switzerland
|
+$11.9M |
| 2 |
AS
Altshuler Shaham
Tel Aviv,
Israel
|
+$11M |
| 3 |
AFG
American Financial Group
Cincinnati,
Ohio
|
+$8.99M |
| 4 |
Two Sigma Investments
New York
|
+$8.51M |
| 5 |
HF
HRT Financial
New York
|
+$6.67M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Marshall Wace
London,
United Kingdom
|
-$8.73M |
| 2 |
Renaissance Technologies
New York
|
-$6.58M |
| 3 |
RCM
Rivernorth Capital Management
West Palm Beach,
Florida
|
-$3.8M |
| 4 |
Balyasny Asset Management
Chicago,
Illinois
|
-$2.78M |
| 5 |
CC
Centiva Capital
New York
|
-$2.16M |
MSDL Hedge Fund Activity: Q4 2025 in Review
134 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in Morgan Stanley Direct Lending Fund (MSDL) for Q4 2025, worth a combined $598M — up 19% from $505M a quarter earlier.
Buyers outnumbered sellers: 42 funds opened new MSDL positions and 22 closed out — a net gain of 20 holders — while 43 added to existing stakes and 37 trimmed.
The largest buyer was UBS Group, adding an estimated $11.9M. The largest seller was Marshall Wace, exiting entirely with an estimated $8.73M sold.
- 134 institutional investors held Morgan Stanley Direct Lending Fund (MSDL) as of Q4 2025, up from 118 in Q3 2025.
- Funds reported $598M of Morgan Stanley Direct Lending Fund stock for Q4 2025, up 19% quarter-over-quarter.
- 42 funds opened new Morgan Stanley Direct Lending Fund positions in Q4 2025 and 22 closed out, a net change of +20 holders.
- The largest Morgan Stanley Direct Lending Fund buyer in Q4 2025 was UBS Group, an estimated $11.9M added.
- The largest Morgan Stanley Direct Lending Fund seller in Q4 2025 was Marshall Wace, an estimated $8.73M sold.
Based on aggregated 13F filings for Q4 2025.