Morgan Stanley Direct Lending Fund
MSDL
141 hedge funds and large institutions have $585M invested in Morgan Stanley Direct Lending Fund in 2026 Q2 according to their latest regulatory filings, with 25 funds opening new positions, 49 increasing their positions, 42 reducing their positions, and 21 closing their positions.
67% more funds holding in top 10
Funds holding in top 10: 3 → 5 (+2)
19% more first-time investments, than exits
New positions opened: 25 | Existing positions closed: 21
17% more capital invested
Capital invested by funds: $499M → $585M (+$85.7M)
17% more repeat investments, than reductions
Existing positions increased: 49 | Existing positions reduced: 42
3.74% more ownership
Funds ownership: 41.75% → 45.49% (+3.7%)
1% more funds holding
Funds holding: 139 → 141 (+2)
6% less call options, than puts
Call options by funds: $1.78M | Put options by funds: $1.88M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
LC
Lunate Capital
Al Maryah Island, Abu Dhabi,
United Arab Emirates
|
+$16.7M |
| 2 |
UBS Group
Zurich,
Switzerland
|
+$14.9M |
| 3 |
Ensign Peak Advisors
Salt Lake City,
Utah
|
+$11.3M |
| 4 |
VanEck Associates
New York
|
+$8.79M |
| 5 |
BBHC
Brown Brothers Harriman & Co
New York
|
+$8.18M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
RCM
Rivernorth Capital Management
West Palm Beach,
Florida
|
-$14.7M |
| 2 |
Toronto Dominion Bank
Toronto, Ontario,
Ontario, Canada
|
-$8.69M |
| 3 |
XT
XTX Topco
George Town,
Cayman Islands
|
-$2.48M |
| 4 |
Jane Street
New York
|
-$2.29M |
| 5 |
Morgan Stanley
New York
|
-$2.29M |
MSDL Hedge Fund Activity: Q2 2026 in Review
141 of the 8,305 institutional investors tracked by Wall St. Rank reported a position in Morgan Stanley Direct Lending Fund (MSDL) for Q2 2026, worth a combined $585M — up 17% from $499M a quarter earlier.
Buyers outnumbered sellers: 25 funds opened new MSDL positions and 21 closed out — a net gain of 4 holders — while 49 added to existing stakes and 42 trimmed.
The largest buyer was Lunate Capital, opening a new position worth an estimated $16.7M. The largest seller was Rivernorth Capital Management, exiting entirely with an estimated $14.7M sold.
- 141 institutional investors held Morgan Stanley Direct Lending Fund (MSDL) as of Q2 2026, up from 139 in Q1 2026.
- Funds reported $585M of Morgan Stanley Direct Lending Fund stock for Q2 2026, up 17% quarter-over-quarter.
- 25 funds opened new Morgan Stanley Direct Lending Fund positions in Q2 2026 and 21 closed out, a net change of +4 holders.
- The largest Morgan Stanley Direct Lending Fund buyer in Q2 2026 was Lunate Capital, an estimated $16.7M added.
- The largest Morgan Stanley Direct Lending Fund seller in Q2 2026 was Rivernorth Capital Management, an estimated $14.7M sold.
Based on aggregated 13F filings for Q2 2026.