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Story summary
- The U.S. Securities and Exchange Commission approved an exemptive order in February 2020 that let business-development companies offer multiple share classes.
- After the exemption, private-credit BDCs raised $152 billion (versus $35 billion 2013-2020) and their fair-value portfolio grew to $393 billion from $21.5 billion.
- Advisors have earned at least $796 million in commission-bearing fees since March 2020, with Business Insider estimating over $315 million from Blue Owl’s ratio on $106 billion of holdings.
