Morgan Stanley Direct Lending Fund | Holdings


Holdings Composition1

We have created what we believe is a large, defensive portfolio of investments generally avoiding borrower and industry concentration. We are focused on originating floating rate, first lien loans to borrowers backed by private equity sponsors.



Diversified Industry Exposure

Insurance Services 15.1%
Software 14.8%
Commercial Services & Supplies 9.3%
IT Services 8.6%
Real Estate Management & Development 5.1%
Automobiles 4.8%
Health Care Providers & Services 4.1%
Professional Services 3.7%
Diversified Consumer Services 3.4%
Automobile Components 3.4%
Other (21 industries) 27.7%

Asset Mix

First Lien Loans 94.6%
Second Lien Loans 3.6%
Equity 1.8%

Borrower Concentration

Integrity Marketing Acquisition, LLC 2.7%
GS AcquisitionCo, Inc. 2.3%
Turbo Buyer, Inc. 2.2%
VRC Companies, LLC 2.2%
World Insurance Assocciates, LLC 2.0%
Patriot Growth Insurance Services, LLC 1.9%
MRI Software, LLC 1.8%
Summit Buyer, LLC 1.6%
Foundation Risk Partners Corp. 1.6%
High Street Buyer, Inc. 1.5%
Other (178 Borrowers) 80.2%

1 Measured as percent of total fair value of debt investments as of March 31, 2024.


Past performance is not indicative of future results. All information provided herein is as of March 31, 2024 unless stated otherwise and is subject to change. The information presented above should be read in conjunction with the most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K. The information herein is qualified in its entirety by the information set forth therein.

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