Investors are dumping publicly traded private credit funds as they take losses on bad loans and concerns intensify that AI will wreak havoc on the software companies they have financed.
The vehicles, known as business development companies, are trading at 82 per cent of their asset value, their biggest discount since late 2022 and a sign that investors believe the funds will face further pain, according to FT calculations based on the S&P BDC index.
The slide in value of these BDCs, which changed hands above 100 cents on the dollar last September, has cast a shadow on the broader $2tn private credit industry, adding to pressure on unlisted private credit funds that are facing an uptick in redemptions.
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