Direct Equity Index
Direct equity co-investments and minority stakes in private companies, held by registered closed-end vehicles.
Returns reflect price appreciation only. Dividend income is not included except for preferred equity positions where the stated rate is disclosed.
Index Level
147.20
QoQ Return
+0.9%
Trailing 12M
+4.0%
Since Inception
+6.4%
Index Holdings
2,481
Unique Companies
2,110
Quarterly Returns
Concentration
By Manager
Ares17.0%Partners Group15.5%Blue Owl11.9%Cliffwater7.7%APOLLO DIVERSIFIED REAL ESTATE FUND7.7%FS KKR5.4%Main Street Capital4.8%Prospect Capital4.2%KKR3.3%Coller3.3%Other19.1%
By Company
Top 1%22.1%Top 1-5%29.5%Top 5-10%15.8%Top 10-20%15.5%Top 20-50%14.4%Top 50-100%2.7%
By Holding
Top 1%22.5%Top 1-5%30.9%Top 5-10%15.6%Top 10-20%14.8%Top 20-50%13.6%Top 50-100%2.5%
Asset Category Breakdown
Common Equity71.9% (1,902 constituent holdings)
Preferred Equity28.1% (579 constituent holdings)
Largest 20 Holdings
| Issuer | Category | Fair Value | Vehicle | Return |
|---|---|---|---|---|
| Wingspire Capital Holdings LLC, Specialty finance equity investment | Common | $607,284,000 | Blue Owl Capital Corp | +1.5% |
| Tango Holdings LLC, Class A Units | Common | $526,684,000 | Ares Core Infrastructure Fund | +10.6% |
| First Tower Finance Company LLC | Common | $451,684,000 | PROSPECT CAPITAL CORP | +21.0% |
| Fifth Season Investments LLC, Specialty finance equity investment | Common | $403,170,000 | Blue Owl Capital Corp | +1.3% |
| athenahealth Inc, Preferred Stock | Preferred | $383,700,000 | FS KKR Capital Corp | +0.9% |
| Fifth Season Investments LLC, Specialty finance equity investment | Common | $344,960,000 | Blue Owl Credit Income Corp. | +0.2% |
| Unit4 | Common | $325,962,388 | Partners Group Private Equity Fund, LLC | +2.9% |
| KKR Institutional Middle Market Fund / | Common | $306,281,103 | Cliffwater Corporate Lending Fund | +26.6% |
| AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, Series A preferred stock | Preferred | $301,200,000 | ARES CAPITAL CORP | +2.7% |
| CBRE U.S. Logistics Partners, L.P. | Common | $282,412,404 | APOLLO DIVERSIFIED REAL ESTATE FUND | +0.2% |
| OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC) | Common | $280,331,000 | Blue Owl Credit Income Corp. | -2.6% |
| National Property REIT Corp. | Common | $266,219,000 | PROSPECT CAPITAL CORP | -14.7% |
| MSC Adviser I, LLC | Common | $255,020,000 | Main Street Capital CORP | +0.9% |
| Metis HoldCo, Inc. (dba Mavis Tire Express Services) | Preferred | $251,546,000 | Blue Owl Capital Corp | +6.8% |
| Starfish Intermediate, Inc. | Preferred | $240,508,894 | Partners Group Private Equity Fund, LLC | -1.1% |
| Cortland Growth and Income Fund, L.P. | Common | $240,361,911 | APOLLO DIVERSIFIED REAL ESTATE FUND | -0.8% |
| Valley Electric Company, Inc. | Common | $233,330,000 | PROSPECT CAPITAL CORP | -6.3% |
| Apex Clean Energy TopCo, LLC, Class A common units | Common | $225,800,000 | ARES CAPITAL CORP | +0.4% |
| Green DC LuxCo sarl | Common | $222,486,296 | Partners Group Private Equity Fund, LLC | +14.2% |
| Meade Pipeline Co LLC | Common | $214,956,000 | Ares Core Infrastructure Fund | +6.0% |