Allocators hold 3–5 private credit funds and assume they're diversified. They're not. We analyzed 14,117 positions across 68 BDCs and interval funds. 847 borrowers sit in multiple portfolios. 73 are in five or more. EYPWAM is the look-through layer that shows where the concentration actually sits.
| Borrower | Funds | Sector |
|---|
14,117 positions. 68 funds. Every number sourced from SEC filings.
Companies appearing in the most fund portfolios simultaneously.
847 borrowers sit in multiple fund portfolios. A single default in a crowded name hits every fund that holds it. We map the overlaps at the position level so you see the exposure before it surfaces.
Finastra sits in 18 portfolios. Three of those funds are gated. That's not isolated risk — it's contagion. We flag crowded borrowers trapped in stressed vehicles so you can trace the path before it reaches your book.
$4.6B in capital is trapped behind gates today. We track which funds are capping redemptions, which queues are growing, and which tender offers are falling short — updated weekly from fund disclosures.
See which borrowers appear across your fund allocations. Fund-to-fund heatmaps and 7-dimension diversification scoring — built from actual portfolio holdings, not fund-level summaries.
Gates, queues, and fulfillment rates across every non-traded fund. See which vehicles are capping redemptions, where capital is stuck, and where stress is building.
200+ borrowers held by multiple funds, ranked by crowding. Flagged automatically when they sit in stressed or gated vehicles.
Side-by-side fund comparison across 15+ risk metrics. Look through combined portfolios to see true sector and borrower concentration at the position level.
Hover any metric below. This is what you see on every data point in the platform.
0.4%
14.5%
70%
1.12x
9.3%
9.7%
We analyze the actual holdings across all 68 funds — 14,117 positions normalized and cross-referenced. Not fund-level summaries. Not marketing materials. The real portfolio.
Every data point carries a source tier. SEC filings, Bloomberg, analyst estimates, and derived calculations are visually distinct. You always know what you're looking at and where it came from.
Weekly tracking of gates, queues, and wind-downs across every fund in the universe. See where capital is trapped before the next tender window closes.
We don't manage capital. We don't take fees from funds we cover. Every data point comes from public filings and observable data. That independence is the product.
The data exists in SEC filings. Building the infrastructure to extract, normalize, and cross-reference it doesn't.
Extracting portfolio schedules from 68 SEC filings, normalizing borrower names across different reporting conventions, and mapping them into a single queryable dataset. That's the work. We did it so you don't have to.
Cross-referencing every position against every other fund's portfolio to surface true overlap. Not approximate. Not keyword-matched. Verified at the entity level across every fund in the universe.
Redemption gates change weekly. Tender offers get announced with 30-day windows. Risk scoring updates as new filings hit EDGAR. Static spreadsheets can't keep up. A live platform can.
Pre-allocation diligence and ongoing surveillance. See exactly where fund commitments overlap before the next capital call — not after.
Show clients exactly what they own across non-traded BDCs and interval funds. Source-labeled data you can put in front of a client in a review meeting.
Primary-source data, comparable benchmarks, and risk scoring across the full BDC and interval fund universe. Built for the analyst workflow.
Track concentrated private credit exposures with weekly gate and redemption data. Direct from filings, not secondhand summaries or consultant decks.
Aggregate exposure monitoring across private credit risk factors. Redemption pressure, leverage headroom, and non-accrual trends — all in one view, all sourced.
Three workflows. Real users. Real output.
Add 5 funds to Allocator Studio. Set target allocations. Run overlap analysis before committing capital.
37% overlap score. 42 borrowers shared across 3+ funds. Software sector at 28% — concentrated above diversification threshold.
Exportable sleeve report with overlap scores, concentration flags, and lower-overlap fund alternatives ranked by contribution.
Pull up current fund holdings in the overlap engine. Compare 3 existing commitments to see where the same borrowers appear.
Finastra, Athenahealth, and Cotiviti appear in all three funds. Combined fair value exposure: $85M to three borrowers alone.
Borrower-level overlap table, sector concentration heatmap, and a list of crowded names flagged for single-default contagion risk.
Monitor 12 funds weekly in the fund monitor. Track non-accrual trends, leverage changes, and gate status across the portfolio.
Fund X non-accruals jumped from 1.2% to 3.1%. Fund Y gated at 5% this quarter. Two crowded borrowers appear in both.
Source-labeled risk data exportable for client reports. Tier-tagged metrics with filing dates. Audit-ready data trail.
68 US BDCs & Interval Funds — ~$414B Combined AUM
Sector-level risk intelligence across 68 private credit funds. $414B+ in combined assets. Updated weekly from SEC filings.
The Overlap Engine scores how similar your funds are across 7 risk dimensions.
Lower overlap = better diversification.
BCRED ($82B) × OTF ($14.7B) × ARCC ($31B) — select your own funds above to run a custom analysis
Analysis based on SEC N-PORT filings (Q4 2025), 10-K filings (Feb 2026), and fund tender offer disclosures. Overlap scores weight borrower similarity (25%), sector correlation (20%), strategy alignment (15%), and 4 additional dimensions.
| Identification | Credit Quality | Leverage & Liquidity | Redemption & Watch Signals | Yield & Valuation | ★ | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| # | Fund | AUM ($B) | Type | Non-Accrual % | PIK Income % | Software/Tech % | Risk Rating | D/E | Reg. Headroom | Avail. Liq ($B) | Liq/AUM % | Redemption Rate | Redemption Cap | Gate Status | Q1 Commentary | Q2 Watch Signal | Div Yield | Price/NAV | NAV/Share | ★ | |
| Fund | Company | Sector | Security Type | Positions | Par/Shares | Fair Value ($) | Notes |
|---|
Key market indicators framing the private credit environment \u2014 updated weekly
IG and HY OAS trends \u2014 basis points
Trailing 12-month rates by source \u2014 quarterly
Aggregate BDC unsecured debt maturing \u2014 $B
Quarterly redemption requests vs. fulfillment \u2014 top 6 non-traded funds
YTD price change for major private credit sponsors
| Manager | Ticker | YTD Change | From Peak |
|---|---|---|---|
| Blue Owl Capital | OWL | -53.7% | -58% |
| Ares Management | ARES | -45.0% | -48% |
| Blackstone | BX | -44.0% | -46% |
| KKR & Co | KKR | -42.0% | -45% |
| Apollo Global | APO | -28.0% | -32% |
| Golub Capital BDC | GBDC | -18.5% | -22% |
| Main Street Capital | MAIN | -12.3% | -16% |
68-fund universe by risk rating and AUM concentration
Current yield comparison across major income-producing asset classes
Sources: EYPWAM universe avg, Cliffwater CWBDC Index, ICE BofA HY Index, S&P/LSTA Loan Index, NAREIT, Bloomberg Muni Index, US Treasury 10Y. As of April 2026.
Sources: Bloomberg, Fitch Ratings, Moody's, Morgan Stanley Research, Stanger & Co., SEC EDGAR, EYPWAM analysis. Credit spread data as of March 21, 2026. Default rate forecasts reflect published research estimates. BDC maturity data from Raymond James, PitchBook.
Each fund is assessed using a weighted composite of six quantitative and qualitative factors. Sub-metrics within each factor are scored on a 0-100 scale. The composite score maps to five rating levels. Ratings reflect the quantitative framework output. Any manual adjustment for binary events (e.g., a fund announcing permanent closure) is documented and labeled.
Measures intensity of investor withdrawal activity relative to fund capacity.
Assesses debt-to-equity ratio relative to regulatory maximums and covenant cushion.
Evaluates portfolio health through non-accrual rates and PIK concentration.
Measures exposure to sector and company-level risks.
Assesses access to capital and ability to meet obligations.
For traded BDCs, tracks market's risk assessment versus NAV.
| Score Range | Rating | Interpretation |
|---|---|---|
| 76-100 | CRITICAL | Imminent liquidity event, active gating, or structural impairment |
| 56-75 | HIGH | Elevated probability of liquidity stress within 1-2 quarters |
| 36-55 | ELEVATED | Emerging risk factors warranting enhanced monitoring |
| 16-35 | MODERATE | Manageable risk profile under current conditions |
| 0-15 | LOW | Strong liquidity, conservative leverage, clean credit quality |
Tier 1 (Filed): Data sourced from SEC 10-K, 10-Q, and 8-K filings. Displayed without indicator.
Tier 2 (Estimated): Analyst estimates or management guidance. Marked with superscript "E" and displayed in amber.
Tier 3 (Pending): Data not yet available or awaiting disclosure. Displayed as gray dash (\u2014).
This is an analytical framework, not an investment recommendation. Users should conduct independent due diligence before making allocation decisions. All ratings are point-in-time assessments and subject to rapid change in volatile markets.
Select 2-5 funds and analyze combined exposure, overlap, diversification, and concentration risk
Use Portfolio X-Ray for full portfolio analysis, or select funds below.
Select 2+ funds to analyze
Select 2-5 funds to compare side-by-side and discover the key differences that drive portfolio outcomes
Track and monitor your fund positions. Click the star icon on any fund in the Monitor tab to add it here.
Go to the Monitor tab and click the ★ star icon next to any fund to start tracking it here.
Redemption pressure, queue depth, and capital flow intelligence across the private credit universe.
| Fund | Type | Redemption Rate | Redemption Cap | Unfulfilled % | Gate Status | AUM ($B) | Liq/AUM | Flow Signal |
|---|
Build a private credit sleeve. Surface the hidden overlap. See what you actually own.
Select 2+ funds and click Re-Analyze to see exposure look-through.
Select 2+ funds and click Re-Analyze to see risk profile.
Select 2+ funds and click Re-Analyze to see liquidity profile.