Morgan Stanley Direct Lending Fund

Listed on the New York Stock Exchange only in early 2024, Morgan Stanley Direct Lending Fund gives public investors access to the private-credit business the bank had been building for institutions. It is a business development company managed by a Morgan Stanley affiliate, and it concentrates on senior secured term loans it originates directly for middle-market companies, generally those with $15 million to $200 million of EBITDA. These are private borrowers that increasingly turn to funds like this one instead of syndicated bank debt. The fund's return comes mostly from interest income, much of it floating-rate, which it passes through as dividends. Its appeal rests on Morgan Stanley's origination reach and underwriting, and its risk is the one facing every direct lender: what happens to those loans if mid-sized borrowers stumble in a downturn.

On MyRWA, MSDL trades tokenized across 1 on-chain venue - see the listings below.