Invests across loans originated by more than 20 institutional lenders, with exposure to thousands of underlying borrowers. Quarterly repurchases at NAV, capped at 5% per quarter.

Expense ratio of 3.27% including borrowing costs. Minimum around $25,000.

One of the largest private credit vehicles available to individual investors. All distributions since inception have been funded from net investment income or realized gains, according to the fund.

Returns were soft recently: 1.7% in 2025 and 0.3% in Q2 2026.

The largest publicly traded business development company. Has paid dividends every year since its 2004 IPO, and can be bought or sold in any brokerage account.

Non-accrual loans around 1.2% of fair value in early 2026.

Focused on rental housing, industrial and data centers. NAV around $57 billion. Trailing 12-month net return of 10.3% as of mid-2026.

Limited redemptions for over a year in 2022 and 2023. Has met full redemption requests since early 2024.

Open to non-accredited investors with a $10 minimum. Results vary widely by fund: in 2025 the Flagship Fund returned 1.33% and the Income Fund returned 8.27%.

Suspended redemptions for its legacy eREITs from October 1, 2025.

The eighth fund closed at $15.2 billion in January 2023, one of the largest dedicated mezzanine vehicles ever raised. Targets mid to large-cap transactions.

Provides subordinated debt to private equity-backed companies in the lower middle market. One of the most active mezzanine providers in that segment from 2024 to 2026.

Mezzanine strategy within NewSpring’s private equity platform, financing growth, recapitalizations and acquisitions for lower middle market companies.

One of the oldest BDCs. Roughly 19% of its portfolio carries mezzanine-like characteristics by some classifications, making it a liquid way to get partial mezzanine exposure.

Raised over $2 billion with related vehicles, Castlelake’s largest aviation fund. Targets cash-flowing aircraft, sale-leasebacks and secured aviation debt. The firm has deployed over $21 billion in aviation since 2005.

Multi-strategy aviation manager covering aircraft and engines of all ages, new delivery financing and sale-leasebacks. Acquired Fly Leasing in 2021 through its fifth aviation fund.

Has raised 20 institutional oil and gas funds totaling about $33 billion and backed more than 240 upstream and midstream companies. Energy Capital Fund XII closed at its $5.25 billion hard cap.

Raised over $10 billion, including $5.25 billion for Quantum Energy Partners VIII and $2.8 billion for Quantum Capital Solutions II, a structured capital fund closer to mezzanine and preferred equity.

A long-standing natural resources investor that continued to attract new capital in 2025 despite a tight private equity fundraising market.

Fund III was the largest in the series, bringing the lending business to $1.5 billion in assets. The team has completed over 80 investments, mostly senior secured loans to precious and base metals miners.

Raised $701 million, plus $310 million in a follow-on Annex Fund. Pays miners upfront in exchange for a share of future production across precious, base and energy transition metals.

Orion Mine Finance Fund III raised $2.3 billion including co-investments, and the Orion Mineral Royalty Fund hit its $750 million hard cap. Uses debt, equity, royalties and streams.

Lends across about 100 niche strategies, including legal lending, film finance, music royalty advances, aircraft leasing, medical receivables and diamond lending. Net expense ratio of 2.12%.

Part of distributions may be a return of capital. The fund publishes a notice explaining the breakdown.

Invests in international and event-driven credit. Was the top-performing interval fund by a wide margin in a 2024 industry review.

Figure is from May 2024. Check current performance before relying on it.

Earns the premium paid to take on reinsurance risk. Usually returns a moderate single-digit amount, but returned 44.18% in 2023.

Returns depend on catastrophe losses, so results are lumpy rather than steady.