The same companies sit in dozens of private credit funds

Of 26,205 companies held by 342 funds, 536 are each held by 10 or more. We map how much of each credit fund sits in those names, and how often funds from different managers hold the same companies.

Concentration · 6 October 2026 · 6 min read · Data as of 6 October 2026

Key findings

Of 26,205 companies held by 342 funds, 536 are each held by 10 or more funds, and one is held by 41. These counts are floors.
In 264 credit funds, the median fund holds 5.7% of its book in those widely held companies; in 70 funds the share is a quarter or more.
889 pairs of credit funds run by different manager families each have at least 5% of their books in the same companies; 113 of the 264 credit funds have at least one such peer.

Why it matters for advisors

Holding two semi-liquid or conditional liquidity alternatives does not always mean holding two different sets of borrowers. Funds from different managers often lend to the same companies, through club deals and syndicated loans. When an investor owns several credit funds, a problem at one widely held company can reach the portfolio more than once.

None of this is a fault in any fund. Shared borrowers are how much of private credit is financed. It is worth knowing which companies an investor holds several times over.

A few hundred companies are everywhere

We counted, for every company in the latest holdings of 342 funds, how many funds hold it. Most companies appear once: 18,930 of 26,205 are held by a single fund. But a long tail spreads widely: 536 companies are each held by 10 or more funds, and 85 by 20 or more.

Companies by the number of funds holding them

	companies
1 fund	18,930
2 to 4	5,481
5 to 9	1,258
10 to 19	451
20 or more	85

Log scale. A floor: if one company appears under two names, it counts as two companies held by fewer funds each.

The most widely held, iCIMS, Inc., appears in 41 funds that together hold $860 million of it. By the filings’ own industry labels, the most widely held names are mostly in software, insurance and professional services. The 20 most widely held account for $16.6 billion of fair value across the funds that hold them, and across every fund, 22% of the fair value held in operating companies sits in companies that 10 or more funds also hold.

The 20 most widely held companies

Company	funds	Fair value held
iCIMS, Inc.	41	$860M
Integrity Marketing Acquisition, LLC	38	$1,768M
Galway Borrower LLC	36	$970M
MRI Software LLC	35	$1,185M
Minerva Holdco, Inc.	35	$1,010M
Flexera Software LLC	32	$1,624M
OEConnection LLC	32	$723M
Artifact Bidco, Inc.	32	$436M
DISCOVERY GLOBAL HOLDINGS INC	32	$202M
Jeppesen Holdings, LLC	31	$1,169M
Higginbotham Insurance Agency, Inc.	31	$640M
Icefall Parent, Inc.	31	$524M
Acrisure, LLC	31	$247M
TransDigm Inc	31	$216M
Diligent Corporation	30	$688M
Radwell Parent, LLC	30	$581M
Denali Intermediate Holdings, Inc.	29	$1,220M
Coupa Holdings, LLC	29	$686M
Wealth Enhancement Group, LLC	29	$477M
Crewline Buyer, Inc.	28	$1,339M

Funds holding each company, and the combined fair value they hold.

For each of the 264 credit funds, we measured the share of its book in companies held by 10 or more funds. The median is 5.7%, but the range is wide: 87 funds hold none of these companies, 70 hold a quarter of their book or more, and 18 hold half or more. BDCs have higher shares (a median of 7.7% across 167) than interval credit funds (2.2% across 90).

Credit funds by the share of their book in widely held companies

Median 5.7%.

Range	Count (credit funds)
0% to 5%	129
5% to 10%	21
10% to 15%	16
15% to 20%	16
20% to 25%	12
25% to 30%	15
30% to 35%	10
35% to 40%	14
40% to 45%	6
45% to 50%	7
50% to 55%	4
55% to 60%	4
60% to 65%	4
65% to 70%	2
70% to 75%	3
75% to 80%	0
80% to 85%	0
85% to 90%	0
90% to 95%	0
95% to 100%	1

Widely held = held by 10 or more funds. Operating-company holdings at fair value, latest filing.

The result depends on where “widely held” starts. Counting companies held by 5 or more funds, the median share rises to 18.9%; at 20 or more, it falls to 1.2%. The pattern holds; the level moves with the definition.

Different managers, the same borrowers

We compared every pair of credit funds on the Terminal’s overlap measure: the share of both books that is literally the same companies. A material overlap is 5% or more of the book and at least 5 companies in common, the Terminal’s own test. Of 34,716 possible pairs, 1,065 pass. 154 are funds from the same manager family, with a median of 35% in common, as expected when a manager runs funds side by side.

The other 889 pairs are funds from different manager families. Their overlaps are smaller (a median of 7.1%) but common: 113 credit funds have at least one such peer, and a median of 13 each. The largest cross-manager overlaps, between 26% and 30%, are among funds that hold broadly syndicated senior loans, which draw on the same pool of large, traded loans.

Pairs of credit funds from different manager families, by overlap

Median 7.1%.

Range	Count (pairs)
5% to 7.5%	501
7.5% to 10%	233
10% to 12.5%	90
12.5% to 15%	43
15% to 17.5%	7
17.5% to 20%	10
20% to 22.5%	1
22.5% to 25%	0
25% to 27.5%	2
27.5% to 30%	2
30% to 32.5%	0
32.5% to 35%	0
35% to 37.5%	0
37.5% to 40%	0
40% to 42.5%	0
42.5% to 45%	0
45% to 47.5%	0
47.5% to 50%	0
50% to 52.5%	0
52.5% to 55%	0
55% to 57.5%	0
57.5% or more	0

Pairs passing the Terminal’s test: 5% or more of the book and 5 or more shared companies.

Method and coverage

Source: each fund’s latest holdings filing (N-PORT for interval and tender funds, the schedule of investments in the 10-Q for BDCs), dated 29 May to 31 July 2026, part of a database built from hundreds of thousands of filings.

Universe: 396 covered funds with holdings, excluding funds not yet launched or terminated; 342 hold operating companies; 264 are credit funds (BDCs, and interval and tender funds with a credit strategy).

Companies: holdings are matched to companies by Kesta’s borrower resolution. A fund holds a company if it holds any position in it (loan, bond or equity). Money-market sweeps, Treasuries, agencies, municipal and sovereign debt, asset-backed securities, derivatives, other funds, and CLO and structured shelves are excluded: 16% of the fair value in the books.

Overlap: for two funds, the sum over the companies both hold of the smaller of the two weights (each company’s share of the fund’s operating-company book). Material = 5% and 5 companies, the Terminal’s test.

Manager families come from Kesta’s manager records. Four related sponsors filed under different families are counted as related (5 pairs); 17 pairs involving funds with no manager on file are left out of both groups.

Every figure was reproduced two ways, in Python from the holdings extract and by independent SQL in the database, with identical results.

Limitations

The counts are floors: a company that appears under two names has its fund count split in two. Resolution covers a median of 100% of each book by value (94.5% at the 10th percentile), but aliases remain.

Company level, not instrument level: a first-lien loan and an equity stake in the same company both count as holding it, though their risks differ. BDC filings label instruments too inconsistently to separate them reliably.

A snapshot: holdings move every quarter, and the filings are up to two months apart.

Overlap is not loss. This note measures who holds what; it does not estimate how a problem at one company would affect any fund, or say any fund holds too much of any company.

Data in this note: 342 funds’ latest holdings

Informational only, not investment advice. Built from the funds’ own SEC filings.