About Muzinich & Co.

We are a global credit specialist across public and private markets.

Our advantage is based on our private ownership and sole focus on credit.

Our private ownership allows us to take a long-term partnership approach with our investors, unconstrained by the short-term thinking that so often dominates finance.

Our focus on credit means our interests are aligned with our investors; our mutual success relies on the quality of our credit analysis and selection.

Public Markets

US$34.9bn

AUM

Private Markets

US$7.0bn

AUM

Our Story

Introducing

The Proposed Muzinich Public BDC Income Strategy

Challenge Many investors seek income and exposure to private credit, but traditional implementation routes can involve long lock-ups, slower capital deployment and operational complexity. Investors increasingly want more flexible ways to access middle-market private credit opportunities.
Solution The Muzinich Public BDC Income Strategy provides actively managed exposure to publicly listed U.S. Business Development Companies (BDCs), offering a more liquid route into diversified middle-market private credit through exchange-listed securities.

Key Characteristics

Invests primarily in publicly listed U.S. BDC equities providing exposure to middle-market private credit.

Actively managed using bottom-up fundamental research and look-through credit analysis.

Focuses on selective exposure rather than owning the broader listed BDC universe indiscriminately.

Targets high income potential through an asset class designed around pass-through income distribution.

Diversified across BDC managers, sectors and underlying borrower exposures.
Supported by Muzinich’s broader public and private credit platform and long track record in the strategy.

Why the Muzinich Public BDC Income Strategy?

Provides a more liquid and transparent route into U.S. middle-market private credit through listed securities, avoiding the operational complexity and lock-up structures of traditional drawdown funds.
Combines active selection, look-through credit analysis and valuation discipline to identify higher-quality BDCs with more resilient portfolios and potential for attractive risk-reward characteristics.

Why Now?

Many investors continue to seek income-oriented allocations while also prioritising flexibility and faster deployment than traditional private debt structures can provide. At the same time, dispersion across the listed BDC market creates opportunities for active managers to differentiate between management quality, portfolio resilience and valuation outcomes.

Capital at risk. The value of investments and the income from them may fall as well as rise and is not guaranteed. Investors may not get back the full amount invested.

AUM Data as of March 31, 2026.

Portfolio Management

Photo of Ji He Ji He Portfolio Manager - BDC Funds

Opinions

Podcast | June 11, 2026

The ABC of BDCs

Business Development Companies (BDCs) offer a distinctive way to access U.S. middle-market private credit through publicly traded securities, combining exposure to private lending markets with the transparency and liquidity characteristics of listed vehicles. Please click to listen to our latest Muzinich Podcast with Ji He Portfolio Manager for our BDC Strategies where she discusses the ABC of BDCs.

Learn More

Opinions

Insight | May 28, 2026

Paid to wait: double-digit income at a discount in BDCs

Market volatility has created a compelling entry point in Business Development Companies (BDCs), where discounted valuations and resilient fundamentals offer liquid access to private credit, although selective, active allocation remains critical argues Ji He.

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Opinions

Insight | August 4, 2025

A public path to private credit: The case for BDC equities

Business development companies offer insurers a liquid entry point to private credit. Ji He, Lloyd Ayer and Marcus VanBerkel explore how even a modest allocation can potentially boost income and reduce correlation risk.

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Enhance Your Perspectives on Credit Markets

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Contact Us

For more information about this strategy.

Photo of Hugo Wheeler Hugo Wheeler Country Manager, UK & Ireland hwheeler@muzinich.com
Photo of Lottie Scott-Bowden Lottie Scott-Bowden Associate Director, Marketing & Client Relations lscottbowden@muzinich.com
Photo of Sean Walter Sean Walter Associate Director, Marketing & Client Relations swalter@muzinich.com

Descriptions of, or references or access to other publications do not imply endorsement of those publications. The award mentioned above may not represent investor experience with Muzinich or Muzinich funds or services, nor does it constitute a recommendation of Muzinich & Co or its services. To see full disclaimer, please click here.

Muzinich Public BDC Income

Important Information

FOR PROFESSIONAL CLIENTS ONLY.

This is a marketing communication

The Muzinich Public BDC Income Strategy that has not yet been launched and so all characteristics, timelines and objectives are subject to change and there can be no guarantee that they will be achieved or followed. This document is for informational purposes only and does not constitute an offer or solicitation of an offer, or any advice or recommendation, to purchase any securities or other financial instruments, and may not be construed as such.  To the extent any strategy described herein is offered in a pooled vehicle, interests in the pooled vehicle will be offered only through its offering documents, which would describe the vehicle’s investment strategy and risks of investment in more detail. To the extent any such strategy is offered in a separately managed account, the exact investment guidelines and restrictions would be included in an investment management agreement. The material in this presentation is directed only at entities or persons in jurisdictions or countries where access to and use of this information is not contrary to local laws or regulations.

Muzinich & Co.", “Muzinich” and/or the "Firm" referenced herein is defined as Muzinich & Co. Inc. and its affiliates. This material has been produced for information purposes only and as such the views contained herein are not to be taken as investment advice. Opinions are as of date of publication and are subject to change without reference or notification to you. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. The value of investments and the income from them may fall as well as rise and is not guaranteed and investors may not get back the full amount invested. Rates of exchange may cause the value of investments to rise or fall. Emerging Markets may be more risky than more developed markets for a variety of reasons, including but not limited to, increased political, social and economic instability, heightened pricing volatility and reduced market liquidity.

Any research in this document has been obtained and may have been acted on by Muzinich for its own purpose. The results of such research are being made available for information purposes and no assurances are made as to their accuracy. Opinions and statements of financial market trends that are based on market conditions constitute our judgment and this judgment may prove to be wrong. The views and opinions expressed should not be construed as an offer to buy or sell or invitation to engage in any investment activity, they are for information purposes only.

Issued in the European Union by Muzinich & Co. (Ireland) Limited, which is authorized and regulated by the Central Bank of Ireland. Registered in Ireland, Company Registration No. 307511. Registered address: 32 Molesworth Street, Dublin 2, D02 Y512, Ireland. Issued in Switzerland by Muzinich & Co. (Switzerland) AG. Registered in Switzerland No. CHE-389.422.108. Registered address: Tödistrasse 5, 8002 Zurich, Switzerland. Issued in Singapore and Hong Kong by Muzinich & Co. (Singapore) Pte. Limited, which is licensed and regulated by the Monetary Authority of Singapore. Registered in Singapore No. 201624477K. Registered address: 6 Battery Road, #26-05, Singapore, 049909. Issued in all other jurisdictions (excluding the U.S.) by Muzinich & Co. Limited. which is authorized and regulated by the Financial Conduct Authority. Registered in England and Wales No. 3852444. Registered address: 8 Hanover Street, London W1S 1YQ, United Kingdom. 2026-06-01-18605

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