As demand for private credit has grown over the past five years, so too has the availability of offerings such as the US Business Development Companies (BDCs). Decades of bank retrenchment, tighter regulation and the secular decline in listed companies have shifted lending into private channels, while higher rates have reinforced the appeal of floating-rate, income-generating exposures. This structural rewiring of credit markets is reshaping the medium-term investment landscape. The return outlook for BDCs sits in the 8–13% range, driven primarily by base rates, credit s...