"[A] wide range of private credit opportunities [is] now available to plan sponsors. As these opportunities have expanded, private direct lending (DL) strategies have gained significant traction, providing a stable foundation to private credit programs. Plan sponsors can also access the private loan market through public business development companies (BDCs). BDCs have a comparable underlying strategy to private DL funds, but with important differences. Understanding the key characteristics of both can better enable plan sponsors to choose the strategy best suited to their portfolio."

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