Carlyle Direct Lending

I work at CG in the DC office. While I'm not at liberty to disclose specifics, our DL team is rock-solid. You're correct about the BDC ratio, they're not my subset but IIRC we hold around 85% of our bucket in private groups, usually hovering within the $100m-$1b valuation range. The one thing about DL (from an activity standpoint, per your question) is that activity is usually pretty predictable and stagnant simply due to the low volatility rating of said groups - we're obviously not looking to split shares on a minutes market. If I had to guess (again, this isn't really my department), we usually raise through a lower fixed-rate (maybe 300-400bps?) or other bonds. IPOs exceptionally rare, but third basis. Run-of-the-mill stuff, but on a grander scale than you'd get at any regular MM/UMM. I'm not sure of the total insweep and size for actual numbers, but if I did, I couldn't really share - no hard feelings!

I will touch that I know several guys over on the direct lending & global credit side of things, and they're an exceptionally solid team to work for. Comp is a smidgen below what you'd get at KKR, but hey - we're Carlyle, we've been underpaying people for years! If you're willing to take a small haircut on a bonus, I can personally attest that you'll meet some fantastic people and I do love the culture here. Just my personal take. Best of luck.