MORGAN STANLEY DIRECT LENDING FUND
About MSDL
Morgan Stanley Direct Lending Fund (NYSE: MSDL) is a business development company (BDC), with the objective to achieve attractive risk-adjusted returns by investing primarily in directly originated senior secured term loans issued by U.S. middle market companies. We are externally managed by MS Capital Partners Adviser Inc. (the “Adviser”), an indirect, wholly owned and consolidated subsidiary of Morgan Stanley. We are not a subsidiary of or consolidated with Morgan Stanley.
Our Adviser
Our Adviser, an indirect wholly owned subsidiary of Morgan Stanley, was established in 2007 and serves as the investment adviser for various funds, accounts and strategies, including the funds and accounts on the Morgan Stanley Private Credit ("MSPC") platform. MSPC was launched in 2010 and includes dedicated Direct Lending, Opportunistic Credit, and Tactical Value investing strategies targeting different credit products, asset yields and issuer sizes in the Americas, Europe, and Globally.
Morgan Stanley (the "Firm”), the parent of our Adviser, is a global financial services firm with a significant market position in each of its business divisions—Institutional Securities (“ISG”), Wealth Management (“WM”) and Morgan Stanley Investment Management (“IM”). We are not a subsidiary of or consolidated with Morgan Stanley and Morgan Stanley does not guarantee any of our financial obligations.
Our Competitive Advantages
We believe we are able to execute on our investment objective and achieve attractive risk-adjusted returns as a result of our competitive strengths. In addition to the Adviser’s relationships with middle-market private equity firms, the Firm has relationships with many middle-market private equity firms and middle-market companies that may provide significant investment opportunities. MSPC is the primary private credit investment management platform of the Firm.
 Ability to leverage Morgan Stanley’s relationships and network |  Highly differentiated deal sourcing advantages |
 Distinctive approach to credit investing and due diligence |  Experienced and accomplished investment team & investment committee |
Investment Strategy
Our primary investment strategy is to make privately negotiated senior secured credit investments in U.S. middle-market companies that have leading market positions, enjoy high barriers to entry, generate strong and stable free cash flow and are led by a proven management team with strong financial sponsor backing.
Our Adviser employs a highly rigorous, fundamentals-driven and disciplined investment process developed and refined by the investment professionals of MSPC (collectively, the "Investment Team"). The Investment Team works on a particular transaction from origination to close and continues to monitor each investment throughout its life cycle.
We invest primarily in companies backed by leading private equity sponsors with strong track records. We believe lending to sponsor-backed companies (versus non-sponsor-backed companies) has many distinct potential advantages.
We have created what we believe is a defensive portfolio of investments focusing on generally avoiding issuer or industry concentration in order to mitigate risk and achieve our investment objective. Our investment strategy is predicated on seeking to lend to companies in what we believe to be non-cyclical industry sectors.
Past performance is not indicative of future results. All information provided herein is as of September 30, 2024 unless stated otherwise and is subject to change. The information presented above should be read in conjunction with the most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K. The information herein is qualified in its entirety by the information set forth therein.
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