Data sourced from Dakota Private Markets, the private fund performance platform powered by Dakota. Learn More | Request Access
Dakota Private Markets recorded 47 private credit final closes totaling $123.8bn in Q2 2026, and the ten largest accounted for $88.8bn, about 72% of the total. Performance points the same way: median net IRR is 11.8% for 2022 funds, 10.8% for 2023 and 9.4% for 2024, ahead of most 2013 to 2021 vintages.
For investment firms raising private credit capital, the track record question has changed. Allocators compare quartile rank within a vintage, not headline returns. This post uses Dakota Marketplace data to show which funds sit in the top quartile, who raised the largest private credit funds in Q2 2026, and what allocators are testing now.
Top-Performing Funds by Net IRR
Fund-level net IRRs are rarely public, but Dakota Marketplace tracks performance for almost 15,000 funds across asset classes, which allows vintage-by-vintage comparison. Among the 2019 to 2024 vintages, median net IRR peaked at 11.8% for 2022, and the spread between top and bottom quartile widened sharply for 2024.
|
Vintage
|
Top quartile net IRR
|
Median net IRR
|
Bottom quartile net IRR
|
Median DPI
|
|
2024
|
15.0%
|
9.4%
|
5.2%
|
0.13x
|
|
2023
|
13.9%
|
10.8%
|
8.2%
|
0.10x
|
|
2022
|
14.8%
|
11.8%
|
9.5%
|
0.28x
|
|
2021
|
13.0%
|
9.9%
|
8.0%
|
0.34x
|
|
2020
|
11.7%
|
9.3%
|
7.9%
|
0.47x
|
|
2019
|
13.2%
|
10.2%
|
8.4%
|
0.59x
|
Source: Dakota Marketplace, Private Credit Benchmark Review Q2 2026, data through 1Q26.
The report names one top-quartile fund for each of the last five vintages, each ranked in the top quartile of net IRR for its own vintage as of 1Q26.
|
Fund
|
Manager
|
Vintage
|
Strategy
|
Net IRR
|
|
Balbec InSolve Global Credit Fund VI
|
Balbec
|
2023
|
Asset-based credit
|
22.8%
|
|
Oaktree Special Situations Fund III
|
Oaktree
|
2021
|
Special situations
|
22.0%
|
|
Backcast Credit Opportunities Fund II
|
Backcast
|
2022
|
Opportunistic credit
|
14.8%
|
|
KKR Lending Partners Europe II
|
KKR
|
2019
|
Direct lending
|
13.3%
|
|
Sixth Street TAO Partners (D)
|
Sixth Street
|
2020
|
Distressed debt
|
13.0%
|
Source: Dakota Marketplace, Private Credit Benchmark Review Q2 2026. These are illustrative top-quartile funds from Dakota's dataset, not a ranking of all managers.
Four of the five are not direct lending. Dakota's data shows special situations, mezzanine and opportunistic credit as the strongest sub-asset classes pooled across 2019 to 2023 vintages, with direct lending in a narrower range. Median DPI of 0.34x or lower for every vintage from 2021 onward also means most reported value has not yet been paid out.
Where the Strength Sits by Strategy
Dakota's benchmark data shows mandate flexibility mattering more than the sub-asset class label. Direct lending has stayed in a narrower, more compressed range, while funds that can move across the capital structure have had more room to generate excess return.
- Special situations: The most consistent outperformer across recent vintages, and the top sub-asset class on a pooled basis from 2019 through 2023.
- Mezzanine: One of the three strongest sub-asset classes from 2019 to 2023, roughly in line with special situations and ahead of direct lending and diversified strategies.
- Opportunistic credit: Also among the stronger groups from 2019 to 2023, with returns picking up in the 2022 and 2023 vintages.
- Asset-based credit: Steady rather than standout, tracking close to the broader market with less of a downside tail than programmatic corporate lending.
- CLO equity and structured credit: The softest results of any sub-asset class this quarter, with a wider negative tail among structured credit funds.
- Real estate debt: The weakest sub-asset class pooled from 2019 to 2023, lagging the benchmark across most vintages.
Dakota's report concludes that manager selection and underwriting discipline appear more determinative of outcomes than sub-asset class alone. For investment firms, that means showing quartile rank by vintage within your own strategy, not just the strategy's average.
Who Allocators Backed in Q2 2026
Capital raised shows which track records allocators are willing to commit to again. Dakota Marketplace's Q2 2026 private credit fundraising data lists 47 final closes totaling $123.8bn. These ten were the largest.
|
Rank
|
Fund
|
Manager
|
Strategy
|
Final close
|
Closed ($bn)
|
|
1
|
Bain Capital Global Direct Lending Fund
|
Bain Capital
|
Direct lending
|
19 May 2026
|
19.0
|
|
2
|
Crescent Direct Lending Fund IV
|
Crescent Capital Group
|
Direct lending
|
3 Jun 2026
|
10.8
|
|
3
|
Blackstone Capital Opportunities Fund V
|
Blackstone
|
Opportunistic credit
|
7 Apr 2026
|
10.0
|
|
4
|
Antares Senior Loan Fund III
|
Antares Capital
|
Direct lending
|
12 May 2026
|
8.5
|
|
5
|
Guggenheim Investments Private Debt Fund IV Guardian (U)
|
Guggenheim
|
Direct lending
|
2 Apr 2026
|
8.4
|
|
6
|
Ares Special Opportunities Fund III
|
Ares Management
|
Opportunistic credit
|
31 Mar 2026
|
8.3
|
|
7
|
Adams Street Private Credit Fund III-A
|
Adams Street Partners
|
Direct lending
|
13 Apr 2026
|
7.5
|
|
8
|
17Capital Credit Fund 2
|
17Capital
|
Structured credit
|
1 Apr 2026
|
7.5
|
|
9
|
Eurazeo Private Debt VII
|
Eurazeo
|
Direct lending
|
2 Jun 2026
|
4.5
|
|
10
|
Hunter Point Capital GPFS - NAV Lending (Onshore), L.P.
|
Hunter Point Capital
|
Direct lending
|
8 Jun 2026
|
4.3
|
Source: Dakota Marketplace, Q2 2026 private credit fundraising data. The ten closes total $88.8bn, about 72% of the quarter (Dakota calculation).
Direct lending took $67.5bn, or 54.5%, of the quarter's closes. Opportunistic credit was next at $23.3bn.
|
Sub-asset class
|
Closed ($bn)
|
Share of Q2 total
|
|
Direct lending
|
67.5
|
54.5%
|
|
Opportunistic credit
|
23.3
|
18.8%
|
|
Special situations
|
11.5
|
9.3%
|
|
Structured credit
|
9.2
|
7.4%
|
|
Asset-backed and securitized
|
4.0
|
3.3%
|
|
CLO
|
4.0
|
3.2%
|
|
Other (real estate debt, secondaries, litigation finance, mezzanine, lower middle market buyout)
|
4.2
|
3.4%
|
Source: Dakota Marketplace, Q2 2026 private credit fundraising data; totals and shares are Dakota calculations.
Repeat fundraising stands out. In Dakota's data from January 2025 to June 2026, Ares closed four of the 15 largest private credit funds: Ares Capital Europe VI (17.7bn) and Ares European Credit Strategies Fund X (17.6bn) in January 2025, Ares Credit Secondaries (7.1bn) in January 2026,and Ares Special Opportunities Fund III(8.3bn) in Q2 2026.
Track Records Under Stress
Dakota's benchmark data shows performance spreading out. The gap between top- and bottom-quartile net IRR widened from 3.9 points for 2020 funds to 9.8 points for 2024 funds, and the 2024 top decile sits at 33.4% against 0.0% for the bottom decile. Dakota cautions that early marks and a small reporting sample explain part of the 2024 spread.
Distributions lag reported value. Median DPI is 0.34x or lower for every vintage from 2021 onward, and 2021 funds report a median TVPI of 1.22x against that 0.34x DPI. The 2019 and 2020 vintages stand at 0.59x and 0.47x, against 1.20x to 1.58x for the fully realized 2004 to 2012 vintages, an unequal comparison given their age (Dakota Marketplace, Private Credit Benchmark Review Q2 2026).
The same report flags rising defaults and payment-in-kind usage this quarter, with CLO equity and structured credit the most exposed. Allocators are still committing: in Dakota's Q3 2026 Public Pension Allocations Report, private credit took 12.8bn, 19.9% of public pension commitments in the quarter, behind private equity (21.4bn, 33.5%) and real assets ($18.7bn, 29.1%).
For investment firms, the read-through is specific. With wider dispersion, allocators have more reason to ask where a fund ranks within its vintage, and with low DPI, they will ask how much value has been returned in cash.
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