Bain Capital BDC Adds $50M to Goldman-Led Revolver as Tender Window Nears

Bain Capital Private Credit has increased the borrowing capacity under its Goldman Sachs-administered revolving credit facility by $50 million, expanding the line to $250 million through an accordion feature built into the original 2023 agreement, the fund disclosed Tuesday.

The draw, executed through a new commitment request submitted by the fund’s special-purpose borrowing subsidiary, raises aggregate lender commitments from $200 million to $250 million. Goldman Sachs Bank USA serves as administrative agent and lender on the facility.

The expansion is distinct from a separate capital raise registration the fund disclosed earlier in May, when it tripled its publicly registered offering capacity to $3 billion. Where that move raised the ceiling on equity the fund can accept from investors, Tuesday’s accordion draw expands the debt the fund can deploy on the other side of its balance sheet – the leverage it uses to amplify portfolio returns.

As of March 31, 2026, the fund reported aggregate net asset value of $1 billion, a portfolio fair value of $1.8 billion, and principal debt outstanding of $1.048 billion, reflecting a debt-to-equity ratio of approximately 1.04x. The $50 million addition represents a roughly 4.8% increase in the fund’s existing debt capacity and would push leverage incrementally higher if fully drawn.

The facility expansion coincides with the opening of the Q2 tender cycle for nontraded business development companies, with four funds in the sector – including Blue Owl Credit Income Corp., Goldman Sachs Private Credit Corp., Crescent Private Credit Income Corp., and Owl Rock Technology Income Corp. – filing formal tender offer commencement documents this week. For Bain Capital Private Credit, which has met all share repurchase requests in full since inception, the additional borrowing capacity provides a liquidity buffer as the sector navigates an elevated redemption environment.

Bain’s move follows a parallel announcement by Ares Capital Corporation and Ares Strategic Income Fund, which together expanded their bank-led revolving credit facilities, with ASIF’s accordion expanded to allow an overall size of approximately $6.15 billion. The back-to-back facility actions by two of the sector’s larger sponsors reflect a broader pattern: as equity fundraising has slowed, nontraded BDC managers have turned increasingly to the debt markets to maintain deployment capacity.

Nontraded BDC equity fundraising has contracted sharply in 2026. According to investment banking firm Robert A. Stanger & Company, nontraded BDC sales through the first quarter totaled approximately $4.9 billion, nearly 59% below the pace at the end of Q1 2025. Stanger has projected a roughly 40% year-over-year decline in nontraded BDC capital formation for the full year.

Bain Capital Private Credit is externally managed by an affiliate of Bain Capital Credit, which had approximately $61 billion in assets under management as of December 2025. The fund has issued approximately $1 billion in gross proceeds since inception, predominantly through registered investment advisers and institutional channels.

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