Making private markets
observable.
Metris Lens provides the first position-level benchmarks for unlisted BDCs, built entirely from mandatory SEC filings. Independent, rules-based, transparent, and reproducible.
Why this exists
Private credit is the fastest-growing asset class in wealth management. Unlisted BDCs have grown from a niche product to a core allocation for advisors and institutions. Yet performance measurement has lagged far behind the assets under management.
Existing benchmarks rely on voluntary manager surveys that cover a fraction of the market, or track only listed BDCs whose market prices reflect trading dynamics rather than portfolio performance. There has been no comprehensive, rules-based benchmark for the unlisted BDC universe -- until now.
By sourcing all data from mandatory portfolio disclosures filed with the SEC, Metris Lens provides complete, unbiased coverage of the unlisted BDC market. Every position in every fund's schedule of investments becomes a data point. No voluntary submissions, no selection bias, no gaps.
Principles
Independent
No voluntary manager surveys. No proprietary feeds. All data comes from mandatory SEC filings, eliminating selection bias.
Rules-based
Fully systematic construction with no discretionary overrides. Every classification, matching, and aggregation step follows published rules.
Transparent
Coverage gaps are disclosed inline. Data quality metrics are published. The methodology is open and documented.
Reproducible
Given the same SEC filings, anyone can reproduce the index. The pipeline is deterministic with published validation.
Coverage
Private Markets FV
$385.2B
Unlisted BDCs
66
Indexed Positions
10,376
Data As Of
Q4 2025
Team
Team profiles coming soon.
Get in touch
Interested in the data, methodology, or partnership opportunities?
General Inquiries
info@metrislens.com
Data & Research
research@metrislens.com
Partnerships
partners@metrislens.com
Press
press@metrislens.com
Disclaimer
This data is derived from publicly available SEC filings and is provided for informational and research purposes only. It does not constitute investment advice, a solicitation, or an offer to buy or sell any securities. Past performance is not indicative of future results.
No warranty is made as to the accuracy, completeness, or timeliness of the data. The reported fair values reflect fund-level mark-to-model estimates, not market transaction prices.