March 26 (Reuters) - A majority of listed business

development companies (BDCs) that lend to private companies are

trading below their net asset values, according to LSEG data, as

concerns over transparency, portfolio valuations and liquidity

weigh on shares.

The data showed Ares Capital Corporation ( ARCC ) and

Blackstone Secured Lending Fund ( BXSL ) were trading at about a

10% discount to net asset value, while Blue Owl Capital

Corporation ( OBDC ) sat at a roughly 25% discount.

BDCs raise money from institutional and retail investors to

lend to mid-sized companies, typically through illiquid loans

that cannot be easily sold.

Investors have pulled billions of dollars from such vehicles

in recent months on concerns over liquidity and as they assess

how artificial intelligence could reshape enterprise software

business models, a sector heavily financed by private credit

funds.

Ares Management ( ARES ) capped withdrawals at its private credit

fund after investors sought to redeem 11.6% of shares, limiting

redemptions to 5%, mirroring moves by Apollo Global Management ( APO )

and BlackRock ( BLK ), while Blackstone bought back more than the cap.