Ares Capital Moves to Buy Apollo-Managed BDC, Lifting It Above $31 Billion

An Ares private-credit fund is buying a rival business development company (BDC, a listed vehicle that lends to private firms) from Apollo Global Management, the Wall Street Journal reported. The merger would lift Ares Capital Corp., which calls itself the largest publicly traded BDC, to more than $31 billion. The deal is pending.