{"slug": "ai-disruption-in-private-credit-exposure-to-software-firms-in-bdcs-bis", "title": "AI disruption in private credit: exposure to software firms in BDCs (BIS)", "summary": "Business development companies (BDCs) have lent approximately $115 billion to software firms, representing a fifth of their total lending and over 80% of their technology portfolios, according to a Bank for International Settlements bulletin. The revenue uncertainty from generative AI has not yet affected these loans, but recent narrowing of credit spreads has reduced buffers to absorb potential losses, while low leverage and secured lending may limit spillovers.", "body_md": "# AI disruption in private credit: exposure to software firms in BDCs\n\nBIS Bulletin\n|\nNo\n128\n|\n\n14 July 2026\n\n### Key takeaways\n\n- Business development companies (BDCs) have lent around $115 billion to software firms, which represents about a fifth of all their lending and over 80% of their fast-growing technology portfolios.\n- Borrowers' revenue uncertainty posed by generative artificial intelligence has not affected these loans yet, and neither BDCs nor their equity investors have priced software exposure differently.\n- Recently, credit spreads have narrowed, reducing the buffers to absorb losses, and a few large BDCs are exposed to a shared pool of borrowers, though low leverage and secured lending may limit spillovers.\n\nThe views expressed in this publication are those of the authors and do not necessarily reflect the views of the BIS or its member central banks.", "url": "https://wpnews.pro/news/ai-disruption-in-private-credit-exposure-to-software-firms-in-bdcs-bis", "canonical_source": "https://www.bis.org/publ/bisbull128.htm", "published_at": "2026-07-16 18:09:28+00:00", "updated_at": "2026-07-16 18:25:25.279877+00:00", "lang": "en", "topics": ["artificial-intelligence", "generative-ai"], "entities": ["BIS", "BDCs"], "alternates": {"html": "https://wpnews.pro/news/ai-disruption-in-private-credit-exposure-to-software-firms-in-bdcs-bis", "markdown": "https://wpnews.pro/news/ai-disruption-in-private-credit-exposure-to-software-firms-in-bdcs-bis.md", "text": "https://wpnews.pro/news/ai-disruption-in-private-credit-exposure-to-software-firms-in-bdcs-bis.txt", "jsonld": "https://wpnews.pro/news/ai-disruption-in-private-credit-exposure-to-software-firms-in-bdcs-bis.jsonld"}}