MSDL vs MGNI Comparison

Morgan Stanley Direct Lending Fund is a fund whose investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing predominantly in directly originated senior secured term loans issued by U.S. middle-market companies backed by private equity sponsors. It invests predominantly in directly originated senior secured term loans including first lien senior secured term loans including unitranche loans and second lien senior secured term loans, with the balance of the investments expected to be in higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases.

Magnite is one of the largest supply-side platform providers, or SSP, in online advertising. The firm was previously named The Rubicon Project (an online ad exchange) and became Magnite after merging with Telaria (an SSP focused mainly on streaming video providers) in 2020. The firm also purchased another of the leading SSPs within the CTV market, SpotX, in 2021 for $1.2 billion, cementing its long-term focus on grabbing market share in this area. The firm generates nearly 45% of its revenue from the programmatic sale of CTV ad inventory, 35% from mobile online sites and apps, and the remaining from websites accessed via computer.