I study how capital commitments affect the resilience of private debt funds’ lending during crises by comparing private and public Business Development Companies (BDCs) during the COVID-19 shock. Using borrower-level regressions with firm-quarter fixed effects, I find that, in comparison to public BDCs, private BDCs sustained lending, providing about 7%, or $1.2 million, more credit to the same firm. My findings show that pre-committed capital, rather than liquidity buffers, shields private BDCs from financing frictions and enables them to maintain their credit supply when market-based funding is impaired. The results highlight how funding structures shape the cyclicality of non-bank credit.