The Oaktree Strategic Credit Fund received withdrawal requests representing approximately 4.5% of its outstanding shares in Q2.
Repurchase requests in the $4.3 billion private debt fund have now fallen for two consecutive quarters, more than halving from 8.5% in Q1 to 3.8% in Q3.
Shareholders submitted an estimated $4.3 billion of Q3 repurchase requests, representing around 10% of shares outstanding, as of June.
GCRED will accept all of the 4.8% in withdrawal requests received at its June 30 NAV, down from 8.5% in the prior quarter.
The non-traded BDC accepted all valid tenders, representing about 3.6% of outstanding shares as of June, with payment to be made through State Street-held promissory notes.
Cox Capital currently has outstanding cash offers for five private debt vehicles, with discounts to NAV ranging from 14% to 37%.
The Philadelphia-based investment manager has expanded its recurring liquidity program to now include five non-traded BDCs.
The unsolicited bid priced shares at 85% of NAV, the smallest discount of the three Cox offers targeting BDCs managed by Ares, BlackRock, and Apollo.
Mark Goldberg of Alternative Investments Market Intelligence analyzes why redemption queues across non-traded BDCs could take years to clear despite easing withdrawal demand.
The 8.5% in withdrawal requests for Oaktree Strategic Credit Fund will be satisfied with assistance from the firm's parent, Brookfield.
