Mark Goldberg of Alternative Investments Market Intelligence analyzes why redemption queues across non-traded BDCs could take years to clear despite easing withdrawal demand.
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.
The $25 billion HPS Corporate Lending Fund has once again limited withdrawals after repurchase requests hit ~11.5% of outstanding shares.
Shareholders submitted an estimated $4.3 billion of Q3 repurchase requests, representing around 10% of shares outstanding, as of June.
The firm also provided updates on its private equity evergreen fund and non-traded BDC, as well as plans to launch new products targeting the wealth segment.
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.
Cox Capital currently has outstanding cash offers for five private debt vehicles, with discounts to NAV ranging from 14% to 37%.
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.
The ~$30 million transaction will provide liquidity to shareholders in private debt funds managed by BlackRock, Apollo, and Ares at 15-30% discounts.
According to EvergreenLink's Notice Board, Ares Strategic Income Fund limited withdrawals at 5% after requests rose to 14.4% of outstanding shares in Q2.
