The ~$30 million transaction will provide liquidity to shareholders in private debt funds managed by BlackRock, Apollo, and Ares at 15-30% discounts.
The $25 billion HPS Corporate Lending Fund has once again limited withdrawals after repurchase requests hit ~11.5% of outstanding shares.
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.
Mark Goldberg of Alternative Investments Market Intelligence analyzes why redemption queues across non-traded BDCs could take years to clear despite easing withdrawal demand.
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.
The Apollo Debt Solutions BDC gated withdrawals for a second consecutive quarter after investors sought to redeem approximately 16.8% of outstanding shares in Q2.
HPS Corporate Lending Fund is the latest private debt vehicle in Q2 to gate redemptions at 5%, after investors sought to withdraw 13.3% of outstanding shares.
Ares Strategic Income Fund saw withdrawal requests top 11% in the quarter, as investors turn away from the asset class.
Apollo Debt Solutions adhered to its 5% cap, fulfilling just 45% of total withdrawal requests.
