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 firm is developing products for retirement and mass affluent investors as wealth AUM soars 41% YoY to $82 billion.
After an unsuccessful first attempt, Cox has come back to the table with an unsolicited bid valuing Class I shares at ~13% below their August 31 NAV.
The combined $25 million program prices ADS and ASIF shares at 14.6% and 13.4% discounts to August NAVs respectively, after both funds again capped repurchases.
Investor repurchase requests eased with net new withdrawal demand falling by approximately 60% QoQ.
Cox Capital Retail Secondaries Fund I is seeking up to $40 million of BCRED and HLEND at discounts to NAV of 12.5% and 17.5%, respectively.
The ~$30 million transaction will provide liquidity to shareholders in private debt funds managed by BlackRock, Apollo, and Ares at 15-30% discounts.
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.
Ares Strategic Income Fund saw withdrawal requests top 11% in the quarter, as investors turn away from the asset class.
