Alternative Credit Income Fund's 5% quarterly repurchases would pause for a year before the merged company begins discretionary 2.5% tenders.
We highlight the investment strategy, share structure, and other details of the newly registered interval fund.
Launched in 2022, the non-traded vehicle invests across venture capital, private credit, and private equity.
KKR FS Income Trust Select will satisfy liquidity demand in full after investors sought to withdraw 5.06% of outstanding shares in Q3.
The unsolicited bid comes just three days after Blue Owl Credit Income Corp. disclosed 16.8% in Q3 redemption requests.
Proceeds from the 7.600% issuance maturing in 2031 may be used for general corporate purposes and to repay existing borrowings.
OCIC and OTIC will buy back around $1.1 billion combined, leaving roughly $3.14 billion of Q3 demand unfulfilled.
"The Cox Capital Offer appears designed to transfer value from BCRED shareholders to Cox Capital and its investors," according to a Board recommendation viewed in EvergreenLink's Notice Board.
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.
The announcement comes as investors in Blue Owl's non-traded BDC shunned an earlier Saba and Cox Capital joint-offer to repurchase shares at a steep discount.
