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 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.
Shareholders submitted an estimated $4.3 billion of Q3 repurchase requests, representing around 10% of shares outstanding, as of June.
Cox Capital currently has outstanding cash offers for five private debt vehicles, with discounts to NAV ranging from 14% to 37%.
Jonathan Bock has stepped down as Co-CEO of Blackstone Private Credit Fund, less than a month after its COO resigned.
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.
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.
Blackstone Private Credit Fund has opted to cap withdrawals at 5% this time, satisfying only half of the requests.
The firm increased the tender cap on Blackstone Private Credit Fund to redeem 7.9% of outstanding shares, in response to record redemption requests.
