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 Philadelphia-based investment manager has expanded its recurring liquidity program to now include five non-traded BDCs.
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.
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.
