SecondaryLink reviews pricing and volume for venture and growth secondaries in H1, along with the outlook for H2 and beyond.
The employee and early investor auction valued the workplace trust company at over £100 million and marked the third transaction conducted under the PISCES framework.
The CV would reportedly acquire ByteDance and Ant Group stakes at a roughly 30% discount to their combined $1.5 billion NAV.
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.
Harrison Street's process sold 91% of shares offered, with 41% transacting at a 15% discount to NAV versus the 20% initially requested.
"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 $300 million secondary share sale was led by Wellington and T. Rowe Price and brought in new investors, including EQT, Goldman Sachs, and Sapphire Ventures.
The continuation fund will reportedly have its largest exposure to TikTok's parent, ByteDance, alongside Ant Group.
The firm transferred the semiconductor business into its first continuation vehicle in a 2023 process led by Kline Hill Partners.
Anchored by a stake in TikTok parent ByteDance, the multi-asset CV reportedly drew backing from Abu Dhabi's Lunate, among others.
