The LP-led deal was executed through the family office's investment arm M Eight, and represented nearly NIBC's entire private equity portfolio.
The jointly developed product gives wealth investors access to ICG's private equity LP secondaries strategy spanning North America and Europe.
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 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 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.
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 partnership will also develop products for wealth investors, beginning with an evergreen private equity secondaries fund expected in the coming weeks.
The continuation fund, managed by Victory Hill, will hold two operating liquid storage terminals in the Port of Brownsville.
The firm is preparing tender offers for at least three funds managed by separate sponsors, following its recent targeting of five major non-traded BDCs.
At least 80% of net proceeds from the transaction will be directed toward a share buyback program aimed at generating liquidity and NAV accretion.
