The non-traded fund currently has more than $2 billion in outstanding redemption requests.
The deal would reportedly shift the vehicle's assets into a closed-end structure and trigger a delisting.
The unsolicited bid comes just three days after Blue Owl Credit Income Corp. disclosed 16.8% in Q3 redemption requests.
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 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 firm has reportedly engaged with prospective buyers to facilitate liquidity for investors in a US-based open-ended fund managed by Blackstone Property Partners.
The recently registered interval fund, sub-advised by Barings, will target private asset-based credit investments through direct and secondary transactions.
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.
