The private equity trust's board is evaluating steps to improve performance and reduce the near-20% discount for its shares.
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 jointly developed product gives wealth investors access to ICG's private equity LP secondaries strategy spanning North America and Europe.
Existing investors in the German robotics startup, including Sequoia and Lightspeed, participated alongside new backers.
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 €6.6 billion private equity evergreen fund, which allocates to secondaries, will be divided into compounding and distributing portfolios.
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.
At least 80% of net proceeds from the transaction will be directed toward a share buyback program aimed at generating liquidity and NAV accretion.
