Redemption requests have spiked across private debt vehicles in recent months as investors grow more cautious about the asset class.
The deal would reportedly shift the vehicle's assets into a closed-end structure and trigger a delisting.
The open-ended evergreen fund will give institutional and private wealth investors access to direct lending, credit secondaries, fund finance, and other income strategies.
The unsolicited bid comes just three days after Blue Owl Credit Income Corp. disclosed 16.8% in Q3 redemption requests.
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.
PIMCO Private Income Fund targets performing private credit across hard assets, financial assets, and corporate credit, including through secondaries.
The former Sixth Street Senior Advisor will oversee portfolio construction for the firm's solutions, including credit secondaries and direct credit.
The pension is also considering allocating to a similar evergreen credit strategy by Pemberton, in addition to a commitment to Cambridge Associates' sequel secondaries fund.
The Zenzic Real Estate Credit Opportunities Fund launched in October 2025 with an anchor investment from GCM Grosvenor.
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.
