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.
The private debt veteran will focus on providing financing & liquidity solutions for sponsors, including NAV lending and continuation vehicle capital.
The Philadelphia-based investment manager has expanded its recurring liquidity program to now include five non-traded BDCs.
The unsolicited bid priced shares at 85% of NAV, the smallest discount of the three Cox offers targeting BDCs managed by Ares, BlackRock, and Apollo.
The ~$30 million transaction will provide liquidity to shareholders in private debt funds managed by BlackRock, Apollo, and Ares at 15-30% discounts.
We dive into MCIP, outlining the investment strategy, portfolio composition, and other details of Monroe Capital's non-traded BDC.
The 8.5% in withdrawal requests for Oaktree Strategic Credit Fund will be satisfied with assistance from the firm's parent, Brookfield.
The secondary sale reportedly involves loan positions tied to one of the firm's interval funds.
The non-traded fund currently has more than $2 billion in outstanding redemption requests.
"[our] objective is consistent with our broader mandate: providing institutional quality liquidity solutions to an underserved retail and mass affluent market," CEO John Cox told EvergreenLink.
