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 fund has already secured a $125 million anchor commitment from Beedie Capital following its acquisition of a 50% stake in Vistara.
Cox Capital currently has outstanding cash offers for five private debt vehicles, with discounts to NAV ranging from 14% to 37%.
The Philadelphia-based investment manager has expanded its recurring liquidity program to now include five non-traded BDCs.
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 ~$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 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 8.5% in withdrawal requests for Oaktree Strategic Credit Fund will be satisfied with assistance from the firm's parent, Brookfield.
"[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.
