The vehicle is targeting interval fund deals, while also reviewing feeder fund portfolios, a source told SecondaryLink.
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.
"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.
We highlight key features of the newly registered interval fund, which will combine public growth investments with private-market exposure, including secondaries and co-investments.
The vehicle will invest across private equity, alternative & direct credit, and hedged strategies, including primary and secondary private fund interests.
The firm is preparing tender offers for at least three funds managed by separate sponsors, following its recent targeting of five major non-traded BDCs.
Cox Capital Retail Secondaries Fund I is currently running cash tender offers for five non-traded BDCs managed by Blue Owl, Ares, Apollo, and BlackRock.
The ~$30 million transaction will provide liquidity to shareholders in private debt funds managed by BlackRock, Apollo, and Ares at 15-30% discounts.
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.
