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.
Cox Capital Retail Secondaries Fund I is seeking up to $40 million of BCRED and HLEND at discounts to NAV of 12.5% and 17.5%, respectively.
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.
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.
