The new offering gives GPs a structured way to create investor liquidity with greater transparency on buyer selection, pricing, and timing, according to the private credit-focused firm.
The new solution will start with a pre-IPO AI company, using tokenized notes that can be bought and sold around the clock on the secondary market.
The unsolicited bid comes just three days after Blue Owl Credit Income Corp. disclosed 16.8% in Q3 redemption requests.
Dechert compares LP-led CFOs with GP-led structures, examining differences in portfolio construction, tax treatment, transfer mechanics, GP consent, and rating agency requirements.
"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.
The combined $25 million program prices ADS and ASIF shares at 14.6% and 13.4% discounts to August NAVs respectively, after both funds again capped repurchases.
The London-based startup aims to address private credit's fund-level liquidity, which remains constrained by available cash and redemption terms.
The Utah-based company raised $2 million in a pre-seed round led by New Stack Ventures.
The firm will offer liquidity solutions to institutional LPs and GPs, with a focus on credit strategies.
"Private credit will never trade like public markets, but investors deserve better tools than 'lock it up and wait," said Nelson Chu, Founder and CEO of Percent.
