The investment-grade-rated structure provides access to the firm's US lower middle-market direct lending strategy.
The strategy, anchored by a Korean institutional investor, has adopted an evergreen semi-liquid structure aimed at capturing emerging credit secondary opportunities throughout the cycle.
The private debt specialist, which operates a dedicated secondaries strategy, has reportedly held talks with several international investors.
The New York-based asset manager entered private credit in 2024 by acquiring Avenue Capital's team and five funds with approximately $500 million in commitments.
The deal marks PennantPark's 13th securitization and supports the fund's credit portfolio with long-term capital.
The deal would reportedly shift the vehicle's assets into a closed-end structure and trigger a delisting.
The StepStone-backed transaction reportedly extends Blackstone's ownership of a loan portfolio from its Capital Opportunities Fund IV.
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.
