The investment-grade-rated structure provides access to the firm's US lower middle-market direct lending strategy.
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.
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.
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.
The manager is reportedly looking to shift loans from multiple vintages across its Private Markets Credit Strategies and Multi-Asset Credit funds.
AllianzGI's credit secondaries platform seeded JCP's inaugural European direct lending fund with a recently originated private credit portfolio.
PGIM, reinvesting LPs, and PennantPark also invested in the oversubscribed vehicle for a mature portfolio of private credit investments.
