The portfolio sale transferred nearly 80 globally diversified PE, VC, and equity co-investment interests into MetLife's third institutional private equity fund.
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 potential deal is reportedly comprised mostly of LP stakes in Asian private equity funds, including vehicles managed by EQT, TPG Asia, and KKR.
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.
PJT has reportedly been selected to advise on trimming the sovereign wealth fund's portfolio.
The partnership will also develop products for wealth investors, beginning with an evergreen private equity secondaries fund expected in the coming weeks.
