The deal will transfer investments across 78 portfolio companies, representing approximately 48% of BlackRock TCP Capital's debt portfolio by fair value.
The deal would reportedly shift the vehicle's assets into a closed-end structure and trigger a delisting.
The unsolicited bid comes just three days after Blue Owl Credit Income Corp. disclosed 16.8% in Q3 redemption requests.
The CV would reportedly acquire ByteDance and Ant Group stakes at a roughly 30% discount to their combined $1.5 billion NAV.
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.
Harrison Street's process sold 91% of shares offered, with 41% transacting at a 15% discount to NAV versus the 20% initially requested.
"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.
Potential backers reportedly sought a lower valuation for the loans held in the continuation fund.
