The LP interests were reportedly priced at a discount of more than 10% and included software and other tech-focused buyout funds.
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.
"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 single-asset continuation fund was reportedly backed by the California Public Employees' Retirement System, Partners Capital, and Caltech.
Singapore's SWF is reportedly marketing PE fund interests managed by firms including EQT, TPG Asia and KKR, with PJT Partners advising.
The secondary sales of China-focused PE fund interests were reportedly put on hold after buyer valuations failed to meet expectations.
