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 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.
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.
Founded in 2007, PennantPark is a mid-market-focused private credit manager with around $10 billion in AUM.
