The firm's evergreen private equity flagship, which invests in secondaries, reached $29 billion in NAV less than three years after inception.
The firm's $3.1 billion in Q3 secondaries inflows were driven primarily by its tenth private equity and ninth real estate secondary funds.
"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.
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.
One of which, Hamilton Lane Private Secondary Fund, raised its investment capacity by $500 million and saw its NAV climb 1.6x QoQ to $409 million as of March.
The increase was driven by continued strength in the firm's evergreen strategies, notably in AlpInvest and asset-backed finance, according to CFO Justin Plouffe.
The firm's lower fees in its flagship secondary funds will be offset by growth in its private wealth assets, according to CFO David Park.
The firm plans to adjust the fee structure in its flagship secondaries funds to better align with prevailing market practices.
The firm increased the tender cap on Blackstone Private Credit Fund to redeem 7.9% of outstanding shares, in response to record redemption requests.
Institutional Link dives into the January performance, investments, and portfolio makeup of the FTSE 250-listed trust.
