The portfolio sale to a JV between Arrow Global and Fortress Investment Group is expected to generate roughly C$1 billion in net proceeds to the pension.
CEO Michael Arougheti expects more institutional credit portfolios to come to market over the next two years as investors reposition their holdings.
The firm's flagship Cox Retail Secondaries Fund I is offering to purchase up to $2.5 million of Variant Alternative Income Fund shares at a 40% discount to October 26 NAV.
The pension worked with Hamilton Lane on the secondary acquisition of an interest in the approximately $31 billion open-end real estate fund.
The unsolicited bid comes just three days after Blue Owl Credit Income Corp. disclosed 16.8% in Q3 redemption requests.
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 sovereign wealth fund has reportedly tapped Evercore to assist in trimming its maturing portfolio.
The disposal to a consortium of other UK schemes was facilitated by online LP-led platform MeltX and received legal support from Willkie Farr & Gallagher and Hogan Lovells.
