The firm is preparing tender offers for at least three funds managed by separate sponsors, following its recent targeting of five major non-traded BDCs.
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.
Harrison Street's process sold 91% of shares offered, with 41% transacting at a 15% discount to NAV versus the 20% initially requested.
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.
Cox Capital Retail Secondaries Fund I is currently running cash tender offers for five non-traded BDCs managed by Blue Owl, Ares, Apollo, and BlackRock.
The Philadelphia-based investment manager has expanded its recurring liquidity program to now include five non-traded BDCs.
The vehicle is targeting interval fund deals, while also reviewing feeder fund portfolios, a source told SecondaryLink.
