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 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.
The LP interests were reportedly priced at a discount of more than 10% and included software and other tech-focused buyout funds.
The Philadelphia-based investment manager has expanded its recurring liquidity program to now include five non-traded BDCs.
The ~$30 million transaction will provide liquidity to shareholders in private debt funds managed by BlackRock, Apollo, and Ares at 15-30% discounts.
The sovereign wealth fund has reportedly tapped Evercore to assist in trimming its maturing portfolio.
The secondary sales of China-focused PE fund interests were reportedly put on hold after buyer valuations failed to meet expectations.
