Private credit gadflies sense public opportunities
BLK•Context news
Cox Capital Partners said on July 14 that it has initiated tender offers to buy the shares of non-traded business development companies Apollo Debt Solutions, Ares Strategic Income and HPS Corporate Lending Fund.
The offers, which are being sent to the BDC investors directly, amount to about $31 million combined. They represent discounts of 15% to 30% to each fund's net asset value as of May 31.
Context from Reuters Breakingviews
The authors are Reuters Breakingviews columnists. The opinions expressed are their own.
By Stephen Gandel and Jonathan Guilford
NEW YORK, July 14 (Reuters Breakingviews) - Full view will be published shortly.
Cox Capital targets non-traded private credit funds
Small money manager Cox Capital offered to buy shares of non-traded Apollo, Ares and BlackRock HPS loan vehicles at 15% to 30% discounts. Crystallizing losses would sting, but skipping lines to cash out and buy elsewhere is also tempting. The sticky part: pricing the trades.
