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Chancellor Merz Calls Election Results in Mecklenburg-Western Pomerania a 'Catastrophe'
US Navy Facilitates 97 Transits Through Strait of Hormuz in 72 Hours
German Chancellor Calls Local Election Results a 'Disaster' for His Party
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US Central Command Reroutes 109 Commercial Vessels Amid Iran Embargo
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Qatar Calls on Israel to Fulfill Obligations Regarding Gaza
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Qatar Energy Chief Says Bessent ‘Wrong’ About Hormuz’s Future
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Fed’s Kashkari Says Inflation Reaching All Corners of US Economy
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Qatari Prime Minister Discusses Crisis Talks Focused on Security and Energy
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Minneapolis Fed’s Kashkari says inflation remains too high
Fed’s Kashkari says inflation goes beyond oil prices, according to Fox News interview
QEF UNGA Edition Prime Minister Opening Speech
Wall Street expects US to issue about $1tn of short-term debt as borrowing costs climb
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How Prediction Markets Upstaged Election Polls
Yemeni Government Forces Conduct Airstrikes Against Houthi Militias in Al-Bayda
Iran Warns of Potential U.S. Attack and Threatens Retaliation
Trump Hints at Major Developments Regarding Iran
Israeli Army Chief of Staff Confirms Forces on High Alert
Qatar Economic Forum UNGA Edition Opening
Israeli National Security Minister Visits Al-Aqsa Mosque Amid Heightened Security
Iranian Quds Force Issues Warning to Washington Over Regional Actions
5 Takeaways From Ari Emanuel’s Memoir
Franklin CEO Says AI Payoff Remains Unclear
Qatar Reshapes Its Wealth Fund Strategy With New Local Platform
US rate rises add pressure on Gulf businesses
Iran's Khatam al-Anbiya Central Headquarters Reports on U.S. Measures
Trump converts planned triumphal arch into drone facility
Who’s who in Fed’s September 2026 dot plot?
Volvo Recruits a Top VW Executive to Steer Its Turnaround
Israeli Minister Calls for Execution of Neve Tzuf Attack Perpetrator
Mnuchin Sees Long-Term Opportunity in Middle East
Jane Street Joins Wave of Dealers Offering Swaps for Risky ETFs
US Retailer Implements Rationing of Motor Oil Amid Price Surge and Supply Shortages
Qatar Works to Bridge Gap in US Iran Talks
Biodiesel for Shipping Becomes More Affordable Than Conventional Fuels
Israeli Forces Arrest Suspect in Neve Tzuf Attack
Arrest Made in Neve Tzuf Attack in the West Bank
Iran warns against new escalation by US and allies
Israeli Forces Enter Hospital in Ramallah Following Attack Incident
Attempted Car-Ramming Attack Near Silwad, Israel
AI and Redistricting Concerns Highlight Congressional Black Caucus Gathering
Israeli Defense Minister Announces Heightened Security Measures
Private credit investors reject deep discounts despite redemption pressure
Investors seeking liquidity from private credit vehicles appear unwilling to crystallise steep losses, even as redemption queues continue to put pressure on the sector, according to a report by Bloomberg.
Cox Capital Partners offered to purchase up to $90m of shares from investors in five non-traded business development companies (BDCs), with discounts averaging around 26%. The reported cites unnamed people familiar with then matter as pointing out that the response was muted, with investors submitting less than $5m of orders before the deadline,.
The BDCs involved are managed by HPS Investment Partners, Apollo Global Management, Ares Management and Blue Owl Capital. The discounts varied between the vehicles, with some attracting no offers at all, the sources said.
The limited participation suggests that, while liquidity concerns remain a significant issue for private credit investors, many holders would rather remain invested than accept a substantial reduction in the value of their holdings to exit immediately.
The report cites John Cox, chief executive of Cox Capital, as saying that the firm had hoped for stronger demand but expected investor participation in secondary transactions to increase as the market became more familiar with the concept.
Cox also indicated that the firm could modify the pricing of future offers in response to market conditions. The firm is now looking beyond non-traded BDCs and plans to extend its strategy to interval funds, another type of private investment structure with limited liquidity.
Cox is expected to target private credit vehicles managed by Cliffwater and Variant Investments, according to a person familiar with the plans.
The potential opportunity is significant. Investors sought to withdraw around half of their shares from Variant’s Alternative Income fund during the most recent quarter, according to the source, while approximately 17% of investors in Cliffwater’s flagship interval fund requested redemptions.
Source: Private Equity Wire