Cox Capital Partners (“Cox Capital”) announced today that Cox Capital Retail Secondaries Fund I, LP (the “Purchaser”) has added Blue Owl Credit Income Corp. (“OCIC”) and Blue Owl Technology Income Corp. (“OTIC”) to its Class I tender offer program. The Purchaser now has five cash tender offers open, including previously announced offers for HPS Corporate Lending Fund (“HLEND”), Apollo Debt Solutions BDC (“ADS”) and Ares Strategic Income Fund (“ASIF”).
Cox Capital developed the program to provide shareholders with an additional path to liquidity when a fund’s own quarterly repurchase program does not satisfy their full request. The offers are independent of the target funds and do not modify or replace any fund’s repurchase program.
Current Offers
|
Target fund |
Discount to NAV |
Expiration |
|
HPS Corporate Lending Fund (HLEND) |
24.7% |
Aug. 17, 2026 |
|
Apollo Debt Solutions BDC (ADS) |
29.9% |
Aug. 24, 2026 |
|
Ares Strategic Income Fund (ASIF) |
14.1% |
Aug. 24, 2026 |
|
Blue Owl Credit Income Corp. (OCIC) |
24.4% |
Aug. 24, 2026 |
|
Blue Owl Technology Income Corp. (OTIC) |
37.1% |
Aug. 24, 2026 |
Market-Referenced Pricing
Each price was set individually using observable valuations in the publicly traded BDC market, with emphasis on listed vehicles managed by the same platform or pursuing comparable strategies. Where no closely comparable listed vehicle exists, Cox Capital uses a broader public externally managed and debt focused BDC peer set.
Since the offers commenced, each of the five target funds has reported a June 30 NAV below the NAV in effect when its offer was priced — in every case reported after the offer was already outstanding. The current discounts are therefore narrower than the discounts stated at launch.
Offer Sizes May Be Increased
The purchase amounts set forth in the formal offer documents are the initial amounts the Purchaser is seeking to acquire. They are not a ceiling on Cox Capital’s willingness to purchase shares. Each offer expressly reserves the Purchaser’s right, exercisable in its sole discretion and as permitted by Rule 14e-1(b) under the Securities Exchange Act of 1934, to accept additional Class I shares representing up to 2% of the applicable fund’s outstanding Class I shares without amending or extending the offer.
The Purchaser is under no obligation to increase an offer, and shareholders should not tender in the expectation that it will. In no event will the Purchaser and its affiliates beneficially own 5% or more of a fund’s outstanding shares as a result of the tender offers. Shares tendered in excess of the amount accepted will be subject to pro rata acceptance.
A Recurring Liquidity Program
Cox Capital expects to evaluate shareholder demand on a recurring basis and to return with additional tender offers where demand and pricing support a transaction. Since announcing its initial offers, Cox Capital traded other non-traded BDCs and interval funds, including Franklin BSP Capital Corp., Apollo Diversified Real Estate, Harrison Street Real Assets, and Cliffwater Corporate Lending Fund.
No tender offer exists for any additional fund unless and until formal offer materials are issued.
How to Participate
Mailings of the offer materials for OCIC and OTIC shareholders of record begin today. Offer materials for HLEND, ADS and ASIF are available directly from CoxCapitalPortal.com or by request and will not be mailed to shareholders. For all five NT-BDC offers, shareholders and financial professionals can review fund-specific terms and instructions and submit tender documentation through CoxCapitalPortal.com. Questions and requests for copies of the offer materials may be directed to (484) 840-5281 or service@coxcp.com.
Important Information
This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities. Each tender offer is made solely pursuant to its Offer to Purchase and Assignment Form. Those documents contain important information that shareholders should read carefully before deciding whether to tender. If this press release conflicts with an offer document, the offer document controls. Each offer price is below the applicable fund’s reported NAV, and no independent person has been retained to evaluate or render an opinion on the fairness of any offer price.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any interest in Cox Capital Retail Secondaries Fund I, LP or any other private investment vehicle managed by Cox Capital or its affiliates. No such interests are offered through this press release or CoxCapitalPortal.com.
The tender offers have not been approved or disapproved by the U.S. Securities and Exchange Commission or any state securities commission, and no commission has passed upon the fairness or merits of the offers or the accuracy or adequacy of the offer materials. Any representation to the contrary is unlawful.
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding Cox Capital’s intention to evaluate or conduct future tender offers, the potential increase of current offer sizes, and the anticipated benefits and timing of the tender offers. These statements are based on current expectations and involve risks and uncertainties that could cause actual results or transactions to differ materially. Readers should not place undue reliance on forward-looking statements, which speak only as of the date made. Except as required by law, Cox Capital undertakes no obligation to update or revise them.
Tendering is voluntary. Shareholders should consider the offer price, the discount to NAV, the absence of an established trading market for the shares, tax consequences and other relevant factors, and are encouraged to consult their own financial, tax and legal advisers. The offers are not being made in any jurisdiction in which they would be unlawful.
About Cox Capital Partners
Cox Capital Partners is a Philadelphia-based private investment firm focused on secondary-liquidity solutions for holders of non-traded and other illiquid alternative investments. Tender offer information is available at CoxCapitalPortal.com. Additional firm information is available at coxcp.com.
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