Cox Capital Partners has launched two separate cash tender offers to purchase up to $40 million in combined Class I shares of Blackstone Private Credit Fund (BCRED) and HPS Corporate Lending Fund (HLEND). The offers provide an additional secondary-market liquidity option for investors following substantial oversubscription of both funds’ third-quarter 2026 share repurchase programs. Cox Capital’s purchasing entity is Cox Capital Retail Secondaries Fund I, a private investment fund managed by a Cox Capital affiliate.
The tender offers follow a period of elevated redemption requests for private credit funds.
During the third quarter of 2026, BCRED received repurchase requests representing approximately 10% of its outstanding shares, while HLEND received requests representing approximately 11.5%.
Both funds generally target quarterly repurchases of approximately 5% of outstanding shares, although their respective managers can authorize larger amounts.
The volume of requests exceeded those typical repurchase levels, creating a situation in which some shareholders could receive only partial liquidity through the funds’ established programs.
Cox Capital developed its secondary program to provide investors with another option for selling shares when a fund’s own repurchase mechanism cannot satisfy all requests.
The offers are independent of BCRED and HLEND and do not modify or replace their existing repurchase programs.
Under the first offer, Cox Capital is seeking to acquire BCRED Class I shares for $20.65 per share, representing a 12.5% discount to the fund’s reported net asset value of $23.60 per share as of August 31, 2026.
The second offer seeks HLEND Class I shares at $20.17 per share, representing a 17.5% discount to the fund’s reported net asset value of $24.45 per share as of July 31, 2026.
Cox Capital is initially offering to purchase up to $20 million in Class I shares from each fund, for a combined initial commitment of approximately $40 million.
The purchaser has also reserved the right, but not the obligation, to acquire up to an additional 2% of each fund’s outstanding Class I shares, measured as of August 10, 2026, without extending the offers.
At the stated purchase prices, that potential additional capacity represents approximately $514 million in BCRED shares and $80 million in HLEND shares.
These amounts are optional expansion provisions rather than commitments to purchase additional shares.
Both offers are scheduled to expire at 5 p.m. Eastern Time on November 3, 2026, unless extended or terminated earlier.
Shareholders can review the relevant offer materials and submit tender documentation through Cox Capital’s designated portal.
The offers are intended to address the liquidity constraints associated with private credit investment vehicles, which generally do not provide the same continuous trading opportunities available to investors in publicly listed securities.
Many private credit funds offer periodic repurchases rather than daily liquidity. When investor redemption requests exceed the funds’ available repurchase capacity, shareholders may need to wait for subsequent repurchase periods or pursue alternative secondary-market transactions.
Cox Capital’s offering provides another potential exit route, although participating investors would receive prices below the funds’ most recently reported net asset values.
The company stated that no independent party has been retained to evaluate the fairness of either purchase price.
Participation is voluntary and subject to the terms and conditions contained in each fund-specific offer document.
Cox Capital and its purchasing entity are not affiliated with BCRED, HLEND, or their respective investment advisers.
Shareholders holding their investments through brokers or custodians may face additional documentation requirements or earlier internal submission deadlines.
The tender offers have not been approved or disapproved by the Securities and Exchange Commission or any state securities commission.
The transactions represent Cox Capital’s effort to develop a secondary liquidity business serving shareholders of private-market investment vehicles.
KEY QUOTE:
“Retail shareholders deserve access to the kinds of secondary liquidity options for their private-market exposure that institutional investors have enjoyed for years. These offers are intended to provide financial advisors and their clients with an additional liquidity option when a fund’s own repurchase program cannot satisfy their full request.”
John Cox, CEO and Chief Investment Officer of Cox Capital Partners
