Cox Capital Partners has launched two separate cash tender offers totaling approximately $40 million for Class I shares of Blackstone Private Credit Fund (BCRED) and HPS Corporate Lending Fund (HLEND), creating an additional secondary liquidity option following oversubscribed quarterly repurchase programs at both funds.
Cox Capital Retail Secondaries Fund I, a private investment fund managed by an affiliate of Cox Capital, is initially offering to purchase up to $20 million of Class I shares from each fund. Cox Capital Announces Tender Of…
The offers come after BCRED and HLEND reported substantial demand for liquidity through their respective third-quarter 2026 repurchase programs.
BCRED received repurchase requests representing an estimated 10% of shares outstanding, while HLEND received requests representing approximately 11.5%.
Both funds generally target quarterly repurchases of approximately 5% of outstanding shares, although those amounts can be increased at each fund’s discretion. Cox Capital Announces Tender Of…
Cox Capital developed its secondary liquidity program to provide shareholders with another potential exit when a fund’s own quarterly repurchase program cannot satisfy all requested redemptions.
The tender offers are independent of BCRED and HLEND and do not modify or replace either fund’s existing repurchase process.
For BCRED, Cox Capital is offering $20.65 per Class I share, representing a 12.5% discount to the fund’s reported Class I net asset value of $23.60 as of August 31, 2026.
For HLEND, the purchaser is offering $20.17 per Class I share, representing a 17.5% discount to the reported Class I NAV of $24.45 as of July 31, 2026. Cox Capital Announces Tender Of…
Both tender offers are scheduled to expire at 5 p.m. Eastern Time on November 3, 2026, unless extended or terminated earlier.
The purchaser has also reserved the right, but not the obligation, to acquire additional shares beyond the initial $40 million.
Under the terms of the offers, Cox Capital could accept up to an additional 2% of each fund’s outstanding Class I shares as of August 10, 2026, without extending the offer periods.
At the announced offer prices, that potential additional capacity represents approximately $514 million of BCRED shares and $80 million of HLEND shares.
If Cox exercised the full additional capacity, the value could substantially exceed the initial $40 million offering size, although the additional purchases are discretionary and should not be treated as committed transaction volume.
The structure illustrates an emerging secondary market for non-traded private credit vehicles.
Investors in non-traded business development companies and similar private-market vehicles generally do not have access to the same continuous trading markets available for publicly listed securities.
Instead, liquidity is often provided through periodic issuer repurchase programs with limits on the amount of shares that can be redeemed during a particular quarter.
When shareholder demand exceeds those limits, investors seeking immediate liquidity may have to remain invested or look for an outside buyer willing to purchase shares in the secondary market.
Cox Capital is positioning its program as an alternative for those shareholders, although investors accepting the offers would be selling at discounts to the funds’ reported net asset values.
The company emphasized that no independent party has been retained to evaluate or provide an opinion on the fairness of either offer price. Cox Capital Announces Tender Of…
Participation is voluntary, and shareholders are encouraged to consider the discounts, potential tax consequences, and the absence of an established public trading market before tendering shares.
Cox Capital and the purchaser are not affiliated with BCRED, HLEND, Blackstone, HPS, or their respective advisers.
Cox Capital Partners is based in Conshohocken, Pennsylvania, and focuses on secondary liquidity solutions for holders of non-traded and other illiquid alternative investments.
KEY QUOTES:
“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
