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Focus
Our singular focus is to find the best candidate for the opportunity within segments of the financial marketplace that we understand.
Our broad network enables us to execute highly customized, confidential, and comprehensive placements.
Focus
Our singular focus is to find the best candidate for the opportunity within segments of the financial marketplace that we understand.
Our broad network enables us to execute highly customized, confidential, and comprehensive placements.
Secondaries Liquidity


Sila Makes No Recommendation on Recent Tender Offer
Sila Realty Trust, Inc. makes "no recommendation" on whether the Sila's shareholders should accept a recent third-party tender offer,...
Nov 22, 20231 min read

Apollo Merger News
In a surprise announcement, Apollo Global Management, Inc. has proposed merging its BDC ($MFIC) with two Apollo closed-end funds ($AFT,...
Nov 8, 20231 min read

Highlands REIT Tender Offer
Highlands REIT ($HHDS) has made an offer to repurchase up to $20 million worth of their shares in a recent tender offer. What does $20...
Oct 25, 20231 min read

BREIT: Third Party Tender Offer
Mackenzie Capital has launched a third party tender offer for Blackstone Real Estate Income Trust #BREIT. BREIT investors who are...
Oct 25, 20231 min read

Nareit Gives Gaming Sector the Special Treatment
Gaming gets its own Nareit sector! $VICI and $GLPI, which were removed from the Specialty sector in early 2023, now comprise the two...
Oct 17, 20231 min read

KKR Real Estate Select Trust: Gated Again
KKR Real Estate Select Trust falls back into oversubscription with sellers receiving 77% of their requested redemptions. Sign up to...
Oct 12, 20231 min read

American Healthcare REIT: Third Party Tender Offers
The most recent third party offer for American Healthcare REIT is significantly lower than secondary market prices and well above the...
Oct 4, 20231 min read

Looking Back: Secondary Market Pricing TTM
Over the past twelve months, non-traded asset prices have generally traded down - with AR Global's Healthcare Trust falling nearly 47% in...
Oct 2, 20231 min read

Blue Owl Capital Corp II: Liquidity Program Improvements
Blue Owl Capital Corp. II has seen a drop in share repurchase program utilization for the first time in three years. It is also the first...
Oct 1, 20231 min read

How Traded Market Volatility Can Impact Secondary Pricing
Increased volatility in liquid markets tends to affect secondary market prices before third party tender offer prices, which can produce...
Sep 30, 20231 min read

Semi-Liquid Alts Continue to Grow: Need for Liquidity Remains
As the alternatives marketplace continues to expand, interval funds are playing a driving role in the growth and adoption of semi-liquid...
Sep 12, 20231 min read

Industry Coverage Update
We're initiating coverage on a new group of illiquid alternative investment funds. Note: Two funds have reported meaningful increases in...
Aug 11, 20231 min read

Secondary Market Update: Liquidity Provider Diversity
Advisors and investors who are interested in rebalancing their illiquid positions must make an important decision. Should sellers: Use an...
Aug 10, 20231 min read


Blue Owl: Redemption Program Update
Aside from Blue Owl Capital Corp. II, shareholders' demand for liquidity remains well within Blue Owl Capital's capacity to provide it.
Aug 9, 20231 min read


Blackstone: Redemption Program Utilization
Shareholder liquidity utilization continues to ebb and flow between Blackstone's mega funds BREIT and BCRED. While BCRED met 100% of...
Aug 8, 20231 min read


MSC Income: Repurchase Program Update
MSC Income Fund reported results of their most recent share repurchase program. The recent Dutch Auction style repurchase offer has...
Aug 7, 20231 min read


MSC Income: Secondary Price Discovery
Price discovery is a dynamic process, especially in illiquid markets, and large transactions with narrow bid/ask spreads are rare....
Jun 21, 20231 min read

MSC Income Fund Utilizes New Tender Offer Format
MSC Income Fund has launched an innovative Dutch auction style tender offer. Recent transactions suggest that investors who are willing...
May 22, 20231 min read

Changing Course: FS Energy & Power Fund
FS Energy & Power Fund, soon to be FS Specialty Lending Fund, has a long secondary market history. In a recent SEC filing, the Fund...
May 20, 20231 min read

Secondary Market Liquidity Provider Diversity
The secondary market for retail alternatives is growing. We are seeing more diversity among liquidity providers and the data shows that...
May 11, 20231 min read

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