Former Non-Traded BDCs Continue Through Public Listing Process
This past week, Blue Owl Capital Corporation III (OBDE) and Morgan Stanley Direct Lending Fund (MSDL), both formerly nontraded BDCs,...
top of page
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
Jun 191 min read
Is Gating Becoming the Norm?
Perpetual REITs and BDCs were developed, in part, to address the illiquidity of non-traded Lifecycle Funds. Interestingly, their...
May 161 min read
Cox Capital Announces Extension Date for Tender Offer of Franklin BSP Capital Corp.
Cox Capital Partners announced on Friday, May 17, 2024, that it has extended the expiration date for the Mini-Tender Offer for...
Apr 281 min read
Cox Capital Announces Tender Offer For Franklin BSP Capital Corp.
We are excited to announce our offer to purchase Franklin BSP Capital Corp. Our offer represents a 40% increase above the most recent...
Mar 271 min read
Blue Owl Capital Corp. II: Repurchase Requests Jump Up
Blue Owl Capital Corp. II's share repurchase program is once again under pressure. The $2 billion Blue Owl BDC had to increase the size...
Mar 111 min read
Carlyle Credit Solutions BDC Puts Up the Gate
Demand for liquidity in The Carlyle Group's private BDC, Carlyle Credit Solutions, Inc. (formerly TCG BDC II, Inc.), exploded in Q4 2023....
Feb 291 min read
InvestmentNews: REIT sales tank, BDCs roll at start of 2024: Report
Non-traded REIT sales see a significant decline in early 2024, prompting investors to turn to business development companies for higher...
Jan 261 min read
Blue Owl BDCs Continue to Meet Liquidity Requests
In light of this week's Blue Owl Capital Corp. III listing, we're checking in on Blue Owl Capital's three nontraded tender offer funds....
Jan 181 min read
Publicly-Traded BDCs and Upcoming Listings
The mix of large ($3B+) traded BDCs is likely to experience significant changes in 2024 as private and non-traded BDCs begin trading on...
Nov 27, 20231 min read
DI Wire: Alternative Investment Fundraising Update
Current fundraising and redemption trends highlight the need for expanding secondary market liquidity options both now and as newer...
Oct 1, 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...
Sep 30, 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...
Aug 8, 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 7, 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 6, 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...
Jun 21, 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....
May 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 19, 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 3, 20231 min read
Liquidity Program Utilization Heats Up
Based our our analysis, liquidity program utilization is increasing across a broader set of nontraded funds that are yet to be...
Feb 6, 20231 min read
HMS Income Fund Repurchase Update
HMS Income fund successfully redeemed ~11% of shareholder redemption requests for the third consecutive quarter. This update is a...
bottom of page