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



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,...
Oct 24, 20241 min read


Bloomberg: Private Credit Sells Funds for Small Investors as Big Ones Balk
As market volatility returns, all eyes are on interval funds. In John Sage 's most recent Bloomberg  article, our CEO John Cox , and...
Aug 2, 20241 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...
Jun 20, 20241 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...
May 17, 20241 min read

Secondary Liquidity: It's Good to Have Options
There will never be a perfectly liquid fund structure for illiquid asset classes. Illiquid and semi-liquid fund structures have numerous...
May 15, 20243 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...
Apr 29, 20241 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....
Mar 12, 20241 min read


Nontraded Shareholders Stay on the Sidelines During Fund IPOs
Hurry up and wait - existing shareholders take a backseat to IPO participants when it comes to liquidity. The recent influx of listings...
Jan 29, 20241 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 26, 20241 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...
Jan 18, 20241 min read

Pacific Oak Strategic Opportunity REIT Value Dives
Pacific Oak Strategic Opportunity REIT ($PCOK) has reported a 23.5% drop in NAV. Year to date transactions show the write-down was...
Dec 13, 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...
Nov 27, 20231 min read

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

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

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 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

bottom of page