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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
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Aug 1, 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...
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Jun 19, 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...
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Jun 6, 20241 min read
WSJ Intelligent Investor: The Investing Boom That's Squeezing Some People Dry
In this week's Intelligent Investor column, our CEO John Cox shares his secondary market insights with The Wall Street Journal's Jason...
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May 15, 20243 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...
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Mar 17, 20241 min read
American Healthcare REIT: Comrit Decreases Tender Price
Comrit has lowered their bid for American Healthcare REIT (NYSE: AHR) from $13.15 to $5.23 according to an 8-K filed by the newly listed...
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Feb 16, 20241 min read
Guess the Fund: Interval Fund Liquidity Program Utilization
Can you guess which credit focused interval fund this is? In this instance, the volume of tendered shares is increasing faster than the...
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Jan 29, 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...
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Oct 11, 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...
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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...
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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...
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Sep 29, 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...
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Aug 10, 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...
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Aug 10, 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...
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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....
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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...
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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...
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May 11, 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...
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May 9, 20231 min read
Interval Fund Utilization Moves Higher
#Intervalfunds are bumping up against monthly and quarterly redemption limits. Net outflows across numerous intervals suggest...
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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...
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Apr 19, 20231 min read
KKR Real Estate Select Trust: Oversubscriptions Persist
The KKR Real Estate Select Trust (KREST) remains in the oversubscribed club for the second consecutive quarter. KREST is a tender offer...
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