Cox Capital Partners offers 26% discount for private credit shares, investors decline

When you can’t get your money out of an investment, someone eventually shows up offering to take it off your hands. The catch, as always, is the price. Cox Capital Partners, a secondary liquidity provider based in Philadelphia, has been firing off unsolicited mini-tender offers to buy shares in non-traded business development companies at steep discounts. The average markdown: roughly 26% below net asset value. Across five funds managed by heavyweights like Blue Owl Capital and Apollo Global Management, Cox has targeted up to $90 million in shares. Fund boards and investors, so far, have collectively said no thanks. The liquidity squeeze behind the offers To understand why Cox sees an opportunity here, you need to understand the plumbing problem in non-traded BDCs. These are private credit vehicles sold primarily to retail and wealth-channel investors under the promise of being “semi-liquid.” That means investors can periodically request redemptions, but the funds typically cap buybacks at around 5% of outstanding shares per quarter. The problem is that redemption requests have blown past that cap. In Q2 2026, redemption demands hit 10.3% of shares outstanding, up from 9.7% in Q1 2...