Cox Capital offered this morning to buy shares of Apollo Debt Solutions and Ares Strategic Income Fund at 14.6% and 13.4% below their August net asset value. It bid for BCRED and HLEND shares on 23 September, 12.5% and 17.5% below. Meanwhile, NB Private Equity said it sold Osaic and Solace into continuation vehicles at prices that "often" sit below carrying value. So four of the largest private credit evergreens now have a bid below NAV.

The tape

• DEAL  Goldman Sachs Asset Management is the lead buyer of GSR Ventures' $350 million fund, about 90% of which is in Xiaohongshu, DealStreetAsia reported on Friday.
• FUND  Ibex Investors closed its second Israel secondaries fund on $87 million on Monday, AltAssets reported, up from the $79 million read here on 22 September.
• FUND  Bee Alternatives closed its seventh secondaries fund above $150 million on 21 September, within its target, DealStreetAsia reported.
• LP  Pantheon International received its May secondary sale proceeds in the quarter to August, and bought back £33.9 million of shares 23.7% below NAV.
• PEOPLE  Debevoise hired Mary Lavelle as a partner in London on 21 September, previously global co-head of private funds and secondaries at another firm.
• FILING  Hunter Point raised $150 million from one investor on 10 September for a sister of the Whitecoat vehicle it filed for with nothing raised.
• FILING  Goldman Sachs set up Vintage Real Estate Partners IV on 24 September, its fourth real estate secondaries fund, after a $3.4 billion third in 2024.
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Cox bids below NAV for four credit evergreens

Cox Capital has bid for the shares of four of the largest private credit evergreens, at 12.5% to 17.5% below their last net asset value. This morning the Pennsylvania firm offered $20.35 a share for Apollo Debt Solutions BDC, 14.6% below its 31 August value of $23.84. The same offer gives $23.15 for Ares Strategic Income Fund, 13.4% below $26.74. At those prices Cox will buy $15 million of the first and $10 million of the second. Both offers run to 14 November. On 23 September the same vehicle, Cox Capital Retail Secondaries Fund I, bid $20.65 for BCRED shares valued at $23.60 in August. Its HLEND bid was $20.17 against a July value of $24.45, with $20 million for each fund until 3 November.

Cox's offers, as a discount to each fund's last net asset value

Per Class I share, offers of 23 and 28 September 2026

The offers arrive because the funds' own windows are full. Each of those funds buys back 5% of its shares a quarter. For instance, BCRED received requests for about 10% of its shares this quarter and paid 5%, AltsWire reported. HLEND, in turn, had requests for 11.5% and accepted about 43% of what was tendered, a queue read here on 14 September. Apollo Debt Solutions, meanwhile, got requests for 14.7% of its shares and paid 5%, Reuters reported on Wednesday. In all, requests across the 13 non-traded BDCs that had reported by Thursday reached $9.6 billion, Stanger counts. Those requests were 10.1% of net asset value, and about 47% of them were paid.

So a financial adviser whose client asked BCRED for cash in July and got half now has a second buyer, at 12.5% below net asset value. In October 2025 the firm bid 31% and 42% below value for Franklin BSP Capital and FS Specialty Lending, AltsWire reported then. The SEC, meanwhile, votes on Wednesday on the rule that lets such funds repurchase shares "at net asset value at periodic intervals", read here on Friday. "Demand for liquidity in these funds continues to run well ahead of what their repurchase programs can supply," John Cox, its chief executive, said this morning.

NBPE sold into two continuation vehicles at discounts

Neuberger Berman's London-listed trust, NB Private Equity Partners, has said what a seller into a continuation vehicle receives. Its interim results of 23 September name "the full sale of FDH Aero, partial realisation of Osaic and full exit of Solace, both through continuation vehicle transactions". Such sales "often occur at discounts to recent carrying value", the trust adds, and its exits have returned 3.1 times invested capital. It also spent $164 million buying back its own shares at a weighted average discount of 28%.

Reverence Capital has owned Osaic since 2019. On 30 April the sponsor sold the company to a continuation vehicle it manages, with more than $2 billion of new money at the close. Ares Secondaries and Lexington Partners led the vehicle, Bain Capital came in as a new investor, and Jefferies advised. NBPE, for its part, had invested $15 million alongside Reverence in 2019. It rolled only part of that position. In May it sold about 40% of its 30 April value into the vehicle for $27 million and kept about $42 million.

The buyers' books call the vehicle Reverence Capital Partners Olympus CV, and four registered evergreens held it at 30 June. They are the evergreens of Ares, Pantheon, Lexington and CAZ, with $229.7 million between them. Pantheon and CAZ were not in the April release, and the price each paid comes with their December reports.

Who holds Reverence's Osaic continuation vehicle

Registered evergreens' holdings of Reverence Capital Partners Olympus CV at 30 June 2026, $m

Bridge Growth Partners, the sponsor of Solace, did the same in May. It closed a $790 million single-asset continuation vehicle for the data software company. Its co-leads were Apogem Capital, HSBC Asset Management, Schroders Capital and Golub Capital, whose GP-led strategy was read here on 15 September. NBPE, meanwhile, was a co-investor in Solace and did not roll. It sold its whole position into the vehicle.

Seen before the press

EnCap has set up three vehicles to combine the mineral interests of its 2013, 2015 and 2017 funds. On Friday EnCap Energy Capital Minerals Fund IX MergeCo filed from the firm's Houston office with nothing raised yet. Sister vehicles filed the same day for Fund X and Fund XI, and Evercore is placing all three. EnCap raised those three funds for upstream oil and gas, at $5.0 billion, $6.5 billion and $7.0 billion. So the filings most probably pool the mineral and royalty holdings of those funds into one merger company funded by secondary buyers, which is a GP-led. It could also be an internal combination ahead of a sale to a third party. Either way, the firm closed its first continuation vehicle in October 2025, $2.0 billion for PennEnergy Resources. Nothing about the three vehicles has been announced officially yet.

On the radar

• Tuesday 29 September, 11:45, Singapore. SuperReturn Asia holds its secondaries panel, "Liquidity toolkit: secondaries innovation in motion", with Adams Street's Pinal Nicum and Apogem's Stanley Xu among the speakers.
• Tuesday 29 September, New York. ILPA's Continuation Vehicles for the Limited Partner course meets, and Oura prices a $2.2 billion Nasdaq listing in which existing holders sell 36.5 million of the 50 million shares.
• Wednesday 30 September, 10am, Washington. The SEC's open meeting votes on proposing the interval fund and multiple share class amendments.
• Wednesday 30 September, 1pm, Guernsey. The deadline for Partners Group Private Equity's shareholders to elect realisation shares, with the EGM on 7 October. The same day is the quarter-end mark that every autumn sale is priced on.
• November. Anthropic now targets a listing after its third-quarter results, the Wall Street Journal reported on 18 September. So the mid-October date read here on Sunday no longer holds.
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