Energy Capital Partners closed its continuation vehicle for Next Wave Energy Partners on Monday at $834 million. Five investors anchored it: GCM Grosvenor, Phoenix Insurance, Ardian, StepStone and North Hudson. Meanwhile, Cox Capital offered to buy Blue Owl Credit Income shares at 20% below their August value, its fifth open bid for an evergreen's shares. In addition, ICG and Amundi launched on Tuesday their first evergreen fund for wealth investors, which buys interests in buyout funds.

The tape

• DEAL  Primavera Capital is raising a continuation fund for its ByteDance and Ant stakes, with ADIA in talks to invest, DealStreetAsia reported on 29 September.
• DEAL  CVC has started a continuation vehicle for the RAC in place of a London float, Sky News reported on 22 September, with Lazard advising.
• FUND  Twin Bridge, a Chicago fund-of-funds manager, is raising up to $600 million for a first secondaries fund, PitchBook reported on 23 September.
• LP  Illinois TRS, the $88 billion teachers' pension, is looking for advisers on selling private markets assets through secondaries, PEI reported on Tuesday.
• LP  Saba Capital held 12.0% of Pantheon International on 30 September, more than half of it through a swap, up from 11.1% a week earlier.
• DATA  KKR's $996 million K-FITS credit fund received requests for 5.06% of its shares in the September quarter and paid them all, Bloomberg reported.
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ECP's fourth fund cashed out of Next Wave at $834 million

Energy Capital Partners has sold Next Wave Energy Partners to a continuation vehicle it manages. The vehicle closed on Monday with $834 million of commitments. ECP, the sponsor behind the vehicle, is an energy investor in Summit, New Jersey that Bridgepoint has owned since 2024. Next Wave is a Houston company that ECP backed at its start in April 2015 with up to $500 million. The company built one plant, in Pasadena, Texas. It turns natural gas liquids into alkylate, a high-octane gasoline component, and makes about 40,000 barrels a day under long-term fixed-margin contracts. It started commercial operations in March 2024, and the stake sits in ECP IV, a $3.3 billion fund that closed in January 2020.

The sale had been in view for three weeks. On 15 September Mergermarket reported that ECP was raising a vehicle of about $900 million for Next Wave, with anchors already signed. Two days later ECP Next Wave Continuation Fund filed its Form Ds with Moelis as placement agent, as read here on 18 September.

The Form Ds named no investor. Five are named in Monday's release: GCM Grosvenor, Phoenix Insurance, Ardian, StepStone and North Hudson Resource Partners. North Hudson is a Houston energy investor with $2.1 billion under management. ECP IV's investors get "the opportunity to fully monetize their stake", so every one of them can take cash, while ECP itself reinvests its proceeds. However, neither ECP nor the release gives a price, and the $834 million is 7% below the figure Mergermarket had in view.

Next Wave is ECP's third continuation vehicle, and the first two were sold whole within three and a half years. The first, for the renewables developer Terra-Gen, raised $1.2 billion in April 2021, and ECP exited it in October 2024. The second, for the power producer Calpine, raised $1.6 billion in June 2022 with Pantheon and the same Phoenix Insurance as anchors. Constellation completed its $34.1 billion purchase of Calpine in January 2026, which ended that vehicle too. So the five anchors are buying a plant with contracted margins and a sponsor whose two earlier vehicles returned the money in under four years. Meanwhile, ECP IV's investors get their cash, eleven years after the first commitment.

ECP has raised three continuation vehicles and sold the first two whole

From the first commitment to Next Wave in 2015 to Monday's close

Source: Energy Capital Partners, Business Wire releases of 7 April 2021, 15 June 2022 and 5 October 2026; Next Wave Energy Partners; SEC Form D filings of 17 September 2026.

Cox bid 20% below value for Blue Owl's credit fund

Cox Capital offered on Monday to buy Blue Owl Credit Income's Class I shares at $7.31. Cox's price is 20% below their net asset value of $9.14 at 31 August. Cox is a Pennsylvania firm run by John Cox, and it buys evergreen fund shares from holders whose funds limit withdrawals. Cox made four such offers in the last week of September, as read here on 28 September. Two of them, for Blackstone's BCRED and HPS's HLEND, run until 3 November. The other two, for Apollo Debt Solutions and Ares Strategic Income, run until 14 November. None of those four asks as deep a discount as Monday's 20%.

Blue Owl Credit Income, known as OCIC, is a $35 billion private credit fund sold to individual investors. Its holders asked to sell 16.8% of the shares in the third quarter, as read here yesterday. Each quarter the fund buys back 5% of the shares, so each holder got about 30% of what it asked for. In July Cox bid 25% below value for the same shares, and that offer expired on 24 August. Monday's offer is for up to $10 million of shares, with a right to take 2% more, about $196 million. It runs to 25 November.

The boards of the other funds have answered Cox within a week. BCRED's board told holders on 1 October to reject Cox's $20.65 offer, as read here on Friday, and Ares Strategic Income's followed on 2 October.

John Cox answered the boards in Monday's release. Advisors and their clients, he wrote, "deserve an additional path to liquidity when their fund's repurchase programs are oversubscribed". He compared it to the way "institutional investors have long relied on the secondaries market". An OCIC holder facing that market now has two prices for the same share. First, the fund pays 100 cents on the dollar for about 30% of each request, with the next window in December. Second, Cox pays 80 cents now, for all of it.

Cox's five open offers, discount to the fund's last net asset value

Offer price against the Class I NAV each offer cites, autumn 2026

ICG and Amundi put LP secondaries in front of wealth clients

ICG and Amundi launched an evergreen fund on Tuesday, Amundi ICG Global Private Equity Secondaries. It buys interests in private equity funds from investors who want out. The fund is for wealth investors, takes subscriptions monthly and offers redemptions quarterly "subject to limitations", the release says. Its portfolio will be funds in North America and Europe, and the first investment is already made.

Amundi, the French asset manager, signed the partnership behind the fund in September. It bought 9.9% of ICG for about €620 million on 17 September, as read here that day. The two firms said then that a secondaries fund for wealth clients would follow within weeks. The secondaries team at ICG has bought fund interests from selling investors for more than 16 years. Its first dedicated fund closed at $1 billion in April 2024, and its heads, Oliver Gardey and Ryan Levitt, co-manage the new fund.

The launch adds one more permanent buyer of fund interests paid for with monthly wealth subscriptions. Such buyers paid 92.1% of net asset value for LP portfolios in the first half, against 86.7% for all buyers, Campbell Lutyens counts. Buyers of that kind also form queues when subscriptions stop and holders ask for more than the fund pays out. For instance, Partners Group capped withdrawals from its €6.6 billion Global Value fund in June. On Friday it proposed to split the fund in two, as read here that day. The new fund has no queue yet and no size, and its first test comes at a redemption window the release does not date.

On the radar

• Wednesday 7 October, 11am, Guernsey. Partners Group Private Equity's meeting votes on the managed wind-down, the only resolution left after 74% of the shares chose to be paid out, as read here yesterday. A yes starts the sale of a €771 million book of direct holdings, company by company, and a no leaves the company as it is.
• Tuesday 13 to Thursday 15 October, London. SuperReturn Global Infrastructure at the Hilton Bankside, the first infrastructure gathering since Meridiam's $4 billion-plus vehicle came to market with Ares, GIC and Pantheon, as read here on Saturday.
• Wednesday 14 October, San Francisco. Anthropic briefs selected institutional investors at its headquarters ahead of a possible listing, Bloomberg reported on 1 October, with formal marketing possibly from the week of 9 November.
• Thursday 22 October, 9am, New York. Blackstone's third-quarter call, the first since it shelved Eclipse, as read here on 24 September.
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