Cox Capital Expands Tender Program to Interval Funds
Cox Capital Partners plans to expand its tender-offer program for nontraded business development companies (BDCs) into interval funds, creating another potential liquidity channel for wealth-management clients holding illiquid alternative investments.
The firm has spent the past six years sourcing and executing secondary transactions in nontraded BDCs and other illiquid vehicles, working through financial advisors, independent broker-dealers, registered investment advisors and wirehouses. An affiliate of Cox Capital now plans to launch formal tender offers for at least three interval funds managed by separate sponsors after upcoming fund repurchase periods. The firm did not identify the targeted funds, disclose prospective offer prices, or provide a launch timetable.
“Our mission is to bring to the retail market what institutional investors have long been able to count on: an accessible and durable secondary source of liquidity for illiquid alternatives exposure,” founder and CEO John Cox said.
Cox Capital and its affiliates recently launched offers involving publicly registered funds managed by HPS Investment Partners, Apollo, Ares Management and Blue Owl Capital. The asset managers have not endorsed or approved Cox Capital or its program.
The firm expects to make additional offers later this year and in January.
Connect Money is spotlighting rising stars who have made a valuable contribution to the alternative investments industry. Based on your nomination, we will recognize professionals who have significantly influenced both the workplace and community. The deadline is September 9. Click here to submit your nominations and help us highlight the next generation of leaders.
