Key Takeaways
- • Cox Capital Partners, through Cox Capital Retail Secondaries Fund I, LP, commenced cash tender offers for Class I shares of Blackstone Private Credit Fund (BCRED) at $20.65 per share and HPS Corporate Lending Fund (HLEND) at $20.17 per share.
- • The offer prices represent discounts of 12.5% to BCRED's reported Class I NAV of $23.60 (as of Aug. 31, 2026) and 17.5% to HLEND's Class I NAV of $24.45 (as of July 31, 2026).
- • The initial offers target up to $20 million in aggregate value per fund, or approximately $40 million total, with a reserved right to accept up to an additional 2% of each fund's Class I shares.
- • Both offers expire at 5:00 p.m. Eastern Time on Nov. 3, 2026, unless extended or terminated early.
- • The offers follow Q3 2026 repurchase programs at both funds that were substantially oversubscribed, with requests representing an estimated 10% (BCRED) and 11.5% (HLEND) of shares outstanding, versus a typical 5% quarterly repurchase target.
Summary
Cox Capital Partners, a Conshohocken, Pennsylvania-based private investment firm focused on secondary-liquidity solutions, announced that its affiliate vehicle, Cox Capital Retail Secondaries Fund I, LP (the "Purchaser"), has commenced two separate cash tender offers for Class I shares of Blackstone Private Credit Fund (BCRED) and HPS Corporate Lending Fund (HLEND), according to a Business Wire release.
The offers come after both funds reported that their Q3 2026 repurchase programs were substantially oversubscribed. BCRED and HLEND received repurchase requests representing an estimated 10% and 11.5%, respectively, of shares outstanding, while the funds' frameworks generally target quarterly repurchases of 5% of shares outstanding, subject to discretionary increases by each fund. Cox Capital said the offers are designed to give shareholders an additional path to liquidity when a fund's own repurchase program cannot satisfy their full request. The company stated the offers are independent of the target funds and do not modify or replace their repurchase programs, and that Cox Capital and the Purchaser are not affiliated with BCRED, HLEND or their advisers.
The Purchaser is offering $20.65 per BCRED share, a 12.5% discount to the fund's reported Class I NAV of $23.60 as of Aug. 31, 2026, and $20.17 per HLEND share, a 17.5% discount to the reported Class I NAV of $24.45 as of July 31, 2026. The initial offering covers up to $20 million in aggregate value of each fund's Class I shares, or about $40 million in total. The Purchaser has reserved the right, without extending the offers and as permitted under Rule 14e-1(b) of the Securities Exchange Act of 1934, to accept up to an additional 2% of each fund's Class I shares outstanding as of Aug. 10, 2026, representing approximately $514 million of BCRED shares and approximately $80 million of HLEND shares at the offer prices. Both offers expire at 5:00 p.m. ET on Nov. 3, 2026, unless extended or terminated early.
Cox Capital CEO and CIO John Cox said, "Retail shareholders deserve access to the kinds of secondary liquidity options for their private-market exposure that institutional investors have enjoyed for years." Shareholders can review offer materials and submit tender documents through CoxCapitalPortal.com, and shares held through a broker or custodian may require countersignature and be subject to earlier internal deadlines. The release notes that the offers have not been approved or disapproved by the SEC or any state securities commission, that each price is below the applicable fund's reported NAV, and that no independent person has been retained to evaluate the fairness of either price. It also highlights the absence of an established trading market for the shares and the tax consequences of tendering as factors for shareholders to weigh.
The offers come after both funds reported that their Q3 2026 repurchase programs were substantially oversubscribed. BCRED and HLEND received repurchase requests representing an estimated 10% and 11.5%, respectively, of shares outstanding, while the funds' frameworks generally target quarterly repurchases of 5% of shares outstanding, subject to discretionary increases by each fund. Cox Capital said the offers are designed to give shareholders an additional path to liquidity when a fund's own repurchase program cannot satisfy their full request. The company stated the offers are independent of the target funds and do not modify or replace their repurchase programs, and that Cox Capital and the Purchaser are not affiliated with BCRED, HLEND or their advisers.
The Purchaser is offering $20.65 per BCRED share, a 12.5% discount to the fund's reported Class I NAV of $23.60 as of Aug. 31, 2026, and $20.17 per HLEND share, a 17.5% discount to the reported Class I NAV of $24.45 as of July 31, 2026. The initial offering covers up to $20 million in aggregate value of each fund's Class I shares, or about $40 million in total. The Purchaser has reserved the right, without extending the offers and as permitted under Rule 14e-1(b) of the Securities Exchange Act of 1934, to accept up to an additional 2% of each fund's Class I shares outstanding as of Aug. 10, 2026, representing approximately $514 million of BCRED shares and approximately $80 million of HLEND shares at the offer prices. Both offers expire at 5:00 p.m. ET on Nov. 3, 2026, unless extended or terminated early.
Cox Capital CEO and CIO John Cox said, "Retail shareholders deserve access to the kinds of secondary liquidity options for their private-market exposure that institutional investors have enjoyed for years." Shareholders can review offer materials and submit tender documents through CoxCapitalPortal.com, and shares held through a broker or custodian may require countersignature and be subject to earlier internal deadlines. The release notes that the offers have not been approved or disapproved by the SEC or any state securities commission, that each price is below the applicable fund's reported NAV, and that no independent person has been retained to evaluate the fairness of either price. It also highlights the absence of an established trading market for the shares and the tax consequences of tendering as factors for shareholders to weigh.
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