top of page
Focus
Our singular focus is to find the best candidate for the opportunity within segments of the financial marketplace that we understand.
Our broad network enables us to execute highly customized, confidential, and comprehensive placements.
Focus
Our singular focus is to find the best candidate for the opportunity within segments of the financial marketplace that we understand.
Our broad network enables us to execute highly customized, confidential, and comprehensive placements.
Secondaries Liquidity



Looking Back: Secondary Market Pricing TTM
Over the past twelve months, non-traded asset prices have generally traded down - with AR Global's Healthcare Trust falling nearly 47% in...
Oct 1, 20231 min read


Blue Owl Capital Corp II: Liquidity Program Improvements
Blue Owl Capital Corp. II has seen a drop in share repurchase program utilization for the first time in three years. It is also the first...
Sep 30, 20231 min read


How Traded Market Volatility Can Impact Secondary Pricing
Increased volatility in liquid markets tends to affect secondary market prices before third party tender offer prices, which can produce...
Sep 29, 20231 min read


Semi-Liquid Alts Continue to Grow: Need for Liquidity Remains
As the alternatives marketplace continues to expand, interval funds are playing a driving role in the growth and adoption of semi-liquid...
Sep 11, 20231 min read


Industry Coverage Update
We're initiating coverage on a new group of illiquid alternative investment funds. Note: Two funds have reported meaningful increases in...
Aug 10, 20231 min read


Secondary Market Update: Liquidity Provider Diversity
Advisors and investors who are interested in rebalancing their illiquid positions must make an important decision. Should sellers: Use an...
Aug 10, 20231 min read


Blue Owl: Redemption Program Update
Aside from Blue Owl Capital Corp. II, shareholders' demand for liquidity remains well within Blue Owl Capital's capacity to provide it.
Aug 8, 20231 min read


Blackstone: Redemption Program Utilization
Shareholder liquidity utilization continues to ebb and flow between Blackstone's mega funds BREIT and BCRED. While BCRED met 100% of...
Aug 7, 20231 min read


MSC Income: Repurchase Program Update
MSC Income Fund reported results of their most recent share repurchase program. The recent Dutch Auction style repurchase offer has...
Aug 6, 20231 min read


MSC Income: Secondary Price Discovery
Price discovery is a dynamic process, especially in illiquid markets, and large transactions with narrow bid/ask spreads are rare....
Jun 21, 20231 min read


MSC Income Fund Utilizes New Tender Offer Format
MSC Income Fund has launched an innovative Dutch auction style tender offer. Recent transactions suggest that investors who are willing...
May 21, 20231 min read


Changing Course: FS Energy & Power Fund
FS Energy & Power Fund, soon to be FS Specialty Lending Fund, has a long secondary market history. In a recent SEC filing, the Fund...
May 19, 20231 min read


Secondary Market Liquidity Provider Diversity
The secondary market for retail alternatives is growing. We are seeing more diversity among liquidity providers and the data shows that...
May 11, 20231 min read


Interval Fund Utilization Moves Higher
#Intervalfunds are bumping up against monthly and quarterly redemption limits. Net outflows across numerous intervals suggest...
May 9, 20231 min read


Liquidity Program Utilization Heats Up
Based our our analysis, liquidity program utilization is increasing across a broader set of nontraded funds that are yet to be...
May 3, 20231 min read


KKR Real Estate Select Trust: Oversubscriptions Persist
The KKR Real Estate Select Trust (KREST) remains in the oversubscribed club for the second consecutive quarter. KREST is a tender offer...
Apr 19, 20231 min read


SmartStop Self Storage REIT: Secondary Market Analysis
SmartStop Self Storage is urging shareholders to reject a recent third party tender offer. Investors who are looking for liquidity would...
Mar 21, 20231 min read


DI Wire: Cox Capital Partners Provides Direct Secondary Liquidity for Nontraded Alts
Cox Capital Partners, an SEC-registered investment firm based in Philadelphia, PA, is an institutional liquidity solution for illiquid...
Mar 20, 20232 min read


HMS Income Fund Repurchase Update
HMS Income fund successfully redeemed ~11% of shareholder redemption requests for the third consecutive quarter. This update is a...
Feb 6, 20231 min read


2022 Wrapped
It’s a wrap! It was a year of record growth for Cox Capital and, in many respects, a record year for the industry. Check out some...
Dec 19, 20221 min read

bottom of page


