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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



Liquidity Comparison: Redemption Acceptance Rates
Here’s a look at Q2 2025 pro-rata redemption acceptance rates for three large semi-liquid funds:  Apollo Diversified Real Estate Fund...
7 days ago1 min read


Interval Funds: Liquidity Quick Take
Q4 2024 interval fund flows are coming in and even large funds are brushing up against structural limits. This is the first in a series...
Apr 301 min read


SmartStop Self Storage Trust: Fund Update
After years of starts and stops (no pun intended) SmartStop Self Storage  executes a 1-for-4 reverse stock split, potentially indicating...
Mar 211 min read


Stress-Testing Semi-Liquid Alternatives
Investor redemptions across real estate-focused interval and tender offer funds are surging, putting these semi-liquid structures to the...
Mar 51 min read


What Does Fund Size Say About Liquidity?
Our latest analysis of actively repurchasing funds highlights a clear but often overlooked pattern in how liquidity constraints emerge:...
Feb 211 min read


Liquidity Demand Surges in 2024
Cox Capital's Transaction Volume Surged 309% in 2024 – and demand for secondary liquidity continues to accelerate into 2025. According to...
Feb 121 min read


Do Shareholder Lock-Ups Actually Reduce Volatility?
Probably not. An analysis of credit funds of various sizes across market conditions suggests that reducing liquidity through structural...
Feb 51 min read


MSC Income Fund To Make NYSE Debut
MSC Income Fund, Inc., a nontraded BDC, intends to list on the NYSE under the symbol "MSIF" sometime this year, subject to a notice of...
Jan 221 min read


Where are they now? Former Nontraded REITs Recover Post-Listing Price Declines
"Where are they now?" - Formerly nontraded REITs American Healthcare REIT (AHR) and Sila Realty Trust (SILA) have made meaningful price...
Oct 25, 20241 min read


Former Non-Traded BDCs Continue Through Public Listing Process
This past week, Blue Owl Capital Corporation III (OBDE) and Morgan Stanley Direct Lending Fund (MSDL), both formerly nontraded BDCs,...
Oct 24, 20241 min read


Bloomberg: Private Credit Sells Funds for Small Investors as Big Ones Balk
As market volatility returns, all eyes are on interval funds. In John Sage 's most recent Bloomberg  article, our CEO John Cox , and...
Aug 2, 20241 min read


Is Gating Becoming the Norm?
Perpetual REITs and BDCs were developed, in part, to address the illiquidity of non-traded Lifecycle Funds. Interestingly, their...
Jun 20, 20241 min read


WSJ Intelligent Investor: The Investing Boom That's Squeezing Some People Dry
In this week's Intelligent Investor column, our CEO John Cox shares his secondary market insights with The Wall Street Journal's Jason...
Jun 7, 20241 min read


Cox Capital Announces Extension Date for Tender Offer of Franklin BSP Capital Corp.
Cox Capital Partners announced on Friday, May 17, 2024, that it has extended the expiration date for the Mini-Tender Offer for...
May 17, 20241 min read


Secondary Liquidity: It's Good to Have Options
There will never be a perfectly liquid fund structure for illiquid asset classes. Illiquid and semi-liquid fund structures have numerous...
May 15, 20243 min read


Cox Capital Announces Tender Offer For Franklin BSP Capital Corp.
We are excited to announce our offer to purchase Franklin BSP Capital Corp. Our offer represents a 40% increase above the most recent...
Apr 29, 20241 min read


Blue Owl Capital Corp. II: Repurchase Requests Jump Up
Blue Owl Capital Corp. II's share repurchase program is once again under pressure. The $2 billion Blue Owl BDC had to increase the size...
Mar 28, 20241 min read


American Healthcare REIT: Comrit Decreases Tender Price
Comrit has lowered their bid for American Healthcare REIT (NYSE: AHR) from $13.15 to $5.23 according to an 8-K filed by the newly listed...
Mar 18, 20241 min read


Carlyle Credit Solutions BDC Puts Up the Gate
Demand for liquidity in The Carlyle Group's private BDC, Carlyle Credit Solutions, Inc. (formerly TCG BDC II, Inc.), exploded in Q4 2023....
Mar 12, 20241 min read


Guess the Fund: Interval Fund Liquidity Program Utilization
Can you guess which credit focused interval fund this is? In this instance, the volume of tendered shares is increasing faster than the...
Feb 16, 20241 min read

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