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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



Cox Capital Launches Multiple Tender Offers
Cox Capital and its purchaser group have launched two mini-tender offers for Franklin BSP Capital Corporation and FS Specialty Lending....
Oct 41 min read


Sample: Secondary Market vs Third Party Tender Offers
There isn’t always a clear winner between secondary markets and third party tender offers. So far in 2025, third party tender offers...
May 151 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 291 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


Transaction Volumes Drive Higher Into Year End
Q3/Q4 are consistently the busiest time of the year for retail secondary markets as advisors work with their clients to rebalance...
Oct 26, 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 1, 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 19, 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 6, 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 16, 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 28, 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 27, 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 11, 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


Nontraded Shareholders Stay on the Sidelines During Fund IPOs
Hurry up and wait - existing shareholders take a backseat to IPO participants when it comes to liquidity. The recent influx of listings...
Jan 29, 20241 min read


KKR Real Estate Select Trust: Gated Again
KKR Real Estate Select Trust falls back into oversubscription with sellers receiving 77% of their requested redemptions. Sign up to...
Oct 11, 20231 min read


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

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