Last week, two funds provided responses to the Cox Capital Partners' third-party offers in their 8-K filings. HPS Corporate Lending Fund and Ares Strategic Income Fund reported that both boards formally recommend shareholders reject the offers. Partners Group Private Equity Fund reported an oversubscribed tender offer in Q2, with $758.3M paid via promissory notes at 82.9% fulfillment, a reversal from last quarter’s undersubscribed tender. Carlyle Credit Solutions reported a second consecutive undersubscribed quarter at 3.57% of shares outstanding, paid via promissory notes, while HarbourVest came in at just 7% of its available cap, both consistent with stable institutional investor bases.

Cox Capital’s third-party offers can be viewed on Sekond for the following funds: HLEND, ADS, ASIF, OTIC and OCIC.


Weekly Liquidity Roundup

Carlyle Credit Solutions, Inc. 2Q26 Tender Offer Undersubscribed

Carlyle Credit Solutions repurchased 3.57% of shares outstanding against a 5% cap for a total payout of approximately $61.3M via promissory notes. Payment via promissory notes rather than cash is worth noting given the undersubscribed result. This is the second consecutive quarter coming in under the 5% cap, as 4.83% of shares outstanding were repurchased in the first quarter.

 

HPS and Ares Both Report on Cox Tender Offers

HPS Corporate Lending Fund reported that Cox Capital Partners offered to purchase up to 550,000 Class I shares at $18.40/share, representing less than 0.10% of Class I shares outstanding and a discount of ~25% to NAV as of May 31st. Per HPS, the Board reviewed the offer and determined that it is not advisable because the price is below NAV.

Ares Strategic Income Fund reported that Cox Capital Partners offered to purchase up to 450,000 Class I shares at $22.95/share, representing less than 0.15% of Class I shares outstanding and a discount of ~14% to NAV as of June 30th. Per Ares, the Board reviewed the offer and determined that it is not advisable because the price is well below NAV.


Partners Group Private Equity Fund, LLC 2Q26 Tender Offer Oversubscribed
Partners Group Private Equity Fund investors tendered $914.8M in aggregate NAV against a cap of $758.4M (5% of aggregate NAV as of June 30, 2026) with the fund accepting units on a pro rata basis at approximately 82.9% fulfillment for a total payout of approximately $758.3M paid via promissory notes. This oversubscription is a reversal from the Q1 result, when 3.28% of NAV was tendered and completely fulfilled.

HarbourVest Private Investments Fund 2Q26 Tender Offer Undersubscribed

HarbourVest Private Investments Fund accepted 100% of Class I shares tendered— 209,104.60 shares — at $10.5641 NAV per share as of June 30, 2026, for a total payout of approximately $2.2M against a cap of approximately $32.6M (5% of net assets as of March 31, 2026). The fund was approximately 7% subscribed against the available cap.

Open Redemption Windows

Recent Redemption Results

  • PGIM Private Credit Fund | $10.1M tendered, 100% repurchased (~3.79% vs 5% cap)

Liquidity Roundup is a 5-minute briefing created by Sekond and designed to keep you current on liquidity events across evergreen funds. For full details on deadlines, caps, and more, sign into your Sekond account.