The most significant development last week was Starwood Real Estate Income Trust's $1.02B joint venture with Apollo Global Management. The transaction, which carries a guaranteed minimum annual yield obligation reflects the extent of SREIT's liquidity challenges following its suspended repurchase program and distribution reduction. On the credit side, Antares Strategic Credit Fund reported meaningful redemption pressure as 10.3% of shares were tendered against a 7.5% cap at 72.6% fulfillment. On the constructive end, Golub Capital Private Credit Fund came in just under its 5% cap for fiscal Q3, a sequential improvement from their oversubscribed fiscal Q2.
Weekly Liquidity Roundup
Starwood Real Estate Income Trust Receives Investment from Apollo
Starwood Real Estate Income Trust (SREIT) entered into a joint venture with Apollo Global Management structured around approximately 120 of SREIT's affordable housing properties. Apollo invested $1.02B in exchange for 41.5% Class B equity interests — SREIT retained 58.5% and full operational control — with proceeds used to repay a significant portion of SREIT's credit facility, immediately reducing interest expense and improving operating cash flow.
The Apollo investment carries a guaranteed minimum annual yield that increases over time, a financial obligation SREIT must service regardless of portfolio performance. SREIT also has a call option to redeem Apollo's interest, exercisable between years five and ten, capped at a 7% IRR to Apollo. Beyond year ten, additional financial obligations accrue, creating an escalating incentive for SREIT to buy Apollo out before then.
The transaction will be consolidated on SREIT's balance sheet with Apollo's interest classified as a redeemable noncontrolling interest — meaning the $1.02B appears as a liability-adjacent item rather than pure equity, though no gain or loss is recognized on formation.
In the context of SREIT's suspended share repurchase program and distribution reduction, this transaction is a critical defensive liquidity move as SREIT describes the transaction as "a critical step in the Company's broader plan to improve liquidity".
Golub Capital Private Credit Fund Fulfills all Redemption Requests for Fiscal 3Q26
Golub Capital Private Credit Fund (GCRED) received repurchase requests for approximately 4.85% of common shares outstanding as of March 31, 2026, coming in under the 5% cap, fulfilling all requests. This result is a sequential improvement from an oversubscribed fiscal Q2.
Ares Private Markets Fund Q2 2026 Tender Offer Undersubscribed
Ares Private Markets Fund reported their 2Q26 tender offer was 59% subscribed, accepting 100% of shares tendered across all classes for a total payout of approximately $126.3M against a cap of approximately $215.8M.
Antares Strategic Credit Fund Q2 2026 Tender Offer Oversubscribed
Antares Strategic Credit Fund received 8,198,853 shares tendered (~10.3% of shares outstanding) against a cap of 5,951,674 shares (7.5% of shares outstanding), with the fund accepting shares on a pro rata basis at 72.6% fulfillment for a total payout of approximately $148.3M at $24.92 NAV per share as of June 30, 2026, paid August 4, 2026.
Recently Opened Redemption Windows:
Blackstone Private Credit Fund
T. Rowe Price OHA Select Private Credit Fund
Carlyle AlpInvest Private Markets Fund
Stepstone Private Credit Fund LLC
Recent Redemption Results:
Jefferies Credit Partners BDC Inc. | Q2 | $10.9M tendered, 100% repurchased (~1.34% 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.