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SEP 10, 2026
This week’s filings highlight a growing divergence: redemption pressure continues to build at some of the largest, most established funds, even as others move from strength to expand their borrowing capacity and financing flexibility. CION Ares Diversified Credit Fund expanded a credit facility by 50% and extended its maturity by nearly two years. Meanwhile, two filings underscore ongoing liquidity strain: Highlands REIT launched a $25 million self-tender at $0.20 per share, a 31% discount to its board-approved NAV, reflecting the market-clearing price investors are willing to accept for near-term liquidity. And Blackstone Private Credit Fund’s Q3 repurchase requests came in at roughly double its 5% quarterly cap, leaving investors an estimated 75% fulfilled after 90 days and marking a third consecutive quarter of net outflows.
Weekly Liquidity Roundup
CION Ares Diversified Credit Fund Expands Credit Facility
CION Ares Diversified Credit Fund amended its State Street Credit Facility on August 26, 2026, expanding the total commitment from $300 million to $450 million (a 50% increase) while extending the maturity nearly two years to July 31, 2028. The amendment also adjusted pricing modestly higher, from SOFR + 1.25% to SOFR + 1.35%, and modified certain concentration limits. The move comes as the fund had drawn $231.9 million against its prior $300 million cap as of June 30, 2026, roughly 77% utilized, so the expansion adds borrowing capacity while also pushing out refinancing risk by extending the facility’s term by nearly two years.
BCRED 3Q26 Tender Offer Oversubscribed
Blackstone Private Credit Fund (BCRED) Q3 2026 repurchase requests came in at an estimated $4.3 billion, or roughly 10% of shares outstanding, double the fund’s 5% quarterly repurchase cap. The fund reported in an investor letter that only about half of requests will be fulfilled. This follows Q2, where BCRED similarly fulfilled only about half of $4.5 billion requested, leaving a $2.3 billion backlog that was largely resubmitted in Q3. Combined across both quarters, investors seeking liquidity are estimated to receive only about 75% of their requested capital within roughly 90 days, with the fund posting net outflows of approximately 3% of NAV for a third consecutive quarter.
Highlands REIT Announces Self-Tender Offer
Highlands REIT commenced a self-tender offer on September 1, 2026, seeking to repurchase up to $25.0 million of common stock (up to 125,000,000 shares) at $0.20 per share, paid in cash at expiration. The offer expires September 29, 2026, with payment in cash shortly after. Notably, the $0.20 tender price sits at a 31% discount to the REIT’s most recent estimated per-share value of $0.29 (fully diluted), which the board set in May based on an independent third-party appraisal as of March 31, 2026, using a standard net asset value methodology built on discounted cash flows for the fund’s real estate portfolio. That gap suggests that shareholders who tender are accepting less than the fund’s board-approved valuation in exchange for near-term liquidity. Highlands reserves the right to buy up to 2% more shares (~14.45M) without extending the offer.
Partners Group Announces Changes to Executive Team
Partners Group announced in a press release several rotations within its Executive Team effective January 1, 2027. David Layton, Chief Executive Officer, will transition again into an investment role and be appointed Chief Investment Officer and Chairman of the Global Investment Committee after eight years as CEO. Roberto Cagnati, Partner, and Juri Jenkner, Partner and President, will be appointed as Co-Chief Executive Officers. Roberto Cagnati has been with Partners Group since 2004 and most recently served as Head of Portfolio Solutions and Chief Risk Officer. Juri Jenkner also joined Partners Group in 2004 and currently serves as President and Head Business Development of the firm.
Open Redemption Windows
• First Trust Alternative Opportunities Fund
Recent Redemption Results
• Monroe Capital Income Plus Corp | $174M tendered (6.3% of NAV), $136M repurchased (4.9% 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.