This week’s filings show that settlement terms and product structure can differ across semi-liquid funds, details that are key to understanding liquidity and payment timing for each fund. Blue Owl Credit Income Corp received tender requests of 16.8% of shares against a 5% cap and accepted about 30% pro rata. It settled the ~$931 million in non-interest-bearing promissory notes rather than cash, with no payment date disclosed. KKR FS Income Trust Select, by contrast, accepted every tendered share, ~$51 million, and expects to pay in cash. We also saw further evidence of consolidation as Cantor Fitzgerald formed an interval fund through a reorganization, and North Haven Private Income signed a pending merger with its sister fund.

Weekly Liquidity Roundup

Blue Owl Credit Income Corp Prorates Q3 Tender, Pays $931 Million in Promissory Notes

In its final tender results filed October 26, 2026, Blue Owl Credit Income Corp reported that about 341.4 million shares, 16.8% of shares outstanding at June 30, 2026, were tendered by the September 30 expiration. The offer was for up to 101.6 million shares, 5.00% of shares outstanding. The Company accepted 101,609,211 shares pro rata, 29.8% of the shares tendered, at net offering prices of $9.14 for Class S, $9.15 for Class D and $9.17 for Class I. The aggregate purchase price was about $931 million. By our calculation, that is against roughly $3.1 billion tendered at the September 30 prices. Payment was made in non-interest-bearing promissory notes held by the transfer agent, DST Systems, on behalf of each tendering shareholder. The filing doesn’t say when the notes are paid.

Source: Form SC TO-I/A Oct 26, 2026

Cantor Fitzgerald Energy Fund Launches as an Interval Fund Through a Private Fund Reorganization

Cantor Fitzgerald Energy Fund, a Delaware statutory trust registered as a non-diversified interval fund, began operations on October 23, 2026 by acquiring Del Rio Royalty Company II, LLC, a private fund, in a tax-free reorganization. Interests in the private fund were exchanged for Class S shares. The prospectus is dated October 26, 2026, and the fund continuously offers Class S shares (CNRSX) at NAV with no sales load and a $10 million minimum initial investment, which can be waived. It invests at least 80% of net assets in U.S. energy assets, mainly non-operated working interests, mineral and royalty interests, and publicly traded oil and gas companies. The strategy concentrates in the crude petroleum and natural gas industry. The adviser, Cantor Fitzgerald Energy Advisors, is a newly organized joint venture between Cantor Fitzgerald Investors and Lincoln, which managed the private fund.

Liquidity follows the interval structure. The fund will offer quarterly repurchases of 5% to 25% of shares at NAV, expects to offer only 5%, and plans its first offer for December 2026. Shares may be repurchased only through these offers, and any oversubscribed offer is prorated. The management fee is 2.25% of net assets, and total annual expenses are estimated at 4.75% before a 0.25% limitation, with a separate 1.00% management fee waiver through October 15, 2029. Distributions are monthly and may be funded from offering proceeds or borrowings, and the fund expects to use leverage of up to 33 1/3% of managed assets. The private fund returned 17.4% over one year and 9.9% annualized over three years through 2025, but it wasn’t registered under the 1940 Act and its returns aren’t adjusted for the new fund’s fees.

Source: Form 424B3 Oct 23, 2026

North Haven Private Income Fund Agrees to Merge With North Haven Private Income Fund A

On October 26, 2026, North Haven Private Income Fund LLC (PIF) signed an agreement to merge with its sister fund, North Haven Private Income Fund A LLC (PIF A). Both are advised by MS Capital Partners Adviser Inc., which is also a party to the agreement. The merger is a two-step structure. A merger subsidiary first merges into PIF A, and PIF A then merges into PIF, which survives. PIF A units will be converted into Class I units of PIF at an exchange ratio equal to PIF A’s closing NAV per unit divided by PIF’s. Both NAVs will be calculated as of a determination date no earlier than 48 hours before the first merger takes effect. The boards of both funds, including all independent directors, approved the agreement.

Closing is subject to conditions, including the absence of legal impediments, the accuracy of representations and warranties, completion of the NAV determinations, and required regulatory approvals, including expiration of the Hart-Scott-Rodino waiting period. The conditions described don’t include a unitholder vote. PIF A may not solicit competing proposals but can terminate for a superior proposal in certain circumstances, and either fund may be entitled to expense reimbursement if the agreement is terminated in specified circumstances. The filing gives no closing date, fund sizes or a numeric exchange ratio. A joint press release and investor presentation are attached to the filing as exhibits. PIF’s third-quarter tender offer was oversubscribed, with about 43.8% of tendered Class S units accepted.

Source: Form 8-K Oct 26, 2026

KKR FS Income Trust Select Fulfills 100% of 3Q26 Tender, Repurchasing About $51 Million

In a final amendment filed October 27, 2026, KKR FS Income Trust Select reported the results of its third-quarter tender offer, which expired September 29, 2026. The Trust offered to purchase up to 2,025,462 Class S shares at NAV as of September 30. Shareholders tendered 2,051,610.547 shares, about 5.06% of shares outstanding at June 30, slightly above the amount offered. The Trust accepted all of them, as Rule 13e-4(f)(1) permits, so no proration was needed. NAV per share was $24.86, determined on October 20, and the aggregate purchase price was $50,972,767.38. By our calculation, that is about $30,000 below tendered NAV, reflecting the early repurchase deduction where it applies. The filing says only that payment will be made under the terms of the offer. The Trust previously indicated it would pay in cash within 65 days of September 29.

Source: Form SC TO-I/A Oct 27, 2026

Open Redemption Windows

• Partners Group Private Equity | Requests due: Nov 27, 2026

• Lord Abbett Private Credit Fund | Requests due: Nov 30, 2026

• Keystone Private Income Fund | Requests due: Nov 30, 2026

• Monroe Capital Income Plus Corp | Requests due: Nov 30, 2026

Recent Redemption Results

Fidelity Private Credit Fund | $33.4M tendered, $33.4M repurchased (2.5% of NAV vs 5% cap)