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AUG 17, 2026
Liability management actions were notable in this week’s filings. Apollo Debt Solutions completed its third CLO, a $514.9M term securitization backed by first-lien commercial loans. Nuveen Churchill executed a comprehensive liability management action, simultaneously launching a new $292.5M CLO facility to refinance an existing facility, while expanding and extending a second facility by $100M at tighter spreads, all while maintaining its ongoing fee waiver program. T. Rowe Price OHA Select reported an undersubscribed Q2 tender at $46.7M, completely fulfilled within the 5% cap.
Sekond’s research team is hard at work analyzing liquidity data from Q2. Did you miss our Q1 State of Liquidity Report? Read it here
Weekly Liquidity Roundup
Apollo Debt Solutions Completes Debt Securitization
Apollo Debt Solutions completed a $514.9M term debt securitization on August 6, 2026, its third CLO issuance. The CLO is backed by a diversified portfolio of primarily first-lien commercial loans and matures July 2038, with an optional redemption available from July 2028.
T. Rowe Price OHA Select Private Credit Fund Q2 2026 Tender Offer Undersubscribed
T. Rowe Price OHA Select Private Credit Fund reported an undersubscribed 2Q26 tender offer result at ~57% of the available cap with all shares tendered accepted in full for a total payout of $46.7M at $25.96 NAV per share as of June 30, 2026, paid via promissory notes. This quarter represents a modest increase in redemption demand from Q1’s $26M, though both quarters remained under the 5% cap and were completely fulfilled.
Nuveen Churchill Private Capital Income Fund Expands and Restructures Credit
Nuveen Churchill Private Capital Income Fund (PCAP) completed two credit facility actions: they entered into a new CLO-style secured facility through SPV VI, LLC with $247.5M Class A-T loans and $45M Class B loans. Proceeds were used to terminate the existing Scotiabank Credit Facility II, making this a refinancing of an existing secured facility into a new, longer-dated CLO structure at tighter spreads.
They also expanded the existing Scotiabank Credit Facility I commitment from $450M to $550M, reduced from 2.025% to 1.925%, and extended the maturity to August 2035. A meaningful combination of new capacity, lower cost, and extended tenor in a single amendment.
The combined actions mobilize approximately $392.5M in new or restructured capacity while reducing borrowing costs, a notably proactive balance sheet move for a fund that has also been waiving fees since January 2026.
Open Redemption Windows
· Antares Private Credit Fund
· Oaktree Strategic Credit Fund
· North Haven Private Income Fund
Recent Redemption Results
· Golub Capital Private Credit Fund | Q2 | $219M tendered, 100% repurchased (~4.8% vs 5% cap)
· PGIM Private Credit Fund | Q2 | $10M 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