Cox Capital Tenders for Blackstone, BlackRock Private Credit Funds at Steep NAV Discounts
BX sits 20% above its 52-week low of $101.73.
Summary
Cox Capital Partners launched cash tender offers for class I shares of Blackstone Private Credit Fund (BCRED) and BlackRock's HPS Corporate Lending Fund (HLEND) at discounts to NAV. BCRED shares are offered at $20.65, a 12.5% discount to its $23.60 NAV, while HLEND shares are offered at $20.17, a 17.5% discount to its $24.45 NAV. The offers total about $40M ($20M per fund) and expire November 3. This follows recent redemption caps at both funds—BCRED limited repurchases to 5% of shares outstanding after ~10% requests, and HLEND capped at 5% after ~11.5% requests. The tender offers provide secondary liquidity for retail investors but at a significant discount, reflecting ongoing pressure in private credit fund redemptions. For Blackstone, the BCRED tender is a modest event relative to its $154B market cap, but it highlights liquidity constraints in its retail private credit products. BlackRock is similarly affected through HLEND. Watch for any increase in tender size or additional secondary market activity before the November 3 expiration.
At the time of this announcement, BX was trading at $122.39 on NYSE in the Finance sector, with a market capitalization of approximately $154B. The 52-week trading range was $101.73 to $189.88. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.