Cox Capital Partners, LP (“Cox Capital”), a provider of liquidity solutions for retail holders of illiquid alternative investments, today announced plans to expand its existing tender offer program for non‑traded business development companies (BDCs) into the rapidly growing interval fund market. The move affirms the company’s role as a provider of liquidity solutions across the private markets landscape for the wealth advisory channel.
Over the past six years, Cox Capital has built a platform for sourcing and executing secondary liquidity transactions for retail investors in non‑traded BDCs and other illiquid vehicles, working with financial advisors and intermediaries across independent broker‑dealers, RIAs, and major wirehouses.
Cox Capital today announced plans to expand that platform to interval funds, whose growth has given retail investors access to private credit, private equity, and other alternative assets with limited liquidity. Subject to market conditions and regulatory requirements, an affiliate of Cox Capital intends to launch formal offers for at least three interval funds managed by three separate sponsors following upcoming fund repurchase periods.
The expansion reflects the structural need for secondary liquidity solutions as private credit, real estate, infrastructure, and other alternative strategies attract a broader base of individual investors.
“Our mission is to bring to the retail market what institutional investors have long been able to count on: an accessible and durable secondary source of liquidity for illiquid alternatives exposure,” said John Cox, founder and CEO of Cox Capital. “Liquidity is not simply a safeguard for volatile markets. It can give advisors greater confidence to allocate client capital to long-term investments.”
“Institutional investors have long relied on active secondary markets to manage their exposure,” Cox noted. “We believe individual investors should have access to the same type of liquidity solutions. In our view, private markets may face challenges reaching their full potential in the wealth channel without reliable liquidity options in place.”
He added that certain sponsors have recognized the benefit of having an off‑exchange tender mechanism that can support confidence in evergreen structures without undermining primary fundraising efforts.
Cox Capital and its affiliates recently launched tender offers for certain publicly registered funds managed by HPS, Apollo, Ares, and Blue Owl. Subject to market and regulatory conditions, Cox Capital and its affiliates intend to return with additional offers later this year and in January, reflecting the firm’s commitment to providing liquidity solutions on a consistent, ongoing basis. The foregoing fund sponsors have not endorsed or approved Cox Capital or its tender offer program.
Unlike exchange venues that seek to create continuous trading markets and charge transaction fees, Cox Capital and its affiliates purchase positions directly for their own accounts and do not charge investors a separate trading fee. Compensation is reflected in the tender offer price, which is typically at a discount to the fund’s net asset value. Where applicable, tender offer prices are communicated through regulated tender offers and public disclosures subject to SEC rules, rather than through exchange quote feeds.
About Cox Capital
Cox Capital is a company focused on providing liquidity solutions to investors in illiquid alternative investment vehicles, including non‑traded BDCs and interval funds. Through its affiliates and managed investment vehicles, Cox Capital executes tender offers and other bespoke secondary transactions, helping financial advisors and their clients manage liquidity needs in complex products, while working collaboratively with fund sponsors and intermediaries.
Forward-Looking Statements. This press release contains forward-looking statements, including statements regarding Cox Capital’s and its affiliates’ plans to expand into the interval fund market, their intention to launch tender offers and their expectations regarding future offers. These statements are based on current expectations and assumptions and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. Cox Capital undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.
Important Disclaimers
References to any fund sponsors, managers or other third parties in this press release are for informational purposes only. Such parties have not endorsed, approved, or sponsored Cox Capital or its tender offer program, and no affiliation, partnership, or business relationship is implied by such references.
This press release is for informational purposes only and does not constitute an offer to purchase, a solicitation of an offer to sell, or investment advice with respect to any securities. Any tender offer made by Cox Capital and its affiliates will be made only pursuant to applicable written tender offer documents which, if required, will be filed with the Securities and Exchange Commission and delivered to eligible security holders. Nothing in this press release should be construed as investment advice or a recommendation to buy, sell, or hold any security.
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