At a glance
- The five funds are North Haven Private Assets Fund, StepStone Private Venture and Growth Fund, FS MVP Private Markets Fund, Bain Capital Private Credit and Fidelity Private Credit Fund.
- North Haven Private Assets offered to repurchase up to about $521.6 million, or 5% of net assets as of June 30.
- For an advisor weighing a semi-liquid sleeve, the ratio of tendered value to the 5% cap decides whether a client's exit is filled or prorated.
Five nontraded funds accepted every share investors tendered in the third quarter, with requests running from about 2% to roughly half of each fund's repurchase limit, The DI Wire reported Nov. 4.
The five funds are North Haven Private Assets Fund, StepStone Private Venture and Growth Fund, FS MVP Private Markets Fund, Bain Capital Private Credit and Fidelity Private Credit Fund. The first three run quarterly tender offers; the last two are nontraded business development companies. StepStone's vehicle was formerly Conversus StepStone Private Venture and Growth Fund.
North Haven Private Assets offered to repurchase up to about $521.6 million, or 5% of net assets as of June 30. Shareholders tendered about 517,000 shares, worth roughly $12.7 million at the fund's Sept. 30 NAV, about 2% of the offer.
For an advisor weighing a semi-liquid sleeve, the ratio of tendered value to the 5% cap decides whether a client's exit is filled or prorated.
Blackstone Private Credit Fund, or BCRED, drew requests equal to roughly 10% of shares outstanding and repurchased about $2.13 billion, filling roughly half. BlackRock's HPS Corporate Lending Fund accepted 43.7% of shares tendered and paid about $603 million, prorating for a third straight quarter, as Private Wealth Daily previously reported. Both cap quarterly repurchases at 5% of shares outstanding.
Morgan Stanley's North Haven Private Income Fund, a nontraded BDC, also prorated, accepting about 43.7% of units validly tendered. It repurchased 8,633,441 units, about 5% of units outstanding as of June 30, and paid roughly $152.3 million on or about Oct. 27 at a Sept. 30 NAV of $17.64 per unit. Requests stood at about 11.4% of units outstanding in September, when the fund estimated preliminary proration of 43.8%; they covered about 11.6% of units in the second quarter and 10.9% in the first, according to the fund.
North Haven Private Assets is advised by Morgan Stanley AIP GP LP and invests mainly in private equity through secondaries, co-investments and GP-led deals, with smaller commitments to new funds. It is open to investors meeting the "qualified client" standard, and its adviser intends to recommend quarterly repurchase offers of no more than 5% of net assets.
| Fund | Q3 result | Reported detail |
|---|---|---|
| North Haven Private Assets Fund | All tenders accepted | About $521.6 million offer limit; $12.7 million tendered |
| StepStone Private Venture and Growth Fund | All tenders accepted | Quarterly tender offer |
| FS MVP Private Markets Fund | All tenders accepted | Quarterly tender offer |
| Bain Capital Private Credit | All tenders accepted | Nontraded BDC |
| Fidelity Private Credit Fund | All tenders accepted | Nontraded BDC |
| Blackstone Private Credit Fund (BCRED) | About half of requests filled | About $2.13 billion repurchased; requests near 10% of shares outstanding |
| HPS Corporate Lending Fund (HLEND) | 43.7% of shares accepted | About $603 million paid; third straight proration |
| North Haven Private Income Fund | About 43.7% of units accepted | 8,633,441 units, about $152.3 million, paid on or about Oct. 27 |
Reported by the Liquidity desk from The DI Wire. Published . Corrections