Wall Street firm Blue Owl Capital was forced to stall investors taking money out of two of its flagship funds, after being hit by a wave of withdrawal requests.
Saba, alongside Cox Capital Management, launched a tender offer to purchase shares in one of Blue Owl's non-traded private credit funds at a 34.9% discount.
Private credit's meteoric rise to a roughly $3 trillion cornerstone of global finance was fueled by demand for lending outside the traditional banking system.