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Boaz Weinstein’s Saba Capital Targets Blue Owl Funds:

Boaz Weinstein’s Saba Capital, together with Cox Capital, launched tender offers for three Blue Owl semi‑liquid private‑credit funds, proposing cash exits at a 20%‑35% discount to NAV. The move follows Blue Owl’s recent shift from quarterly redemptions to episodic capital returns, sparking concerns over liquidity and valuation confidence. By pricing a discount publicly, Saba creates a stress test for the semi‑liquid private‑credit market and forces investors to confront the true exit value of these vehicles. The episode highlights a broader tension between the promised liquidity of wealth‑focused credit funds and the reality of illiquid loan assets.