This is a standard periodic tender offer providing liquidity for a closed-end fund with no secondary market. The offer size is modest relative to total capital. Monitor the final tender results and any subsequent NAV adjustments after the year-end audit.
Executive Summary
SEI Structured Credit Fund, LP is launching an issuer tender offer to repurchase up to $79,680,000 of its limited partnership interests, representing approximately 4.9% of the $1.63 billion outstanding capital as of August 31, 2026. The offer is a routine liquidity mechanism for a closed-end fund with no secondary market, priced at net asset value as of December 31, 2026, with tenders due by October 26, 2026.
Key Facts
- Offer to purchase up to $79,680,000 in limited partnership interests
- Approximately $1.63 billion in interests outstanding as of August 31, 2026
- Purchase price equals net asset value as of December 31, 2026 (Valuation Date)
- Tender period runs September 25, 2026 to October 26, 2026
- No minimum tender condition; pro-rata acceptance if oversubscribed
- Full-tender investors receive 90% initial payment within 35 days of Valuation Date, with contingent balance after audit
- Partial-tender investors must maintain minimum $250,000 account balance
- Funding from cash on hand, portfolio sales, or possibly borrowings (no borrowing currently planned)
- Interests are not traded on any market and have strict transfer restrictions
Financial Impact
Up to $79,680,000 in interests repurchased, representing ~4.9% of outstanding capital
Risk Factors
- Oversubscription may lead to pro-rata acceptance, limiting individual liquidity
- Fund may cancel or postpone the offer under certain market or fund conditions
- Liquidation of portfolio securities to fund repurchases could crystallize losses or increase expenses
- Remaining investors face higher expense ratios and reduced diversification post-repurchase
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC TO-I Filing (Primary) | 0001398344-26-017325 |
| Document: fp0100926-1_sctoi.htm | 0001398344-26-017325 |
| Document: fp0100926-1_ex9912c.htm | 0001398344-26-017325 |
| Document: fp0100926-1_ex9912e.htm | 0001398344-26-017325 |
| Document: fp0100926-1_ex9912d.htm | 0001398344-26-017325 |
| Document: fp0100926-1_exfilingfees.htm | 0001398344-26-017325 |
| Document: fp0100926-1_ex9912a.htm | 0001398344-26-017325 |
| Document: 0001398344-26-017325-index-headers.html | 0001398344-26-017325 |
| Document: 0001398344-26-017325-index.html | 0001398344-26-017325 |
| Document: 0001398344-26-017325.txt | 0001398344-26-017325 |
US Market Status
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