New developments emerge on EMG's proposed continuation fund process for Ohio's largest natural gas and oil producer.
The single-asset continuation fund was reportedly backed by the California Public Employees' Retirement System, Partners Capital, and Caltech.
The deal will transfer investments across 78 portfolio companies, representing approximately 48% of BlackRock TCP Capital's debt portfolio by fair value.
Potential backers reportedly sought a lower valuation for the loans held in the continuation fund.
The Connecticut-based manager specializes in energy infrastructure investments, including renewable power generation, battery storage, and midstream and downstream assets.
The single-asset CV was executed alongside the sale of a 50% stake in the Peruvian power generation company to CPP Investments.
Anchored by a stake in TikTok parent ByteDance, the multi-asset CV reportedly drew backing from Abu Dhabi's Lunate, among others.
The $1 billion single-asset vehicle enables Charlesbank to increase its existing investment in a tech advisory firm.
The ruling on a contentious process for Ohio's largest oil & gas producer ends a rare public dispute between LPs and a sponsor.
LPs have sued to block EMG's alleged "conflicted sale" of Ohio's largest oil and gas producer into a continuation fund in a public and rare secondary market dispute.
