New developments emerge on EMG's proposed continuation fund process for Ohio's largest natural gas and oil producer.
The CV would reportedly acquire ByteDance and Ant Group stakes at a roughly 30% discount to their combined $1.5 billion NAV.
Harrison Street's process sold 91% of shares offered, with 41% transacting at a 15% discount to NAV versus the 20% initially requested.
The Jefferies-advised deal extends the firm's ownership over a portfolio of properties from its 2015-vintage White Rock Fund II platform.
The vehicle involves a portfolio of Bakken oil and gas properties previously held in the manager's 2014-vintage Fund III.
The continuation fund, managed by Victory Hill, will hold two operating liquid storage terminals in the Port of Brownsville.
The oversubscribed vehicle for Ireland-based H&MV Engineering values the power infrastructure specialist at €1.4 billion, marking a 12x increase since Exponent's initial 2022 investment.
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.
The ruling on a contentious process for Ohio's largest oil & gas producer ends a rare public dispute between LPs and a sponsor.
