The private equity trust's board is evaluating steps to improve performance and reduce the near-20% discount for its shares.
The strategy, anchored by a Korean institutional investor, has adopted an evergreen semi-liquid structure aimed at capturing emerging credit secondary opportunities throughout the cycle.
HarbourVest's FTSE 250-listed trust, which has a 29% allocation to secondaries, first announced plans in April to narrow its persistent discount to NAV.
The UK accountancy group is reportedly valued at more than £1 billion, with Penta retaining management of the asset after abandoning an earlier sale.
The vehicle is set to acquire the firm's 20% stake in the asset, reportedly valued at around €170 million.
The commencement date adjustment follows Blue Owl's request for a new notice, citing a material difference between the originally proposed and announced purchase amounts.
The deal would reportedly shift the vehicle's assets into a closed-end structure and trigger a delisting.
The employee and early investor auction valued the workplace trust company at over £100 million and marked the third transaction conducted under the PISCES framework.
The jointly developed product gives wealth investors access to ICG's private equity LP secondaries strategy spanning North America and Europe.
At least 80% of net proceeds from the transaction will be directed toward a share buyback program aimed at generating liquidity and NAV accretion.
