The $1 billion single-asset vehicle enables Charlesbank to increase its existing investment in a tech advisory firm.
The LP interests were reportedly priced at a discount of more than 10% and included software and other tech-focused buyout funds.
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.
Potential backers reportedly sought a lower valuation for the loans held in the continuation fund.
Anchored by a stake in TikTok parent ByteDance, the multi-asset CV reportedly drew backing from Abu Dhabi's Lunate, among others.
The buyout-focused portfolio, sold at a 6% blended discount to NAV, will generate $300 million in net proceeds.
New developments emerge on EMG's proposed continuation fund process for Ohio's largest natural gas and oil producer.
Investors were offered a modest discount on their stakes in the Annington structure ahead of a forthcoming secondary deal.
