New details have emerged regarding the continuation fund for Azuria Water Solutions, which was co-led by HarbourVest Partners.
An institutional LP is considering rolling approximately $300 million of existing exposure across two funds into the new vehicle, after participating in the manager's European CV earlier this year.
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.
Hamilton Lane and Lead Edge are reportedly leading the continuation fund, with CPP Investments committing $50 million to the vehicle.
The single-asset CV was executed alongside the sale of a 50% stake in the Peruvian power generation company to CPP Investments.
The transaction represents the largest infrastructure services-focused CV raised to date, according to a statement.
The New York-based firm was reported to be considering a $1 billion CV for a water infrastructure company last year.
Investors were offered a modest discount on their stakes in the Annington structure ahead of a forthcoming secondary deal.
