The transaction was supported by Pantheon as lead investor and Coller Capital as junior lead investor.
Under the non-binding agreement, O3 may increase its ownership in the social impact investor if certain fund launch and fundraising milestones are met.
The multi-strategy investment firm is reportedly considering a $350-400 million CV for four portfolio companies.
The single-asset vehicle extends B2B software investor Viking Growth's hold on a recruitment and HR software platform.
Potential backers reportedly sought a lower valuation for the loans held in the continuation fund.
The single-asset deal centers on a health and social care software provider first backed by Activa in 2019.
Aberdeen and Rock Rail's continuation fund, which was co-led by Partners Group and StepStone, achieved an £800 million first close in July.
The oversubscribed single-asset fund extends the firm's hold on a European modular buildings provider it initially backed in 2021.
In January, Blue Earth held the first close of its dedicated impact secondaries strategy with over $100 million in capital commitments.
The Swedish firm is reportedly considering moving a portfolio of five to ten investments held in its first venture fund.
