The communications and technology-focused investment firm is set to be acquired by Digital Realty, a NYSE-listed data center REIT, for $485 million.
The CV would reportedly acquire ByteDance and Ant Group stakes at a roughly 30% discount to their combined $1.5 billion NAV.
The continuation fund will reportedly have its largest exposure to TikTok's parent, ByteDance, alongside Ant Group.
The oversubscribed vehicle for the mass transit operator was backed by Australian superannuation funds and international institutional investors.
The firm has reportedly engaged with prospective buyers to facilitate liquidity for investors in a US-based open-ended fund managed by Blackstone Property Partners.
The potential vehicle follows Antin's July agreement to sell ~30% of the asset to GLIL Infrastructure from its €3.6 billion Fund III.
Principal Mineral is the latest Ensemble portfolio company to be involved in a single-asset CV, following similar transactions for CHAOS and Saronic earlier this year.
The growth-oriented investor reportedly offered stakes in companies including OpenAI and SpaceX to attract interest in the CV.
The alternatives manager also gave updates on the fundraising status of several other secondaries strategies spanning private equity, GP-leds, venture capital, and infrastructure.
Goldman Sachs Alternatives co-led the continuation fund for North American digital infrastructure provider TerraPact Holdings.
