Potential backers reportedly sought a lower valuation for the loans held in the continuation fund.
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 deal will transfer investments across 78 portfolio companies, representing approximately 48% of BlackRock TCP Capital's debt portfolio by fair value.
The reported GP-led secondary sale would rank among the largest private credit secondary deals to date.
The continuation fund will acquire a portfolio of European asset-backed finance assets.
This deal marks the largest credit secondaries transaction to date for the 2025 SecLink Awards winner of Top Private Debt Buyer.
Ares has reportedly emerged as the primary buyer, with significant participation from Pantheon.
The portfolio of European senior credit assets will remain under Eurazeo's management, with Pantheon providing additional capital to support new lending.
The buyout-focused portfolio, sold at a 6% blended discount to NAV, will generate $300 million in net proceeds.
Investors were offered a modest discount on their stakes in the Annington structure ahead of a forthcoming secondary deal.
