The deal will transfer investments across 78 portfolio companies, representing approximately 48% of BlackRock TCP Capital's debt portfolio by fair value.
The alternative debt manager specializes in originating and providing financing solutions to small and middle-market enterprises.
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.
Potential backers reportedly sought a lower valuation for the loans held in the continuation fund.
The deal, first reported by SecondaryLink last month, comprises approximately 130 securities from a 2021-vintage direct lending fund.
The reported deal adds to a growing list of billion-dollar transactions in the private credit secondaries space.
Last year, the mid-market credit alternatives specialist welcomed GP staker Hunter Point Capital as a minority investor.
The reported GP-led secondary sale would rank among the largest private credit secondary deals to date.
The deal gave investors in Carlyle Credit Opportunities Fund II a liquidity option, while adding capital to support the media investment manager's growth.
