The single-asset continuation fund was reportedly backed by the California Public Employees' Retirement System, Partners Capital, and Caltech.
The LP interests were reportedly priced at a discount of more than 10% and included software and other tech-focused buyout funds.
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.
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 firm's second continuation fund delivers a 9.1x gross MOIC for Equip Capital Fund I's investment.
The secondary sales of China-focused PE fund interests were reportedly put on hold after buyer valuations failed to meet expectations.
Investors were offered a modest discount on their stakes in the Annington structure ahead of a forthcoming secondary deal.
