The alternative debt manager specializes in originating and providing financing solutions to small and middle-market enterprises.
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.
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.
The continuation fund will acquire a portfolio of European asset-backed finance assets.
The deal, which primarily involved first-lien senior secured loans across several industries, was purchased in partnership with Coller Capital.
