BlackRock TCP Capital has agreed to sell a $523m slab of its private credit portfolio to funds managed by Pantheon. Announced on 6 August alongside second-quarter results, the deal will see 95% of equity interests in a newly formed continuation vehicle transfer to Pantheon, with BlackRock TCP Capital retaining a 5% stake and continuing to manage assets without compensation.

For the private credit secondaries market, this is a landmark data point on pricing for scaled, seasoned direct lending exposure in the current cycle. The base purchase price was 95% of gross fair value as of 31 December 2025, subject to customary adjustments, allowing TCPC to realise a substantial premium relative to the value implied by its current share price.

This transaction highlights the growing appetite for private credit secondaries and the value of mature portfolios. Pantheon's acquisition underscores the attractiveness of high-quality direct lending assets in today's market.