Pantheon has led a continuation vehicle (CV) to house more than $500 million of debt positions held by BlackRock TCP Capital Corp. (TCPC). The agreement was reached on August 4th.

The new vehicle will house over $500 million of debt positions held by TCPC, with pricing coming in at 95% of gross fair value as of December 31, 2025. This move allows the BDC to "materially reduce" its leverage and unfunded commitments.

By reducing these liabilities, TCPC aims to enhance its investment capacity. This transaction demonstrates Pantheon's activity in the credit continuation fund space, supporting established BDCs in managing their portfolios.