The deal will transfer investments across 78 portfolio companies, representing approximately 48% of BlackRock TCP Capital's debt portfolio by fair value.
The firm's flagship Cox Retail Secondaries Fund I is offering to purchase up to $2.5 million of Variant Alternative Income Fund shares at a 40% discount to October 26 NAV.
The FTSE 250-listed private equity fund is selling partial interests in five Oakley funds at a 5.75% discount to their March 31 carrying value.
The transaction extends the manager's hold on a portfolio of predominantly senior, US-focused direct lending investments.
The strategy, anchored by a Korean institutional investor, has adopted an evergreen semi-liquid structure aimed at capturing emerging credit secondary opportunities throughout the cycle.
The New York-based asset manager entered private credit in 2024 by acquiring Avenue Capital's team and five funds with approximately $500 million in commitments.
The UK accountancy group is reportedly valued at more than £1 billion, with Penta retaining management of the asset after abandoning an earlier sale.
The vehicle is set to acquire the firm's 20% stake in the asset, reportedly valued at around €170 million.
The deal would reportedly shift the vehicle's assets into a closed-end structure and trigger a delisting.
Potential backers reportedly sought a lower valuation for the loans held in the continuation fund.
