The firm has reportedly struggled to find a buyer for the equity tranche of the proposed financing tied to an older secondaries fund.
AllianzGI's credit secondaries platform seeded JCP's inaugural European direct lending fund with a recently originated private credit portfolio.
PGIM, reinvesting LPs, and PennantPark also invested in the oversubscribed vehicle for a mature portfolio of private credit investments.
The oversubscribed vehicle provides liquidity to investors in Bridgepoint Direct Lending II, which holds a portfolio of senior secured European middle-market loans.
The transaction expands institutional access to the firm's private markets capabilities across secondaries and private credit.
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.
