The multi-strategy investment firm is reportedly considering a $350-400 million CV for four portfolio companies.
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 CV would reportedly acquire ByteDance and Ant Group stakes at a roughly 30% discount to their combined $1.5 billion NAV.
The continuation fund will reportedly have its largest exposure to TikTok's parent, ByteDance, alongside Ant Group.
The transaction will reportedly value the India-based D2C lifestyle brand at up to $521 million, more than 3x its last reported mark.
The Mumbai-based PE firm reportedly acquired a 2–3% stake from early investors, employees, and some founder-owned entities in the ad tech company.
Principal Mineral is the latest Ensemble portfolio company to be involved in a single-asset CV, following similar transactions for CHAOS and Saronic earlier this year.
The oversubscribed vehicle rolled over a portfolio of investments made between 2015 and 2021.
Anchored by a stake in TikTok parent ByteDance, the multi-asset CV reportedly drew backing from Abu Dhabi's Lunate, among others.
The oversubscribed vehicle received additional participation from CSSC Insurance, Wuxi Venture Capital, Boyuan Capital, and Huikai Investment.
