The continuation fund will reportedly have its largest exposure to TikTok's parent, ByteDance, alongside Ant Group.
The AI-powered coding platform raised $400 million in March at a $9 billion valuation, nearly three times its level six months earlier.
The CV would reportedly acquire ByteDance and Ant Group stakes at a roughly 30% discount to their combined $1.5 billion NAV.
The oversubscribed vehicle for the mass transit operator was backed by Australian superannuation funds and international institutional investors.
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 multi-strategy investment firm is reportedly considering a $350-400 million CV for four portfolio companies.
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 reported stake divestment by General Atlantic marks a ~15% uplift over the TikTok parent's valuation in a November share auction.
The oversubscribed vehicle received additional participation from CSSC Insurance, Wuxi Venture Capital, Boyuan Capital, and Huikai Investment.
