BlackRock pitches $671 million TCP Capital loan portfolio to rival managers

The private-credit fund is weighing asset sales and other strategic options after markdowns and regulatory scrutiny.

BlackRock is sounding out potential buyers for $671 million of loans held by TCP Capital as it works to overhaul the troubled private-credit fund, Bloomberg reported.

TCP Capital’s advisers at Keefe, Bruyette & Woods have begun pitching the assets to firms including Ares Management. Talks are at an early stage, and any sale would likely occur at a discount because the fund trades below net asset value.

A sale has not been finalized. TCP Capital is also considering reinvesting in the portfolio, returning capital to shareholders, or merging with another entity.

The fund previously sold $523 million of loans to a vehicle backed by Pantheon. It has also faced markdowns on soured loans and US regulatory scrutiny.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

BlackRock is sounding out potential buyers for $671 million of loans held by TCP Capital as it works to overhaul the troubled private-credit fund, Bloomberg reported.

A sale has not been finalized. TCP Capital is also considering reinvesting in the portfolio, returning capital to shareholders, or merging with another entity.

The fund previously sold $523 million of loans to a vehicle backed by Pantheon. It has also faced markdowns on soured loans and US regulatory scrutiny.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.