Dechert Advises Pantheon on US$523 Million Continuation Vehicle Transaction With BlackRock TCP Capital Corp.

Dechert advised Pantheon, a global leader in private credit secondaries, on its acquisition of approximately US$523 million in private credit investments from BlackRock TCP Capital Corp. (TCPC), a Nasdaq-listed business development company, through a newly formed continuation vehicle in which TCPC retained a 5% interest.

The transaction reflects the continued growth of the private-credit secondaries market, where nonbank lenders increasingly use continuation vehicles and portfolio sales to manage their balance sheets and provide liquidity.

The Dechert team advising Pantheon was led by corporate partners Ross A. MacConnell and Harry Pangas and included corporate counsel John Alessi, corporate associates Verónica P. Casellas Santana and Stephen Mattes; private funds associate Joshua Anifowoshe; and tax partners Joshua Milgrim and Rebecca Lee and associate Javier A. Pérez Rodríguez.

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