About Pantheon

• Founded: 1982

• Headquarters: London, United Kingdom

• AUM: $96bn (as of 2024)

• Strategy: Global secondary and co-investment, infrastructure, private debt

• Track record: One of the largest secondary buyers globally, with dedicated credit strategies since 2010s expansion into private debt

• Leadership: Paul Streatfeild (managing partner), Helen Steers (head of private markets)

Pantheon is backing a continuation vehicle structured by BlackRock's TCPC BDC, acquiring over $500m of debt positions at 95% of gross fair value as of 31 December 2025. The pricing represents a 5% discount to NAV for a portfolio of existing debt exposures held by the publicly traded business development company. TCPC shareholders approved the transaction structure, which allows the BDC to exit positions while Pantheon takes on the remaining hold period.

Continuation vehicles in private credit are surfacing more frequently as BDCs look to manage portfolio concentrations and liquidity constraints without forced sales. The 95% pricing is tighter than the secondary credit market's year-end averages, which ranged from 88–92% of NAV depending on asset type and manager quality. That suggests Pantheon views TCPC's underlying exposures as relatively high conviction or sees value in the remaining carry tied to refinancing or maturity events over the next 12–24 months.

The structure also sidesteps the alternative of a public tender offer, which would have required TCPC to buy back shares at a discount to NAV and reduce its own capital base. By selling the positions into a CV instead, the BDC preserves leverage capacity and avoids diluting remaining shareholders. Whether Pantheon extracts outperformance depends on how many of the underlying credits refinance or reprice before maturity — if the portfolio is weighted toward loans approaching repricing windows, the discount narrows quickly.

Source: Private Debt Investor