BlackRock just sold off half of a $1B+ loan book.
This fund has been under DOJ scrutiny for months.
BlackRock TCP Capital Corp just handed nearly half its debt portfolio to Pantheon in a CV deal.
It's one of the clearest signs yet of just how much stress is sitting inside private credit right now.
- $523M in loans across 78 companies
- Buyer: Pantheon Ventures
- Gross proceeds: $152M
- Leverage fell from 1.38x to 0.4x
- NAV took a 10.4% hit, or $57M, to get it done
- Stock jumped 11% the day it was announced
This fund has been reporting NAV losses for over a year, and reports point to DOJ scrutiny over how those losses were valued in the first place.
The write-down was the price of admission.
But investors rewarded the move.
Are we starting to see the damage in private credit?
BlackRock Just Sold Half a $1B+ Loan Book Amid DOJ Scrutiny
BlackRock’s TCP Capital handed $523 million of loans to Pantheon at a steep discount, taking a 10% NAV hit to cut leverage and calm investors after months of losses and reported DOJ attention.
Oct 20, 2026
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1 min read
