The Nasdaq-listed business development company, managed by BlackRock, announced the sale of a $523 million portfolio of private loans to a continuation vehicle sponsored by Pantheon, representing 48% of TCPC’s total debt investments across 78 portfolio companies. TCPC will retain just a 5% equity stake in the vehicle while offloading the other 95%, generating roughly $152 million in gross proceeds. It’s setting up a continuation vehicle, a mechanism that has become increasingly popular in private equity and private credit circles. The original fund passes the portfolio to a new vehicle that can manage it for a longer time horizon. For managers like Pantheon, which specializes in private equity secondaries and co-investments, continuation vehicles offer the chance to acquire diversified exposure at negotiated terms.