# BlackRock TCP Capital Corp. (TCPC) — divestiture/asset_sale [completed]
Source: SEC API (secapi.ai) · situation sit_07cac46191dd47298f92 · retrieved 2026-08-12T07:01:42.752Z

## Overview
BlackRock TCP Capital Corp. is a business development company focused on direct lending to middle-market companies and small businesses, investing primarily in senior secured debt across diversified industries.

On August 4, 2026, BlackRock TCP Capital Corp. sold 95% of the limited liability company interests in BlackRock DLF-C 2026, LLC (the Continuation Vehicle) to investment funds and accounts managed by Pantheon Ventures (US) LP for approximately $152 million in gross proceeds, while retaining a 5% equity interest. The Continuation Vehicle holds approximately $523 million of loans to 78 portfolio companies, representing approximately 48% of the Company's pre-transaction debt portfolio. The transaction is expected to reduce net leverage from 1.38x as of June 30, 2026 to approximately 0.4x pro forma, with a further reduction to less than 0.3x following an already-announced portfolio company paydown. The Company's investment adviser will continue to manage the Continuation Vehicle's assets without compensation.

## Terms
- Counterparty: Pantheon Ventures (US) LP · Deal value: $152.0M · Consideration: cash · Stake: 5%

## Key dates
- Completed 2026-08-04

## Timeline
- 2026-08-06 · 8-K (0001193125-26-336845): 8-K - BlackRock TCP Capital Corp. — *BlackRock TCP Capital Corp. is a business development company focused on direct lending to middle-market companies and small businesses, investing primarily in senior secured debt across diversified industries.* On August 4, 2026, BlackRock TCP Capital Corp. sold 95% of the limited liability company interests in BlackRock DLF-C 2026, LLC (the Continuation Vehicle) to investment funds and accounts managed by Pantheon Ventures (US) LP for approximately $152 million in gross proceeds, while retaining a 5% equity interest. The Continuation Vehicle holds approximately $523 million of loans to 78 portfolio companies, representing approximately 48% of the Company's pre-transaction debt portfolio. The transaction is expected to reduce net leverage from 1.38x as of June 30, 2026 to approximately 0.4x pro forma, with a further reduction to less than 0.3x following an already-announced portfolio company paydown. The Company's investment adviser will continue to manage the Continuation Vehicle's assets without compensation.
  https://www.sec.gov/Archives/edgar/data/1370755/0001193125-26-336845.txt

## Citations
- 0001193125-26-336845 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000119312526336845