BlackRock is exploring the sale of a $671 million loan portfolio. This portfolio remains in its publicly traded business development company, BlackRock TCP Capital Corp. (TCPC). The firm's advisers have begun pitching these assets to potential buyers. Rival asset manager Ares Management is among those approached.
This follows an August sale of a $523 million loan portfolio from TCPC. That sale aimed to reduce leverage and improve financial standing. The unit is described as troubled. It significantly marked down its net asset value twice in 2026. It also reportedly faced regulatory scrutiny over its valuation practices.
The potential sale is part of a broader strategic overhaul. This overhaul targets the struggling private credit fund. The fund is considering other options for the remaining assets. These include reinvesting, returning capital to shareholders, or a merger with another entity.