BlackRock TCP Capital (TCPC), a business development company, or BDC, said Thursday it has entered into a definitive agreement to sell 95% of the equity interests in a vehicle holding about $523 million of investments to funds and accounts sponsored by Pantheon.

The vehicle assets represent about 48% of the fair market value of TCP Capital's debt portfolio immediately before the deal, the company said.

Shares of BlackRock TCP Capital were 5.7% higher in premarket trading.