The Manhattan U.S. Attorney’s office is investigating valuation practices at BlackRock TCP Capital Corp (TCPC). Prosecutors are questioning BlackRock executives regarding how the fund values its illiquid investments.
The probe follows a January 2026 disclosure of significant write-downs. These adjustments were expected to decrease the fund's net asset value per share by as much as 19%.
The disclosure previously triggered a sharp decline in TCPC’s stock price. This investigation reflects broader regulatory concerns over transparency within the rapidly expanding private credit market.