Federal prosecutors are probing valuation practices at BlackRock’s private credit fund, TCPC, according to people familiar with the matter. The Manhattan U.S. Attorney’s office has sought information from BlackRock TCP Capital Corp. and questioned executives as part of the inquiry, with BlackRock declining to comment. The investigation follows a January off-cycle disclosure indicating TCPC expected to slash the value of its assets by 19%, sending shares down sharply. A wave of investor lawsuits has followed, alleging the fund made materially false statements and failed to properly value its loans. For higher education’s finance and compliance ecosystem—especially public-private partnership models, endowment investments, and research commercialization structures—valuation enforcement in private credit can affect liquidity expectations and risk models for stakeholders holding similar exposures.