Shareholders in the closed-end traded fund have until August 6 to approve the King Street sub-advisory agreement, as former sub-advisor Octagon denounced the decision arguing insufficient support.
The former Sixth Street Senior Advisor will oversee portfolio construction for the firm's solutions, including credit secondaries and direct credit.
The equity commitments were raised across an evergreen fund, a closed-end venture debt fund, and a rated note offering.
Managing Director Jason Mehring will replace Tseng as Director, Board Chair, and CEO across three BlackRock BDCs.
Boaz Weinstein's firm plans to solicit shareholder proxies as it seeks to terminate the closed-end fund's manager and pursue board changes.
The vote follows the board's termination of Octagon and clears the condition for the fund's previously announced liquidity plan.
The fund has already secured a $125 million anchor commitment from Beedie Capital following its acquisition of a 50% stake in Vistara.
"Octagon's proposals do not amount to a real plan forward," XAI president Kimberly Flynn exclusively told EvergreenLink.
The $580 million fund's former sub-adviser Octagon called the proposed tender offers "vote bait," while Egan-Jones maintained its recommendation against the proposed appointment.
The contested proxy campaign in the $580 million CLO fund was sparked by the board's decision to terminate Octagon as sub-adviser and propose Rockford Tower as its replacement.
