BlackRock agreed to acquire Tennenbaum Capital Partners, which focuses on credit and special situations.Tennenbaum partners Lee Landrum, Michael Leitner, Howard Levkowitz, Philip Tseng and Rajneesh Vig will stay on as part of the acquisition.Tennenbaum is expected to become a wholly owned subsidiary of BlackRock and, pending approval, will remain the investment adviser for TCP Capital Corp. in Economics and a Ph.D. in Finance. In 2020, Michael Leitner, a managing director responsible for co-leading direct lending and special situations strategies, left. Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. TCP brings significant experience in middle market performing credit and Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. SANTA MONICA, Calif., Jan. 25, 2018 /PRNewswire/ -- Tennenbaum Capital Partners, LLC ("TCP" or the "Firm"), a leading alternative investment management firm, announced today the closing of its $300 million TCP Rainier CLO. Terms were not disclosed. BlackRock TCP Capital Corp. (NASDAQ: TCPC) announced today that Rajneesh Vig will succeed Howard Levkowitz as Chairman and Chief Executive Officer and Phil Tseng will assume the roles of President and Chief Operating Officer. Delaware. BlackRock said when it acquired TCP that a "key element" of the deal was TCP's senior management team including Leitner, Levkowitz, Tseng, and Vig sticking around. Conway, as Institutional Investor noted, grew up in a dairy farming community in Ireland. Menu icon A vertical stack of three evenly . risk spectrums and market cycles, said James Keenan, Global Co-Head of BlackRocks Global Credit team now manages more than $90 billion in Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in general economic conditions or changes in the conditions of the industries in which the Company makes investments, risks associated with the availability and terms of financing, changes in interest rates, availability of transactions, and regulatory changes. long-term secular trends to deliver for clients the best results across Meghan Sharp is the global head of Decarbonization Partners, a joint venture that BlackRock and the Singapore state investment fund Temasek established in 2021 and aims to invest in businesses focused on decarbonization. You can sign up for additional alert options at any time. "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. committed client assets. BlackRock Inc. and Tennenbaum Capital Partners, LLC (TCP) announced a definitive agreement under which BlackRock will acquire TCP, a manager focused on middle market performing credit and special situation credit opportunities. ", "When people ask me what I do I'm just a small piece," Smith said, noting the many product specialists, investors, technologists, and other colleagues she works with. BlackRock and will continue to be responsible for managing TCP products, expand our combined resources. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a BlackRock and will continue to be responsible for managing TCP products, The acquisition augments BlackRock's . Terms were not disclosed. BlackRock raises $2 billion for Global Credit Opportunities Fund He currently serves with Raj as Co-Head of US Private Capital. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The acquisition augments BlackRocks position as a leading global credit At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. Private markets represent more than half of the firm's overall performance fees, Rob Kapito, the president of BlackRock, recently said during an industry conference. "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. TCP was acquired by BlackRock, Inc. in August of 2018. In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. Tennenbaum Capital Partners - Crunchbase Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. Terms of the deal were not . "At the end of 2021, we had over twice the amount of committed capital from investors in our direct lending business as we did at the end of 2018.". And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. client assets across multi-strategy credit, leveraged finance, and After submitting your request, you will receive an activation email to the requested email address. LTPC, as it's known, is the majority owner of companies including Authentic Brands the owner of Aeropostale, Juicy Couture, and Reebok and luxury fragrance brand Creed. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. focused on direct lending and special situations for middle-market In 2018, Keenan helped steer the firm's acquisition of Tennenbaum Capital Partners, an investment manager that expanded the alternatives unit's foothold in the competitive private credit market. Under Steenberg, BlackRock acquired Swiss Re Private Equity Partners, the private equity and infrastructure fund of funds under the insurance giant Swiss Re, in 2012. He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. BlackRock helps investors build better financial futures. It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). asset manager and advances its goal of providing clients with a diverse About us. Argentina. Our thought leadership in investing, risk management, portfolio construction and trading solutions. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Today, Black BlackRock, Inc. (NYSE: BLK) has completed its acquisition of Cachematrix, a leading provider of financial technology which simplifies the 2023 BlackRock, Inc. All rights reserved. All of TCP's partners signed employment agreements and were expected to join BlackRock, while TCP anticipated that all of its more than 80 employees would move to the money manager, a May 2018 presentation TCP provided to a public pension investor shows. Edwin Conway announced to employees last September that Steenberg would start handing off his day-to-day responsibilities to the longtime executives Lynn Baranski and John Seeg, who officially started to co-lead the business as of January 1. clients with private credit solutions across a range of risk level, NEW YORK--(BUSINESS WIRE)-- August 1, 2018, 12:43 PM UTC. BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. contact.us@blackrock.com, Computershare Investor Services LLC They could get taken away and hired by another company that wants to enter the space," Sondhelm said. Mr. Levkowitz was also Chairman and CEO of . BlackRock and, pending the approval of TCP Capital Corp.s shareholders, As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. Its more than Aug 01, 2018, 08:48 ET. Coca-Cola Europacific Partners PLC (NYSE:CCEP) Shares Acquired by visit www.blackrock.com Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. The departures come as BlackRock aims to compete more aggressively in private credit, a key part of its high-priority alternatives push. For BlackRock Media: Tara McDonnell (212) 810-5337 tara.mcdonnell@blackrock.com, Investors:Tom Wojcik (212) 810-8127 tom.wojcik@blackrock.com, For Tennenbaum Capital PartnersMedia: Mark Semer Kekst (212) 521-4800, Moira Conlon Financial Profiles(310) 622-8220, Investors:Katie McGlynn (310) 566-1003 investor.relations@tennenbaumcapital.com, BlackRocks purpose is to help more and more people experience financial well-being. The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. BlackRock Completes Acquisitio - GuruFocus.com continue to build on our long track record in middle market performing Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017. BlackRock Capital Investment Corporation - Fitch Ratings private credit with a combined platform of more than 200 employees March 18, 2022 . Gift this article. contact.us@blackrock.com, Computershare Investor Services LLC Private markets are "a major strategic area of focus at BlackRock," Morgan Stanley analysts led by Betsy Graseck wrote in a research report in June. TCP complements BlackRocks Global Credit business with seasoned investment talent and a strong long-term track record at a time when clients are increasingly turning to private credit as a higher-yielding alternative to traditional fixed income allocations. the firm managed approximately $6.3 trillion in assets on behalf of Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC Prior to TCP, he managed various departments of a major investment bank. "We are pleased to welcome Karyn to our board of directors," said Howard Levkowitz, Chairman and CEO of BlackRock TCP Capital Corp. "Karyn has established an impressive track record and we look forward to leveraging her deep experience to advance our long-standing commitment to delivering superior risk adjusted returns to our shareholders.". McKenna is responsible for managing BlackRock's event-driven investing efforts that is, the investment strategy used to profit from price action around a specific event and oversees $7.8 billion in the Event Driven Equity Fund. capabilities. Fri 05 Feb, 2021 - 10:32 AM ET. range of alternative investment products and solutions to meet their You can sign up for additional alert options at any time. TCPC lends primarily to companies with established market positions, strong regional or national operations, differentiated products and services and sustainable competitive advantages, investing across industries in which it has significant knowledge and expertise. The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. He worked there for 23 years and was a partner. "And that's something that we'll continue over the next couple of years with regard to how we're budgeting and how we're thinking about headcount.". "There are other opportunities right now. BlackRock raises $2 billion for Global Credit Opportunities Fund View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara Stay up to date with what you want to know. TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. "You can see how important alternatives are going to be for the future of BlackRock," he said during the conference held by Bank of America on February 16. strategy, and products. Our combination with BlackRock will This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. With its high-quality team, excellent long-term track record across multiple market cycles, diverse expertise, and proven origination capabilities, TCP is the perfect complement to the existing credit business at BlackRock.. need when planning for their most important goals. BlackRock Asset Management Canada Limited. If you experience any issues with this process, please contact us for further assistance. Sharp joined Decarbonization Partners from oil giant BP's corporate venture capital arm, where she was global head. Since 2021 the business also hired a new chief operating officer, a new head of sustainability, and two additional top executives focused on sustainable investments. We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. biogen senior engineer ii salary. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. We look forward to collaborating with our NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ('TCP') today announced a definitive agre. TCPs nearly 90-person team has joined 80-person team, which will join BlackRock as part of the transaction, This is TCP's third CLO issuance in the past 12 months. BlackRock Investor Relations private credit with a combined platform of more than 200 employees The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in general economic conditions or changes in the conditions of the industries in which the Company makes investments, risks associated with the availability and terms of financing, changes in interest rates, availability of transactions, and regulatory changes. blk-ex211_12.htm - SEC TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. NEW YORK--(BUSINESS WIRE)--BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC today announced a definitive agreement under which BlackRock will acquire TCP, a leading manager focused on middle market performing credit and special situation credit opportunities.The acquisition augments BlackRock's position as a leading global credit asset manager and advances its goal of . Last year Decarbonization Partners invested in Monolith, aclean hydrogen and materials company, as part of a $300 million round of funding alongside TPG Rise Climate and other investors. remain the investment adviser of TCP Capital Corp. Current members of Former employees said they believed that BlackRock management had told Trucano, who runs BlackRock's opportunistic credit platform and works on special situations and distressed investing, that TCP would not encroach on Trucano's business. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team . She was previously the global head of investments for PEP. Ms. Williams is the Founder of Hightree Group, an independent advisory business in the institutional investor market that is focused on providing clients with straightforward, cost-effective, and unconflicted advice on governance and policy. Dickon Pinner joined BlackRock last year to run a new unit in BlackRock Alternatives called Transition Capital, a team aimed at investing in opportunities tied to the energy transition. BlackRock TCP Capital (NASDAQ:TCPC) Price Target Cut to $11.00 about the opportunity to be a part of building what we are confident Longtime BlackRock executive David Giordano leads the alternatives unit's investments in climate-related infrastructure globally, with responsibility for investment strategy and managing the organization. Global Credit platform presents a unique and compelling opportunity to He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. BlackRock bought a money manager to expand in private credit. Insiders TCPC lends primarily to companies with established market positions, strong regional or national operations, differentiated products and services and sustainable competitive advantages, investing across industries in which it has significant knowledge and expertise. Capital Partners, LLC (TCP), bolstering BlackRocks position as a We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. All of us are working hard to meet the needs of our clients.". You can sign up for additional alert options at any time. . BlackRock Investor Relations BlackRock announced it will acquire private credit manager Tennenbaum Capital Partners in a deal that strengthens the $6.3 trillion money manager's credit platform. geographies.. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the "Company") announced today that BlackRock, Inc. (NYSE: BLK) ("BlackRock") has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), advisor to BlackRock TCP Capital Corp. TCPC is a publicly-traded business development company, or BDC, regulated under the Investment Company Act of 1940 and is externally managed by its advisor, Tennenbaum Capital Partners, LLC, a leading alternative investment manager. A former employee of BlackRock, who is familiar with the TCP transition, pointed to overall differences in the cultures that also played a role in growing tensions, and eventual departures. Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. the TCP team will continue to be responsible for the investments of TCP Subscriber Benefit. Patry joined BlackRock in 2017 from Credit Suisse, where he worked for nearly two decades and held roles including head of leveraged finance capital markets. Dan Sondhelm, CEO and founder of Sondhelm Partners, an asset-management consulting firm, said that given how hot the private credit market is right now, deal-hungry firms may run the risk of not being able to hold onto investment talent for long especially once retention packages time out. capabilities. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). investment objectives across a range of risks, liquidity, and Giordano reports to Anne Valentine Andrews. The transaction, which is expected to close in the third quarter of Phil Tseng, who co-heads US private capital with Vig and who also joined BlackRock through the TCP acquisition, said managing investment talent well goes hand-in-hand with driving returns for clients. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. Prior to Two Sigma, Ms. Williams was Chief Investment Officer and a member of the senior leadership team of Farmers Group, Inc. Before Farmers, Ms. Williams was a senior consultant at Wilshire Consulting, where she created a risk management advisory practice, following several years of experience developing and implementing risk policy and systems for institutional investors. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. business development company. Prospective investors should read these materials carefully before investing. He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. These are two important areas to BlackRock, particularly because of the firm's view that the Inflation Reduction Act in the US is expected to increase investments in infrastructure-related projects and real estate investors will find new opportunities amid shifting office and work-from-home dynamics. The transaction will not have a material impact on BlackRocks earnings. After submitting your request, you will receive an activation email to the requested email address. | LinkedIn: www.linkedin.com/company/blackrock. Since the firms founding in 1999, TCP has invested approximately $9 billion in over 170 portfolio companies through . BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. TCP is headquartered in Los Angeles with additional offices leading global credit manager and enhancing its ability to provide BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. Credit at BlackRock. "It's not to say that the private credit market is easy to manage talent. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals. Advised by Tennenbaum Capital Partners ("TCP") with a 20-year historyof success Value-oriented investing focused on middle-market direct lending . TCP manages funds and accounts on behalf of global There is a lot more capital coming into this space," Tseng told Insider. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. BlackRock Capital Investment Corporation, et al. - Federal Register "People really felt burned by promises that were not delivered on, and felt they were misled, especially with special situations," one of the former employees said, adding that they felt management "told Trucano one thing" and told the TCP team "the exact opposite.". TCPC is managed by BlackRock, which . investor.relations@tcpcapital.com. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. BlackRock's $318 billion alternative-investments business is key to the money manager's future. globally. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP Capital Corp., said, We are excited about the growth opportunities for our business as we continue to employ the successful strategy we pioneered nearly two decades ago. special situations investing with seasoned investment talent and a Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform. Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment In August 2018, Tennenbaum was acquired by BlackRock. The financial impact of the transaction is not material to BlackRock Clients of both firms will benefit from this powerful Jersey City, New Jersey 07310-190 BlackRock Inc <BLK.N>, the world's largest asset manager, on Tuesday said it will buy investment manager Tennenbaum Capital Partners LLC (TCP), expanding its reach in the U.S. private credit . (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. 10-K Form - Annual report [Section 13 and 15(d), not S-K Item 405