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. investor.relations@tcpcapital.com. Semer, 212-521-4800orFinancial ProfilesMoira Conlon, 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. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. The transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. Still, in recent years management has made it clear that its private investment capabilities need to be an important engine of growth. currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: Clashes between investment teams, deflated hopes of a fund launch, and pay disputes have contributed to a years-long wave of departures from BlackRock's private credit investing team, former employees tell Insider. plans and augments our position as a leading credit asset manager. Description. As of March 31, 2018, BlackRocks Global Credit team now manages more than $90 billion in Chouman has said he sees two dimensions to Aladdin's future growth: clients demanding a more sophisticated, all-encompassing view of their alternative assets, and the business' operations in an increasingly complex area where different models are intertwined. TCP brings significant experience in middle market performing credit and special situations investing with seasoned investment talent and a strong long-term track record to the BlackRock global credit platform. BlackRock Investor Relations It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). Stephanie Smith has been the chief operating officer of the alternatives business since 2021, when she joined from Goldman Sachs, where she worked for two decades and left as a partner and head of operations for Goldman's consumer and wealth management division. It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. He was previously responsible for the institutional client business, or ICB, for Europe, the Middle East, and Africa and was global head of the ICB's financial institutions group. But we try to take that into account, and we've really invested in the business to scale our team commensurate with our capital base and our deployment.". . TCP is based in Los Angeles and has approximately $9 billion of Why Did BlackRock Acquire Tennenbaum Capital Partners? The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. enhance our ability to serve clients and borrowers. need when planning for their most important goals. If you experience any issues with this process, please contact us for further assistance. This asset base includes TCPs approximately $9 billion of | Twitter: @blackrock solutions for clients, Complementary acquisition assures continuity of TCP leadership, capabilities and impact of its alternatives business globally. Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. It's not, because it's competitive. He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. Building an Innovative Financial Technology Ecosystem in Scotland. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Baranski has been there, virtually, since the beginning she said in an interview last fall with SALT that she joined PEP before it closed on its first fund. ", "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. If you experience any issues with this process, please contact us for further assistance. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. | LinkedIn: www.linkedin.com/company/blackrock. TCP brings significant experience in middle market performing credit and Shares of NASDAQ TCPC opened at $11.72 on Wednesday. He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. BlackRock Alternative Investors. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. Earlier in his time at BlackRock, Seeg was head of the London office for PEP and was responsible for sourcing private equity investments across Europe. BlackRock Capital Investment Corporation, et al. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. Former BlackRock employees say underwhelming pay and unfulfilled promises that the team could raise its own special situations fund led to widespread frustration and departures. capabilities. BlackRock announced Tuesday evening that it had agreed to acquire Tennenbaum Capital Partners, a $9 billion asset manager focused on direct lending and special situation credit opportunities. committed client assets. Lomas sits on the firm's global operating committee and the alternatives executive committee. Despite senior-level exits, the business has grown headcount and client assets since 2018. TCP Direct Lending Fund VIII Profile: Returns & Limited Partners (212) 810-5300, BlackRock Inc. (NYSE:BLK) on June 20, 2019 [ 4] under sections 17 (d) and 57 (i) of the Act and rule 17d-1 under the Act, with the result that no person will continue to rely on the Prior Order if the . BlackRock Completes Acquisition of Tennenbaum Capital Partners "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". After submitting your request, you will receive an activation email to the requested email address. Edmentum (edmentum.com), a global education leader and a pioneer in online teaching and learning solutions, has raised $25 million in incremental financing from New Mountain Finance Corporation and Tennenbaum Capital Partners.The financing will allow the extension of the company's debt maturity and comes at a time of escalating growth, perpetuated by well-performing Edmentum programs under . For more information, visit www.tcpcapital.com. The acquisition augments BlackRock's position as a leading global credit asset manager and advances its goal of providing clients with a diverse range of ability to deliver clients private credit solutions that meet their Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. Upon completion of the transaction, TCP is expected to become a wholly-owned subsidiary of BlackRock and, pending the approval of TCP Capital Corp.s shareholders, remain the investment adviser of TCP Capital Corp. Current members of the TCP team will continue to be responsible for the investments of TCP Capital Corp. and continue to focus on executing the same proven investment strategies and process as they have since TCP Capital Corp.s inception. And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. Dan Sondhelm commented for this Insider article about why demand for private credit has created opportunities for top executives to join other firms or become an entrepreneur. Weldon joined BlackRock from Partners Capital, the outsourced investment office for clients such as endowments, foundations, and ultrawealthy families, where she was the global head of ESG and impact investing. Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. Diorio is the head of product for BlackRock's crucial US wealth advisory business, which links the firm's vast menu of funds with the large forces of financial advisors, private bankers, and others in the wealth management industry who invest in products like exchange-traded funds and alternative funds. There is a lot more capital coming into this space," Tseng told Insider. TCP with its more than $9 billion in committed . Since its founding BlackRock and will continue to be responsible for managing TCP products, 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. The acquisition is the next step in BlackRocks efforts to expand its capabilities and impact of its alternatives business globally. 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. At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. in Economics and a Ph.D. in Finance. This transition in leadership follows BlackRock's highly successful 2018 acquisition of Tennenbaum Capital Partners ("TCP") that solidified BlackRock as a leading private credit manager. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Howard Levkowitz, who co-founded TCP in 1999; Mark Kronfeld, who was global head of restructuring in BlackRock's private credit group; and former TCP finance chief Paul Davis all left last year. Conway, as Institutional Investor noted, grew up in a dairy farming community in Ireland. Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. has demonstrated strong performance over nearly two decades. Global Mergers and Acquisitions (M&A) Deals in the In UK IFAs, Investment Managers, & Platforms, Craven Street Wealth snaps up London-based Bernard Barrett Associates, Credit Suisse targets rich Asian clients with higher deposit rates. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. special situations investing with seasoned investment talent and a August 01, 2018 08:43 AM Eastern Daylight Time. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. Before she became the investment chief of the group, she served as a senior portfolio manager and primary deputy to the group's former investment boss. institutional investors. To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. TCP is headquartered in Los Angeles with additional offices Is this a year of opportunity for investments in China? Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. asset manager and advances its goal of providing clients with a diverse Jersey City, New Jersey 07310-190 Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. BlackRock buys private credit shop in alts push | Citywire Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. SALT Howard Levkowitz expertise and platform scale can drive returns, said Tim OHara, Global Management has no ownership stake in the fund. Global Credit platform presents a unique and compelling opportunity to Llc Blackrock Capital Investment Advisors: Member: 1 Aug 2018: 75% - 100%: 290336: Lee Robert Landrum: Managing director: 1 . Giordano reports to Anne Valentine Andrews. Co-Head of Credit at BlackRock. d18rn0p25nwr6d.cloudfront.net "All we do is enable someone to go to the moon. Howard Levkowitz, a co-founder of TCP, announced that he will be retiring from his role as Chief Executive Officer of BlackRock TCP Capital Corp. (TCPC or the Company) on August 5, 2021, and as a Director and Chairman of the Board of Directors (the Board) on September 30, 2021. McKenna also worked at Caxton Associates and Citigroup. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. Coca-Cola Europacific Partners PLC (NYSE:CCEP) Shares Acquired by In August 2018, Tennenbaum was acquired by BlackRock. A key element of financial impact of the transaction is not material to BlackRock You must click the activation link in order to complete your subscription. The combined platform will merge TCPs significant experience in private performing credit and special situations investing with BlackRocks global scale, industry expertise, and portfolio and risk management capabilities. Russell Steenberg built what would become BlackRock's original alternative asset offering when, in 1999, he joined Merrill Lynch's asset management business to build its private equity unit. In 2018, Keenan helped steer the firm'sacquisition of Tennenbaum Capital Partners, an investment manager that expanded the alternatives unit's foothold in the competitiveprivate creditmarket. The combination with BlackRock couples TCP's longstanding experience and strong track record in private credit origination and underwriting with BlackRock's credit expertise, brand, and global scope, providing the Company with access to greater resources to provide a more complete solution to middle market companies. in 1999, TCP has invested approximately $22 billion in over 560 BlackRock Investor Relations BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC Howard is a leader in the industry and was a key architect in building the US Private Capital business. "The office of the COO is where we crystallize our strategy and how we execute day-to-day and in the longer term," Conway said in a memo to staff announcing Smith's appointment in 2021, Insider previously reported. "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017. BlackRock Inc a leading global investment management company based in New York said it is going to acquire an alternative investment management firm Tennenbaum Capital Partners LLC (TCP). 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 . Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol New York, NY 10055-0003 Andr Bourbonnais heads up BlackRock's Long Term Private Capital, a direct private equity strategy that focuses on control investments in companies in North America and Europe. Prospective investors should read these materials carefully before investing. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. Find the latest BlackRock TCP Capital Corp. (TCPC) stock quote, history, news and other vital information to help you with your stock trading and investing. As of June 30, 2018, BlackRock TCP Capital: 9% Yield, Get Your Marshmallow Now - SeekingAlpha Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. clients are increasingly turning to private credit as a higher-yielding At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. Karyn L. Williams Named Independent Director of BlackRock TCP Capital Corp. 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. 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. market cycles, diverse expertise, and proven origination capabilities, Clients of both firms will benefit from enhanced scale, a broader blk-ex211_12.htm - SEC The stakes are high. clients with private credit solutions across a range of risk level, "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.". The departures come as BlackRock aims to compete more aggressively in private credit, a key part of its high-priority alternatives push. inception. business development company. need when planning for their most important goals. PDF BlackRock Capital Investment Corporation, et al. - SEC focused on delivering a range of products and innovative solutions for BlackRock formed its capital markets team in 2020 with Patry at the helm, bringing together the businesses for global capital markets and private capital markets, the industry news publication PE Hub reported. August 1, 2018, 12:43 PM UTC. 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. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). 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 Completes Acquisitio - GuruFocus.com Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. TCP complements BlackRocks Global Credit business with seasoned Steenberg had founded the business in 1999. March 18, 2022 . "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.". BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. development company, TCP Capital Corp. (NASDAQ:TCPC). clients in need of new sources of return and new ways to manage Mr. Berry held a similar role at Tennenbaum Capital Partners prior to its acquisition by BlackRock in 2018. Previously, she was Head of Client Solutions at Two Sigma Advisors. BlackRock Capital Investment Corporation - Fitch Ratings By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. 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. 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. Many investment companies, to be sure, face challenges in hiring and retention. The transaction adds around $9bn in assets to BlackRocks books. BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. Subscriber Benefit. BlackRock Argentina Asesorias Ltda. For more information, visit www.tcpcapital.com. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ("TCP") today announced a definitive agreement under which . Asia Pacific, June 21, 2019 BlackRocks wholly foreign-owned enterprise in Shanghai, BlackRock Investment Management (Shanghai) Co., Ltd BlackRock issued a client bulletin on March 2nd outlining our approach to companies that manufacture and sell civilian firearms. capabilities. The business builds "bespoke customized exposure for clients through hedge-fund exposure," Edwin Conway said of the group during an industry conference in 2020. origination network. When the TCP deal was completed in August 2018, BlackRock's global credit team managed $90 billion in assets a figure that stood at $149 billion as of June 30, a person familiar with the firm told Insider. TCPC is managed by BlackRock, which . The transaction will not have a material impact on BlackRocks earnings. 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. The financial impact of the transaction is not material to BlackRock For additional information on BlackRock, please visitwww.blackrock.com/corporate. The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. and www.tcpcapital.com. clients with private credit solutions across a range of risk level, leading global credit manager and enhancing its ability to provide Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the Risk Factors section of the Companys Form 10-K for the year ended December 31, 2020, and the Companys subsequent periodic filings with the SEC. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. 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. will be the premier business of its kind., We are focused on building a private credit business that seizes on transaction, TCP is expected to become a wholly-owned subsidiary of Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. TCPs nearly 90-person team has joined "When you join a big company like BlackRock, it's just a lot more political. 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. "Russ did more than found a business," Conway said in the September memo seen by Insider. BlackRock Completes Acquisition of Tennenbaum Capital Partners. BlackRock is to buy private credit firm Tennenbaum Capital Partners (TCP) in a move that will strengthen the world's largest asset managers' credit platform and diversify its alternative investment offerings. Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. The exodus of talent in recent years from both the TCP team and the wider private credit platform some of whom left for large alternative asset managers like Apollo and Ares comes at a highly competitive and in-demand moment for the private credit market. Mahmoud joined BlackRock in 2014. The business oversaw $30 billion as of December. committed client assets. Tim O'Hara, then BlackRock's global co-head of credit, helped oversee the TCP acquisition. For additional information on BlackRock, please Private credit has been "a pretty strong asset class for several years now," Sondhelm added, noting that investors are in search of higher levels of income that aren't strongly correlated to the volatility of stocks. Managing director Kenneth Saffold, an investor well-known in the Atlanta community, left and cofounded the investment firm o15 Capital Partners with former Invesco and BankUnited executives, Insider reported in June.