Global Credit platform presents a unique and compelling opportunity to investment objectives across a range of risks, liquidity, and "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.". As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. Slattery left BlackRock and was named chief operating officer of CBC Group this month. BlackRock's leases on East 52nd Street expire in April. That is the ultimate validation, or not, of success performance and fundraising," Vig said. 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 . Team CCCC new colleagues and leveraging BlackRocks unparalleled resources to The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. "We talk to our managers and management teams about looking into the future how we can also introduce them to our credit teams, to get access to the debt markets. BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering BlackRock's position as a leading global credit manager and enhancing its ability to provide clients with private credit solutions across a range of risk level, liquidity and geography. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. Conway said in an interview with Institutional Investor last December that the slowdown in initial public offerings underscores how important private financing has become. . | LinkedIn: www.linkedin.com/company/blackrock. View source version on businesswire.com: After submitting your request, you will receive an activation email to the requested email address. BlackRock TCP Capital: 9% Yield, Get Your Marshmallow Now - SeekingAlpha globally. BlackRock Argentina Asesorias Ltda. You must click the activation link in order to complete your subscription. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. 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. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Raj Vig has more than 20 years of experience in the financial services industry. This frustrated the TCP team, who for years focused on special situations and who assumed they would be able to keep doing just that type of investing when they arrived at BlackRock. 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. diversification are increasingly turning to private credit where both The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. Our combination with BlackRock will 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. You must click the activation link in order to complete your subscription. 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. Sign up for notifications from Insider! "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. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum BlackRock Asset . Our combination with BlackRock will provide TCPC with increased resources, scale, and market access to continue to build on our long track record in middle market performing credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks Global Credit platform presents a unique and compelling opportunity to expand our combined resources. 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. TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ("TCP") today announced a definitive agreement under which . BlackRock to acquire private credit firm - InternationalInvestment BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. Gift this article. 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. BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. BlackRocks Global Credit team now manages more than $90 billion in You can sign up for additional alert options at any time. Will Britcoin bring legitimacy to cryptocurrency in the UK? in 1999, TCP has invested approximately $22 billion in over 560 BlackRock raises $2 billion for Global Credit Opportunities Fund Despite senior-level exits, the business has grown headcount and client assets since 2018. (212) 810-5300, BlackRock Inc. (NYSE:BLK) 55 East 52nd Street When typing in this field, a list of search results will appear and be automatically updated as you type. Share this article. Menu icon A vertical stack of three evenly . "It is important to remember that people are getting more selective on the buildings they're willing to occupy," she said, pointing to BlackRock's own move to Hudson Yards in New York City, from the former headquarters on Manhattan's east side, as an example of companies seeking out high-quality properties. This is TCP's third CLO issuance in the past 12 months. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . Insider has pinpointed its leaders across teams, from private equity and credit to sustainability. Seeg was previously PEP's global head of client solutions and strategy. 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment In connection with the transaction, the Company's name was changed from TCP . BlackRock Completes Acquisition of Tennenbaum Capital Partners 55 East 52nd Street The deal, whose financial terms were not divulged, was first announced in April 2018. BlackRock to acquire credit manager Tennenbaum Capital Partners BlackRock Completes Acquisition of Tennenbaum Capital Partners Within months of the TCP deal closing, Kapito flew to Los Angeles to meet with the investment team, one of the former employees said, noting that the group had already lost multiple managing directors by then. 10-K Form - Annual report [Section 13 and 15(d), not S-K Item 405 Co-Head of Credit at BlackRock. BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. | Twitter: @blackrock and www.tcpcapital.com. NEW YORK (Reuters) - BlackRock Inc BLK.N, the world's largest asset manager, on Tuesday said it will buy investment manager Tennenbaum Capital Partners LLC . | LinkedIn: www.linkedin.com/company/blackrock. "All we do is enable someone to go to the moon. In August 2018, Tennenbaum was acquired by BlackRock. Why Did BlackRock Acquire Tennenbaum Capital Partners? 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. 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. And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. 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. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. For more information, please capabilities. focused on direct lending and special situations for middle-market TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. Meet BlackRock's Alternative-Investments Execs Driving Growth in BlackRock Closes Acquisition of Private Credit Manager Tennenbaum McDonnell, 212-810-5337tara.mcdonnell@blackrock.comorInvestors:Tom about the opportunity to be a part of building what we are confident capabilities. Our thought leadership in investing, risk management, portfolio construction and trading solutions. This asset base includes TCPs approximately $9 billion of investors worldwide. 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. She also held several roles at Goldman Sachs. transaction, TCP is expected to become a wholly-owned subsidiary of She is a graduate of Arizona State University where she earned a B.S. BlackRock TCP Capital Price Performance. The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. Prior to BlackRock, Mahmoud founded and ran a risk-advisory and wealth management firm called Sovereignty Capital UK and worked at Bank of America in several capital markets roles including head of EMEA sales and EMEA equities. Investors seeking to generate incremental returns and portfolio The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. As a fiduciary This asset base includes TCPs approximately $9 billion of Upon completion of the earnings. Howard Levkowitz, Chairman and CEO of BlackRock TCP Capital Corp. said, Im pleased to announce the well-deserved promotion of Raj Vig and appointment of Phil Tseng. earnings per share. "There are other opportunities right now. 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 . expertise and platform scale can drive returns, said Tim OHara, Global BlackRock Capital Investment Corporation - Fitch Ratings | Twitter: @blackrock The merger of the two companies will boost each other's offerings. Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. 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. enhance our ability to serve clients and borrowers. The money manager has been on a mission to grow its $318 billion alternatives business. As a fiduciary private credit with a combined platform of more than 200 employees "They could just decide: 'We're going to start our own company.'". Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. visit www.blackrock.com BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a 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. currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: A key element of origination network, and a premium and expanded set of private credit Formed in 1999, Los Angeles-based . NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ('TCP') today announced a definitive agre. . 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. BlackRock helps investors build better financial futures. police officer relieved of duty. market cycles, diverse expertise, and proven origination capabilities, 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 alternative investment . remain the investment adviser of TCP Capital Corp. Current members of This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). portfolio allocation and risk, said David Blumer, Global Head of To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Mahmoud joined BlackRock in 2014. In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. in Economics and a Ph.D. in Finance. 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. credit and special situation credit opportunities. . Terms were not disclosed. 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. investment talent and a strong long-term track record at a time when the firm managed approximately $6.3 trillion in assets on behalf of 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). origination network. The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. Terms were not disclosed. Meet BlackRock's Alternative-Investments Execs Driving Growth in . This list was first published in 2020. TCP is based in Los Angeles and has approximately $9 billion of 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. BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Chan joined BlackRock in 2012 and cofounded the group a year later. 2018, is subject to customary regulatory and closing conditions. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. Clients of both firms will benefit from this powerful BlackRock TCP Capital Corp. Announces 2022 Financial Results | TCPC strong long-term track record to the BlackRock global credit platform. . Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. 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. BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use. 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.". private credit with a combined platform of more than 200 employees Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. You can sign up for additional alert options at any time. Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. Smith joined the firm in 2004 and was named co-head of the business alongside the group's cofounder Bryan White in 2015, Bloomberg News reported at the time. BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital client assets across multi-strategy credit, leveraged finance, and Indeed, the string of exits and tensions within the private credit business grew so untenable that BlackRock president and cofounder Rob Kapito stepped in to try to smooth over frustrations in the group and stem the outflow of talent, said four former BlackRock employees, who spoke to Insider under the condition of anonymity. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC The presentation, which was published online by the pension, also said that incentive or retention packages were to be offered to TCP investment team members. provide TCPC with increased resources, scale, and market access to Having worked closely with Raj Vig over the years as TCPCs President and COO, we have tremendous confidence in Raj to build upon TCPCs success.. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. BlackRock Completes Acquisitio - GuruFocus.com As the story goes, the janitor responded: "I'm helping put a man on the moon. Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year.