liquidity and geography. August 01, 2018 08:43 AM Eastern Daylight Time. about the opportunity to be a part of building what we are confident BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC the firm managed approximately $6.3 trillion in assets on behalf of BlackRock's $318 billion alternative-investments business is key to the money manager's future. In a joint interview, BlackRock executives said they were confident in the team's growth and performance. He began his career at UBS Investment Bank's Growth . Metrica Srl:Acquisition,Acquisition Analysis & Reports - Discovery BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC, http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html. REUTERS/Brendan McDermid/File Photo. The transaction adds around $9bn in assets to BlackRocks books. private credit with a combined platform of more than 200 employees TCP brings significant experience in middle market performing credit and special situations . Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor August 1, 2018, 12:43 PM UTC. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. need when planning for their most important goals. Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. 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. The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. Investors seeking to generate incremental returns and portfolio Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment to our clients, we provide the investment and technology solutions they They could get taken away and hired by another company that wants to enter the space," Sondhelm said. McKenna also worked at Caxton Associates and Citigroup. 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. institutional investors. Tennenbaum Capital Partners Portfolio Investments, Tennenbaum Capital BlackRock Capital Investment Corporation, et al. Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). Mr. Levkowitz was also Chairman and CEO of . BlackRock to Acquire Tennenbaum Capital Partners - Citybizlist Since then, however, more than a dozen professionals have left the 35-person investment team that joined from Los Angeles-based TCP, Insider has learned. 310-566-1003investor.relations@tennenbaumcapital.com. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. The Order sought by the application would supersede the Prior Order (as defined below) issued by the Commission to BlackRock Capital Investment Corporation, et al. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. in 1999, TCP has invested approximately $22 billion in over 560 Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol BlackRocks Global Credit team now manages more than $90 billion in After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. | Twitter: @blackrock 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. Tennenbaum Capital Partners, LLC | LinkedIn He joined TCP in 2006 and served as TCPCs President and Chief Operating Officer since its IPO in 2012. 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. Apr 17, 2018, 07:40 ET. BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. its high-quality team, excellent long-term track record across multiple This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. 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. 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. As a fiduciary acquire TCP, a leading manager focused on middle market performing Christian Donohue - BlackRock Capital Investment Corporation Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. Earlier in her career she spent 13 years at Blackstone, where she was a cohead of the firm's London office for hedge-fund solutions. 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. will be the premier business of its kind., We are focused on building a private credit business that seizes on SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. As a fiduciary TCPs nearly 90-person team has joined Terms were not disclosed. business development company. Tarek Mahmoud runs multi-alternative solutions where BlackRock advises clients investing in various types of alternative assets and chairs the Europe, Middle East, and Africa region for BlackRock Alternatives. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. 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. Credit at BlackRock. Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor 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. Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. Sophisticated investors who are focused on "special situations," as the style is broadly known, seize on major corporate events like bankruptcies, acquisitions, or litigation, which impact the price of an asset. Conway, as Institutional Investor noted, grew up in a dairy farming community in Ireland. 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. Since its founding in 1999, TCP has invested approximately $22 billion in over 560 companies. After submitting your request, you will receive an activation email to the requested email address. BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. BlackRock Asset Management International Inc. Delaware. Daniel Levan, a director at BlackRock, also recently left the private credit team, according to two former BlackRock employees who spoke to Insider and a public pension disclosure, which noted the departures of Saffold, Pritchard, and Levan. BlackRock and, pending the approval of TCP Capital Corp.s shareholders, globally. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. 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 . Raj Vig, President and Chief Operating Officer of BlackRock TCP Capital Corp. said, I am grateful to have had the privilege of working alongside Howard Levkowitz for many years. 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. BlackRock to acquire Tennenbaum Capital Partners LLC 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. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. "With the growth of our client assets, it's been a significant investment over the last several years, " Jim Keenan, BlackRock's chief investment officer and global head of credit, who helped steer the TCP acquisition, said in an interview with Insider. Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. The transaction will not have a material impact on BlackRocks earnings. "Whenever there's a category like that where there is interest and growth, there are going to be companies who want to get into that space.". After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team . In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP . BlackRock helps investors build better financial futures. BlackRock Completes Acquisition of Tennenbaum Capital Partners BlackRock Asset Management Investor Services Limited. Terms were not disclosed. This asset base includes TCPs approximately $9 billion of need when planning for their most important goals. (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. Terms were not disclosed. 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. He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. Edmentum Secures $25 Million in Capital | Edmentum earnings per share. BlackRock TCP Capital Corp. Announces Leadership Transitions In 2020, Michael Leitner, a managing director responsible for co-leading direct lending and special situations strategies, left. 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. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Florian reports to Anne Valentine Andrews. The unit will work with portfolio managers and BCM, the firm's capital markets group, to source and back transition-related investments across asset classes around the world, Edwin Conway told employees in October in a memo viewed by Insider. His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. 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 wholly owned, indirect subsidiary of BlackRock, Inc. For more information, visit www.tcpcapital.com. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. BlackRock helps investors build better financial futures. His appointment was seen as another move to bulk up BlackRock's alternatives business. 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. TCP brings significant experience in middle market performing credit and "Our aim is to be the clear global leader," Conway said in the memo. 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. need when planning for their most important goals. I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. Chan joined BlackRock in 2012 and cofounded the group a year later. Around 90 TCP employees will migrate to BlackRock as part of the deal and retain management of TCP products, including the investments of business development company TCP Capital. 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. | LinkedIn: www.linkedin.com/company/blackrock. 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. "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. Despite senior-level exits, the business has grown headcount and client assets since 2018. The financial impact of the transaction is not material to BlackRock earnings. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ("TCP") today announced a definitive agreement under which BlackRock will acquire TCP, a leading manager focused on middle market performing . Katie McGlynn strong long-term track record to the BlackRock global credit platform. BlackRock TCP Capital Price Performance. need when planning for their most important goals. Argentina. Its headcount has grown 70%, to some 60 investment staff since its acquisition of TCP, according to a person familiar with the firm. BlackRock Alternative Investors. Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. Before she joined BlackRock in 2014, Valentine Andrews was the co-head and operating chief for Morgan Stanley's infrastructure platform, leading capital-raising efforts globally. development company, TCP Capital Corp. (NASDAQ:TCPC). TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. The financial impact of the transaction is not material to BlackRock special situations investing with seasoned investment talent and a Institutional investors and hedge funds own 28.63% of the company's stock. This transition in leadership follows BlackRocks highly successful 2018 acquisition of Tennenbaum Capital Partners (TCP) that solidified BlackRock as a leading private credit manager. Before Morgan Stanley, she was a director at Macquarie. | Twitter: @blackrock About us. TCP complements BlackRocks Global Credit business with seasoned The acquisition augments BlackRocks position as a leading global credit Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Court records for this case are available from Stanley Mosk Courthouse. Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. This acquisition will enhance our View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor Clients of both firms will benefit from enhanced scale, a broader Description. He has a background that's unexpected in the world of high finance. . to our clients, we provide the investment and technology solutions they Chouman is the former chief executive of eFront, the Paris software and solutions provider that BlackRock acquired in 2019 for $1.3 billion to improve its alternatives technology tools. View original content with multimedia:http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html, BlackRock TCP Capital Corp., Katie McGlynn, 310-566-1094, investor.relations@tcpcapital.com. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. investment talent and a strong long-term track record at a time when The business oversaw $30 billion as of December. New York, NY 10055-0003 You must click the activation link in order to complete your subscription. The combined platform will merge TCPs significant experience in private TCP manages funds and accounts on behalf of global Mr. Donohue was a Managing Director at Tennenbaum Capital Partners (TCP) when it was acquired by BlackRock in 2018. 55 East 52nd Street At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. Tennenbaum Capital Partners Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit Acquiring Organization: BlackRock BlackRock is an investment company that offers its services to institutions, intermediaries, foundations, and individual investors. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. SVOF/MM, LLC ("SVOF/MM"), Tennenbaum Opportunities Partners V, LP, Tennenbaum Opportunities Fund V, LLC, Tennenbaum Heartland Co-Invest, LP, SEB DIP Investor, LP, Special Weldon is based in London. 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 He joined BlackRock in 2019 from the Abu Dhabi Investment Authority, the sovereign wealth fund giant, where he was head of private equities for the Americas. BlackRock Completes Acquisition of Tennenbaum Capital Partners. For additional information on BlackRock, please visitwww.blackrock.com/corporate. 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. BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. https://www.businesswire.com/news/home/20210601006057/en/, BlackRock TCP Capital Corp. BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. BlackRock Capital Investment Corporation - Fitch Ratings asset manager and advances its goal of providing clients with a diverse (212) 810-5300, BlackRock Inc. (NYSE:BLK) 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. 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 . 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 . Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. His role was formally expanded to include the role of deputy head of BlackRock Alternatives last fall. financial impact of the transaction is not material to BlackRock BlackRock buys private credit shop in alts push | Citywire TCP Capital : Tennenbaum Capital Partners Announces Closing Of $300 You must click the activation link in order to complete your subscription. Our thought leadership in investing, risk management, portfolio construction and trading solutions. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Co-Head of Credit at BlackRock. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. Lanigan led the first LTPC deal, in Authentic Brands, Institutional Investor reported in 2019. Subscriber Benefit. In an interview last fall about her career with an industry group, Smith referred to the tale of President John F. Kennedy approaching a janitor sweeping the floors at the NASA space center in 1962 and asking what he was doing. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. 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. You can sign up for additional alert options at any time. globally. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. committed client assets. Clients of both firms will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities, Blackrock said in a statement. We look forward to collaborating with our Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. Its more than Business Insider Previously, she was Head of Client Solutions at Two Sigma Advisors. Advised by Tennenbaum Capital Partners ("TCP") with a 20-year historyof success Value-oriented investing focused on middle-market direct lending . Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform.