Clients of both firms will benefit from this powerful invrel@blackrock.com, BlackRock Funds, Services and Capabilities "The available tool kit that you have now as a private enterprise is very high. 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. He has a background that's unexpected in the world of high finance. development company, TCP Capital Corp. (NASDAQ:TCPC). New York, NY 10055-0003 clients with private credit solutions across a range of risk level, Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. Meanwhile last year BlackRock fired the former co-heads of secondaries and liquidity solutions, along with a third managing director, after they said they planned to leave for Apollo Global Management together, Bloomberg reported. BlackRock bought a money manager to expand in private credit. Insiders BlackRock TCP Capital (NASDAQ:TCPC) Price Target Cut to $11.00 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. asset manager and advances its goal of providing clients with a diverse Clients of both firms will benefit from enhanced scale, a broader BlackRock has prioritized growing its $320 billion alternative business in recent years, with a focus on private market investing. 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. NEW YORK (April 17, 2018) 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 credit and special situation credit opportunities. to our clients, we provide the investment and technology solutions they She also held several roles at Goldman Sachs. 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. (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. Florian recently oversaw a significant fund closing. Prospective investors should read these materials carefully before investing. "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. diversification are increasingly turning to private credit where both 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. special situations investing with seasoned investment talent and a Behind the firm's push: already-low fees under pressure in BlackRock's core fund business, the fast-expanding private markets, and demand from clients. Since its founding Finally, BlackRock Inc. raised its holdings in Coca-Cola Europacific Partners by 5.0% in the first quarter. Llc Blackrock Capital Investment Advisors: Member: 1 Aug 2018: 75% - 100%: 290336: Lee Robert Landrum: Managing director: 1 . Strengthens BlackRocks credit platform to provide more diverse range of TCP is the perfect complement to the existing credit business at in 1999, TCP has invested approximately $22 billion in over 560 Cybersecurity in Banking & Payments Filings Trends Q3 2022, Tech for good: How Scottish fintech companies are relieving the cost of living crisis, How quantum technologies will transform fintech, Grow your asset finance arm with high-functioning origination capabilities. If you experience any issues with this process, please contact us for further assistance. BlackRock declined to comment on the former employees' assertion. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. performing credit and special situations investing with BlackRocks Tennenbaum Capital Partners - Crunchbase Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. special situations investing with seasoned investment talent and a BlackRock buys private credit shop in alts push | Citywire BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. With TCP brings significant experience in middle market performing credit and One major point of contention within the group was whether employees from the TCP team would be able to launch their own special situations fund at BlackRock which never came to fruition, people familiar with the matter 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. I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. Terms of the deal were not . He began his career at UBS Investment Bank's Growth . You must click the activation link in order to complete your subscription. Howard, Raj and Phil led the successful integration of TCP to develop BlackRocks US Private Capital team, which today is a leader in private credit. BlackRock says to buy private credit investor Tennenbaum Capital Steenberg had founded the business in 1999. He is an investment professional focused on the direct lending and special situations credit strategies. 310-622-8220orInvestors:Katie McGlynn, Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment management firm with approximately $9 billion of committed capital focused on direct lending and special situations for middle-market companies. Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. For additional information on BlackRock, please Court records for this case are available from Stanley Mosk Courthouse. BlackRock Completes Acquisition of Tennenbaum Capital Partners Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si investment talent and a strong long-term track record at a time when He joined TCP in 2006 and served as TCPCs President and Chief Operating Officer since its IPO in 2012. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. capabilities. 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. When typing in this field, a list of search results will appear and be automatically updated as you type. TCP Direct Lending Fund VIII Profile: Returns & Limited Partners This acquisition will enhance our "We are seeing an increasing blurring of what used to be clearly distinct business models, whether this is a convergence between asset and wealth management, LPs becoming direct investors, asset and liability pools moving fluidly between insurers, and pension funds or asset servicers looking to integrate ever closer with their clients," he told Insider in 2020. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. 55 East 52nd Street BlackRock Dives Further Into Private Credit With Tennenbaum Capital Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. He has led these investment strategies across the Americas and the Asia Pacific region since the firm's renewable power offerings were founded in 2011. risk spectrums and market cycles, said James Keenan, Global Co-Head of 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. 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. Insider has pinpointed its leaders across teams, from private equity and credit to sustainability. Team CCCC Read more Show less. the firm managed approximately $6.3 trillion in assets on behalf of 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.". A key element of the transaction is the continuity of TCPs successful senior management team, including all five partners (Lee Landrum, Michael Leitner, Howard Levkowitz, Philip Tseng, and Rajneesh Vig). BlackRock TCP Capital: 9% Yield, Get Your Marshmallow Now - SeekingAlpha By Jennifer Ablan. Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. Baranski and Seeg took over from Russell Steenberg, the founder and longtime head, after he stepped away from day-to-day responsibilities and took on a new role as chairman of PEP as of January 1. BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital "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.". to our clients, we provide the investment and technology solutions they The acquisition augments BlackRocks position as a leading global credit has demonstrated strong performance over nearly two decades. business development company. 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. 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. NEW YORK--(BUSINESS WIRE)-- BlackRock TCP Capital Price Performance. Menu icon A vertical stack of three evenly . BlackRock to buy Tennenbaum Capital; five partners to stay on board Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. Raj Vig, the co-head of US private capital at BlackRock who was a longtime TCP executive, said 2021 was a record year of capital deployment. 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. evolving needs. Its more than The transaction adds around $9bn in assets to BlackRocks books. origination network, and a premium and expanded set of private credit Tennenbaum Capital Partners Fund Manager Profile | Preqin Gift this article. Mr. Berry held a similar role at Tennenbaum Capital Partners prior to its acquisition by BlackRock in 2018. and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . Sep 21, 2022, 9:12 AM. and www.tcpcapital.com. Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. Since the firms founding in 1999, TCP has invested approximately $9 billion in over 170 portfolio companies through . Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC visit www.blackrock.com The deal, whose financial terms were not divulged, was first announced in April 2018. 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. 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.