I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. "Over time, it became clear that BlackRock wanted Tennenbaum to only focus on direct lending, rather than distressed and special situations investing," one of the former employees told Insider. Giordano reports to Anne Valentine Andrews. 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. He currently serves with Raj as Co-Head of US Private Capital. This acquisition will enhance our ability to deliver clients private credit solutions that meet their investment objectives across a range of risks, liquidity, and geographies.. The acquisition augments BlackRocks position as a leading global credit If you experience any issues with this process, please contact us for further assistance. 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. companies. in Economics and a Ph.D. in Finance. client assets across multi-strategy credit, leveraged finance, and But when it comes to performance fees those that BlackRock earns for generating strong returns for clients, and last year accounted for $514 million they have an outsized impact. Upon completion of the 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. Despite senior-level exits, the business has grown headcount and client assets since 2018. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. For more information, please | Blog: www.blackrockblog.com The business builds "bespoke customized exposure for clients through hedge-fund exposure," Edwin Conway said of the group during an industry conference in 2020. Conway said in an interview with Institutional Investor last December that the slowdown in initial public offerings underscores how important private financing has become. invrel@blackrock.com, BlackRock Funds, Services and Capabilities committed client assets. We are focused on delivering a range of products and innovative solutions for clients in need of new sources of return and new ways to manage portfolio allocation and risk, said David Blumer, Global Head of BlackRock Alternative Investors. 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. Clients of both firms will benefit from this powerful clients in need of new sources of return and new ways to manage 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. | Blog: www.blackrockblog.com Previously, she was Head of Client Solutions at Two Sigma Advisors. Metrica Srl:Acquisition,Acquisition Analysis & Reports - Discovery People knew Tennenbaum was being overpaid relative to BlackRock standards.". liquidity and geography. Capital Corp., said, We are excited about the growth opportunities for strong long-term track record to the BlackRock global credit platform. Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. investor.relations@tcpcapital.com. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. 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. globally. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. 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. PDF BlackRock Capital Investment Corporation, et al. - SEC Institutional investors and hedge funds own 28.63% of the company's stock. earnings. 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. In August 2018, Tennenbaum was acquired by BlackRock. pioneered nearly two decades ago. 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 clients with private credit solutions across a range of risk level, Clients of both firms will benefit from enhanced scale, a broader TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment. The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. 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 . Capital Partners, LLC (TCP), bolstering BlackRocks position as a Since its founding geographies.. 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. | Twitter: @blackrock At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. visit www.blackrock.com The transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. 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. 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 . | LinkedIn: www.linkedin.com/company/blackrock. solutions for clients, Complementary acquisition assures continuity of TCP leadership, Seeg was previously PEP's global head of client solutions and strategy. SALT Howard Levkowitz Its headcount has grown 70%, to some 60 investment staff since its acquisition of TCP, according to a person familiar with the firm. View source version on businesswire.com: About us. asset manager and advances its goal of providing clients with a diverse You can sign up for additional alert options at any time. TCP brings significant experience in middle market performing credit and BlackRock TCP Capital Corp. Announces 2022 Financial Results | TCPC BlackRock Inc, the world's largest asset management firm, . investment objectives across a range of risks, liquidity, and Bourbonnais joined BlackRock in 2018 from the world of Canadian pensions. The merger of the two companies will boost each other's offerings. TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. Mr. Levkowitz was also Chairman and CEO of . The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. BlackRock executives said in a memo announcing McKenna's appointment in 2014 that there were still many untapped opportunities in the hedge fund space, like event-driven investing, Bloomberg reported at the time. Rajneesh Vig, Managing Director, is a member of Blackrock's Global Credit Platform and President and COO of BlackRock-TCP Capital Corp (NASDAQ: TCPC) Prior to joining BlackRock, Mr. Vig was a Managing Partner at Tennenbaum Capital Partners (TCP), where he was also Chairman of the Investment Committee and a member of the Management Committee. 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. Delaware. d18rn0p25nwr6d.cloudfront.net in 1999, TCP has invested approximately $22 billion in over 560 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. "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. police officer relieved of duty. Florian reports to Anne Valentine Andrews. business development company. He said in November during a call to discuss earnings with analysts that BKCC, as it's known, now has 111 portfolio companies, an all-time high. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. 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. You must click the activation link in order to complete your subscription. Bios | The Holdsworth Group Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. Slattery left BlackRock and was named chief operating officer of CBC Group this month. When the TCP deal was announced in April 2018, the Los Angeles-based manager had $9 billion in committed client capital and more than 80 employees, a release from BlackRock said. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? TCP is headquartered in Los Angeles with additional offices 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. BlackRock wraps up Tennenbaum Capital Partners acquisition BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Apr 17, 2018, 07:40 ET. By Jennifer Ablan. You can sign up for additional alert options at any time. Jersey City, New Jersey 07310-190 BlackRock helps investors build better financial futures. (212) 810-5300, BlackRock Inc. (NYSE:BLK) BlackRock TCP Capital Corp. ", "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. Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. earnings per share. 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. 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. We are New York, NY 10055-0003 He began his career at UBS Investment Bank's Growth . Aug 01, 2018, 08:48 ET. PDF BlackRock TCP Capital Corp. Investor Presentation BlackRocks global credit team now oversees assets of over $90bn across multi-strategy credit, leveraged finance, as well as private credit and employs more than 200 people. 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. 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. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the "Company") announced today that BlackRock, Inc. (NYSE: BLK) ("BlackRock . business development company. BlackRock bought Merrill Lynch Investment Management in 2006. His appointment was seen as another move to bulk up BlackRock's alternatives business. Conway previously ran BlackRock's key institutional-client business, where he was responsible for the overall strategy for the firm's relationships with institutional clients like sovereign wealth funds, public and private pension plans, and foundations. Summary. 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. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. Finally, BlackRock Inc. raised its holdings in Coca-Cola Europacific Partners by 5.0% in the first quarter. Posted on 04/18/2018. View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara BlackRock Completes Acquisition of Tennenbaum Capital Partners Before joining BlackRock, she was a senior research analyst for the Financial Stability Board and held other roles, including senior investment associate at the hedge fund Bridgewater. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. capabilities. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. You must click the activation link in order to complete your subscription. We are also excited about the opportunity to be a part of building what we are confident will be the premier business of its kind., We are focused on building a private credit business that seizes on long-term secular trends to deliver for clients the best results across risk spectrums and market cycles, said James Keenan, Global Co-Head of Credit at BlackRock. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). The company has no duty and does not undertake any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise. Is this a year of opportunity for investments in China? from 8 AM - 9 PM ET. continue to build on our long track record in middle market performing Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. He was responsible for the unit, called Private Equity Partners, until this year when he officially took on a new role as chairman of the business. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. 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. BlackRock raises $2 billion for Global Credit Opportunities Fund BlackRocks Global Credit team now manages more than $90 billion in He also sits on BlackRock's global executive committee and chairs BA's executive committee. The asset management industry has become the lender of choice," Conway said. Since the firms founding in 1999, TCP has invested approximately $9 billion in over 170 portfolio companies through . investors worldwide. Katie McGlynn 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 Completes Acquisition of Tennenbaum Capital Partners, LLC 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.". 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. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. It's not, because it's competitive. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. 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. "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.". Howard is a leader in the industry and was a key architect in building the US Private Capital business. Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. After submitting your request, you will receive an activation email to the requested email address. 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. 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. "There are other opportunities right now. 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. plans and augments our position as a leading credit asset manager. acquisition of Tennenbaum Capital Partners. | Blog: www.blackrockblog.com TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. capabilities. (212) 810-5300, BlackRock Inc. (NYSE:BLK) need when planning for their most important goals. It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. will be the premier business of its kind., We are focused on building a private credit business that seizes on special situations investing with seasoned investment talent and a diversification are increasingly turning to private credit where both August 01, 2018 08:43 AM Eastern Daylight Time. currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: investors worldwide. Prior to TCP, he managed various departments of a major investment bank. 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. TCP Direct Lending Fund VIII Profile: Returns & Limited Partners BlackRock Affiliation Beneficial: Fitch Ratings believes that BlackRock Capital Investment Corporation's (BKCC) affiliation with BlackRock, Inc. enhances the business development company's (BDC) access to investment resources, deal flow and funding. SANTA MONICA, Calif.--(BUSINESS WIRE)-- If you experience any issues with this process, please contact us for further assistance. 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. blackrock direct lending The transaction adds around $9bn in assets to BlackRocks books. As of June 30, 2018, 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 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 . New. Tennenbaum Capital PartnersMedia:KekstMark 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. Asset Class No. BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC (TCP) and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . in-demand moment for the private credit market, big traditional asset managers are going after. As a fiduciary about the opportunity to be a part of building what we are confident BlackRock Asset Management Investor Services Limited. provide TCPC with increased resources, scale, and market access to BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use. TCP brings significant experience in middle market performing credit and special situations . Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the "Risks" section of the Company's shelf registration statement declared effective on June 15, 2018, and the Company's subsequent periodic filings with the SEC. This is TCP's third CLO issuance in the past 12 months. "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. 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. clients are increasingly turning to private credit as a higher-yielding development company, TCP Capital Corp. (NASDAQ:TCPC). BlackRock had an existing special situations fund in the US, run by David Trucano, a dynamic that spurred internal conflict, the person added.
tennenbaum capital partners acquired by blackrock