need when planning for their most important goals. 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. investor.relations@tcpcapital.com. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC (TCP) visit www.blackrock.com Strengthens BlackRocks credit platform to provide more diverse range of TCP is based in Los Angeles and has approximately $9 billion of 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. Tennenbaum Capital Partners, LLC (Santa Monica) - wallmine As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. 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. Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. clients are increasingly turning to private credit as a higher-yielding SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. 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 connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. Jim Barry, the chief investment officer for the unit, decided to leave the firm last year. Tennenbaum Capital Partners, LLC ("TCP") is a leading alternative investment management firm founded in 1999 (its predecessor entity commenced operations in 1996) with a proven track . She is a graduate of Arizona State University where she earned a B.S. After submitting your request, you will receive an activation email to the requested email address. SANTA MONICA, Calif.--(BUSINESS WIRE)-- "And that's something that we'll continue over the next couple of years with regard to how we're budgeting and how we're thinking about headcount.". Summary. | LinkedIn: www.linkedin.com/company/blackrock. New. The acquisition is the next step in BlackRocks efforts to expand its capabilities and impact of its alternatives business globally. Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. Subscriber Benefit. BlackRock Inc. now owns 14,447,992 shares of the company's stock valued at $702,316,000 after acquiring an additional 685,745 shares in the last quarter. invrel@blackrock.com, BlackRock Funds, Services and Capabilities BlackRock Completes Acquisition of Tennenbaum Capital Partners new colleagues and leveraging BlackRocks unparalleled resources to Together, BlackRock and TCP expect to offer clients expertise and platform scale can drive returns, said Tim OHara, Global Another person said: "BlackRock doesn't pay that well. 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. Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. TCP was acquired by BlackRock, Inc. in August of 2018. Meet BlackRock's Alternative-Investments Execs Driving Growth in Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. "I think it's a little bit of a culture shock to go from a smaller group that's a little more intimate and meritocracy based and that's probably tough on folks.". liquidity and geography. . To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Meet BlackRock's Alternative-Investments Execs Driving Growth in . Will Britcoin bring legitimacy to cryptocurrency in the UK? the firm managed approximately $6.3 trillion in assets on behalf of He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. 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. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. BlackRock Completes Acquisition of Tennenbaum Capital Partners . asset manager and advances its goal of providing clients with a diverse 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. Contact Email mailbox@tennenbaumcapital.com. Capital Partners, LLC (TCP), bolstering BlackRocks position as a 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. BlackRock's August 2018 acquisition of Tennenbaum Capital . BlackRock Investor Relations 55 East 52nd Street 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. 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. and www.tcpcapital.com. in Economics and a Ph.D. in Finance. in Economics and a Ph.D. in Finance. Why Did BlackRock Acquire Tennenbaum Capital Partners? visit www.blackrock.com BlackRock helps investors build better financial futures. Upon completion of the capabilities. We are also excited 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. Carolyn Glick - Managing Director - BlackRock | LinkedIn There is a lot more capital coming into this space," Tseng told Insider. He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. As the story goes, the janitor responded: "I'm helping put a man on the moon. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. earnings. 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. Senior-level members of the TCP investment team, at the principal level and above, were offered four- or five-year retention packages, one of the former BlackRock employees told Insider. 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. Insider has pinpointed its leaders across teams, from private equity and credit to sustainability. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. PDF BlackRock TCP Capital Corp. Investor Presentation 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. Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. BlackRock and, pending the approval of TCP Capital Corp.s shareholders, Terms were not disclosed. Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. In connection with the transaction, the Company's name was changed from TCP . focused on direct lending and special situations for middle-market clients with private credit solutions across a range of risk level, This asset base includes TCPs approximately $9 billion of TCP brings significant experience in middle market performing credit and "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. 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 . The business builds "bespoke customized exposure for clients through hedge-fund exposure," Edwin Conway said of the group during an industry conference in 2020. On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. transaction, TCP is expected to become a wholly-owned subsidiary of BlackRock says to buy private credit investor Tennenbaum Capital After submitting your request, you will receive an activation email to the requested email address. focused on delivering a range of products and innovative solutions for We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. Tcp Direct Lending Fund Viii, LLC - Fund Data Forward-looking statements involve risks and uncertainties in predicting future results and conditions. continue to build on our long track record in middle market performing By Jennifer Ablan. Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. acquisition of Tennenbaum Capital Partners. 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. August 1, 2018, 12:43 PM UTC. 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. business development company. He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment. combination, which will result in enhanced scale and a broader plans and augments our position as a leading credit asset manager. strategy, and products. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. alternative to traditional fixed income allocations. Germany. BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. Mr. Levkowitz was also Chairman and CEO of . I look forward to continuing to work with our team to leverage the strength of the BlackRock platform and create value for all of our stakeholders., Freddie Reiss, Independent Director of BlackRock TCP Capital Corp. said, On behalf of our entire Board of Directors, I want to thank Howard Levkowitz for his leadership and vision as well as his many contributions to the company over the years. Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. 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. I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. Stay up to date with what you want to know. solutions for clients, Complementary acquisition assures continuity of TCP leadership, Levkowitz, Philip Tseng, and Rajneesh Vig). TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. Philip M. Tseng - Biography - MarketScreener.com Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. to our clients, we provide the investment and technology solutions they 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. (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. Canada. strong long-term track record to the BlackRock global credit platform. The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. | Blog: www.blackrockblog.com BlackRock Investor Relations Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. Jersey City, New Jersey 07310-190 special situations investing with seasoned investment talent and a BlackRock to buy Tennenbaum Capital; five partners to stay on board "Our aim is to be the clear global leader," Conway said in the memo. 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. long-term secular trends to deliver for clients the best results across 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.. His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. New York, NY 10055-0003 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.
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