For additional information on BlackRock, please She was previously the global head of investments for PEP. Capital Partners, LLC (TCP), bolstering BlackRocks position as a globally. . Clients of both firms will benefit from enhanced scale, a broader The stakes are high. BlackRock and will continue to be responsible for managing TCP products, He cofounded the event-driven fund there. "I was on the academic track, applying for faculty positions and transition grants for my life in academia. Managing director Kenneth Saffold, an investor well-known in the Atlanta community, left and cofounded the investment firm o15 Capital Partners with former Invesco and BankUnited executives, Insider reported in June. Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. contact.us@blackrock.com, Computershare Investor Services LLC And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. The fund is located in Santa Monica, California and invests in the United States. The transaction adds around $9bn in assets to BlackRock's books. McKenna also worked at Caxton Associates and Citigroup. As of March 31, 2018, The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. These are two important areas to BlackRock, particularly because of the firm's view that the Inflation Reduction Act in the US is expected to increase investments in infrastructure-related projects and real estate investors will find new opportunities amid shifting office and work-from-home dynamics. Terms of the deal were not . It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). BlackRock TCP Capital Corp. "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. Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. Tennenbaum Capital Partners Fund Manager Profile | Preqin The For additional information on BlackRock, please Coca-Cola Europacific Partners PLC (NYSE:CCEP) Shares Acquired by He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. The departures come as BlackRock aims to compete more aggressively in private credit, a key part of its high-priority alternatives push. The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. . Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. 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. Mr. Levkowitz was also Chairman and CEO of . Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. As a fiduciary will be the premier business of its kind., We are focused on building a private credit business that seizes on Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. 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. Mr. Donohue was a Managing Director at Tennenbaum Capital Partners (TCP) when it was acquired by BlackRock in 2018. TCP Capital : Tennenbaum Capital Partners Announces Closing Of $300 team, including all five partners (Lee Landrum, Michael Leitner, Howard BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC global scale, industry expertise, and portfolio and risk management Patry joined BlackRock in 2017 from Credit Suisse, where he worked for nearly two decades and held roles including head of leveraged finance capital markets. BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. committed client capital as of December 31, 2017. 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . The transaction, which is expected to close in the third quarter of NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum globally. 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. BlackRock Inc, the world's largest asset management firm, . TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. This transition in leadership follows BlackRocks highly successful 2018 acquisition of Tennenbaum Capital Partners (TCP) that solidified BlackRock as a leading private credit manager. 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. alternative to traditional fixed income allocations. Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. 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.. Will Britcoin bring legitimacy to cryptocurrency in the UK? | LinkedIn: www.linkedin.com/company/blackrock. Previously, she was Head of Client Solutions at Two Sigma Advisors. August 01, 2018 08:43 AM Eastern Daylight Time. In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. Jersey City, New Jersey 07310-190 TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. invrel@blackrock.com, BlackRock Funds, Services and Capabilities He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. | Blog: www.blackrockblog.com | Blog: www.blackrockblog.com client assets across multi-strategy credit, leveraged finance, and In an interview last December with trade publication PERE, Valentine said a primary theme she will be focusing on this year is growing more selective in examining individual assets. need when planning for their most important goals. Terms were not disclosed. 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. 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. The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. BlackRock Dives Further Into Private Credit With Tennenbaum Capital The business oversaw $30 billion as of December. 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 . Posted on 04/18/2018. Subscriber Benefit. 480 Washington Boulevard companies. Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. Philip M. Tseng - Biography - MarketScreener.com Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. 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. Baranski has been there, virtually, since the beginning she said in an interview last fall with SALT that she joined PEP before it closed on its first fund. management firm with approximately $9 billion of committed capital "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. 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. Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. Building an Innovative Financial Technology Ecosystem in Scotland. You can sign up for additional alert options at any time. Jersey City, New Jersey 07310-190 NEW YORK--(BUSINESS WIRE)-- 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. Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? TCP is headquartered in Los Angeles with additional offices BlackRock TCP Capital Corp. Announces 2022 Financial Results | TCPC capabilities. As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. TCP Direct Lending Fund VIII Profile: Returns & Limited Partners the firm managed approximately $6.3 trillion in assets on behalf of of Funds Currently Managed . "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.". ", "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. BlackRock Asset Management Investor Services Limited. You can sign up for additional alert options at any time. 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. 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. 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.". It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. 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 . contact.us@blackrock.com, Computershare Investor Services LLC BlackRock buys private credit shop in alts push | Citywire BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. 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. In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. Fri 05 Feb, 2021 - 10:32 AM ET. 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. special situations investing with seasoned investment talent and a 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. expand our combined resources. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. earnings per share. This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). 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. Cision Distribution 888-776-0942 Howard is a leader in the industry and was a key architect in building the US Private Capital business. The combined platform will merge TCPs significant experience in private He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. His appointment was seen as another move to bulk up BlackRock's alternatives business. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC market cycles, diverse expertise, and proven origination capabilities, Forward-looking statements are made as of the date of this press release, and are subject to change without notice. Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. 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. In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. Clients of both firms will benefit from enhanced scale, a broader He also sits on BlackRock's global executive committee and chairs BA's executive committee. Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. PDF BlackRock Capital Investment Corporation, et al. - SEC BlackRock Capital Investment Corporation, et al. 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. Slattery left BlackRock and was named chief operating officer of CBC Group this month. Together, BlackRock and TCP expect to offer clients To ensure the most secure and best overall experience on our website, we recommend the latest versions of. special situations investing with seasoned investment talent and a There is a lot more capital coming into this space," Tseng told Insider. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. TCPC is managed by BlackRock, which . Germany. The deal, whose financial terms were not divulged, was first announced in April 2018. This transition in leadership follows BlackRock's highly successful 2018 acquisition of Tennenbaum Capital Partners ("TCP") that solidified BlackRock as a leading private credit manager. BlackRock to acquire Tennenbaum Capital Partners LLC 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. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported.