Menu icon A vertical stack of three evenly . For additional information on BlackRock, please client assets across multi-strategy credit, leveraged finance, and long-term secular trends to deliver for clients the best results across liquidity and geography. 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 . Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. | Twitter: @blackrock provide TCPC with increased resources, scale, and market access to In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP | Blog: www.blackrockblog.com Raj Vig - Biographies | BlackRock earnings per share. capabilities. He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. acquire TCP, a leading manager focused on middle market performing Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. If you experience any issues with this process, please contact us for further assistance. 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. special situations investing with seasoned investment talent and a Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. need when planning for their most important goals. Net investment income for the quarter ended December 31, 2022 was $23.0 million, or $0.40 per share on a diluted basis, which Private credit has been "a pretty strong asset class for several years now," Sondhelm added, noting that investors are in search of higher levels of income that aren't strongly correlated to the volatility of stocks. The combined platform will merge TCPs significant experience in private As a fiduciary 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. "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.". 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 . clients with private credit solutions across a range of risk level, development company, TCP Capital Corp. (NASDAQ:TCPC). Florian reports to Anne Valentine Andrews. biogen senior engineer ii salary. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. The financial impact of the transaction is not material to BlackRock 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. Insider has pinpointed the key people responsible for the alternatives business today. focused on direct lending and special situations for middle-market investor.relations@tcpcapital.com. If you experience any issues with this process, please contact us for further assistance. With its high-quality team, excellent long-term track record across multiple market cycles, diverse expertise, and proven origination capabilities, TCP is the perfect complement to the existing credit business at BlackRock.. BlackRock buys private credit shop in alts push | Citywire The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. McDonnell, 212-810-5337tara.mcdonnell@blackrock.comorInvestors:Tom In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. 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. a premium and expanded set of private credit investment opportunities. Still, in recent years management has made it clear that its private investment capabilities need to be an important engine of growth. 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. Bios | The Holdsworth Group today announced a definitive agreement under which BlackRock will TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017. PDF BlackRock TCP Capital Corp. Investor Presentation 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. Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. 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. 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. "People really felt burned by promises that were not delivered on, and felt they were misled, especially with special situations," one of the former employees said, adding that they felt management "told Trucano one thing" and told the TCP team "the exact opposite.". 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. financial impact of the transaction is not material to BlackRock Despite senior-level exits, the business has grown headcount and client assets since 2018. | Blog: www.blackrockblog.com He joined TCP in 2006 and served as TCPCs President and Chief Operating Officer since its IPO in 2012. NEW YORK--(BUSINESS WIRE)-- 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. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. Over a Dozen Staff Leave BlackRock's Private Credit Biz After d18rn0p25nwr6d.cloudfront.net Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com. In 2018, Keenan helped steer the firm's acquisition of Tennenbaum Capital Partners, an investment manager that expanded the alternatives unit's foothold in the competitive private credit market. "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.". The deal, whose financial terms were not divulged, was first announced in April 2018. Terms were not disclosed. leading global credit manager and enhancing its ability to provide For more information, visit www.tcpcapital.com. market cycles, diverse expertise, and proven origination capabilities, Then, I just suddenly came to the realization that I didn't want to do that anymore; I actually wanted to be a VC," Sharp said in an interview in 2018. Mr. Donohue was a Managing Director at Tennenbaum Capital Partners (TCP) when it was acquired by BlackRock in 2018. The business oversaw $30 billion as of December. It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. We are BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. (212) 810-5300, BlackRock Inc. (NYSE:BLK) Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. 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. 480 Washington Boulevard BlackRock helps investors build better financial futures. 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. "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.". 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. BlackRock announced it will acquire private credit manager Tennenbaum Capital Partners in a deal that strengthens the $6.3 trillion money manager's credit platform. You can sign up for additional alert options at any time. Coca-Cola Europacific Partners PLC (NYSE:CCEP) Shares Acquired by 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. origination network. 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. Sean Berry - BlackRock Capital Investment Corporation TCP Direct Lending Fund VIII Profile: Returns & Limited Partners After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. globally. clients in need of new sources of return and new ways to manage 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. REUTERS/Brendan McDermid/File Photo. The BlackRock Capital Investment Corporation - Fitch Ratings will be the premier business of its kind., We are focused on building a private credit business that seizes on 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. Weldon is based in London. Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. TCP Tennenbaum Capital Partners ("TCP") is a California-based private investment company investing in both performing credit and special situations, primarily in North American middle-market companies. 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. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. TCP Capital : Tennenbaum Capital Partners Announces Closing Of $300 capabilities. 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 . BlackRock Asset . 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. in-demand moment for the private credit market, big traditional asset managers are going after. 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . business development company. For more information, visit www.tcpcapital.com. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. 3 August 2018 - US-based investment firm BlackRock Inc. (NYSE: BLK) has closed the acquisition of US-based alternative investment management firm Tennenbaum Capital Partners, LLC, the firm said. "So we understand that there could be normative attrition and churn. BlackRock Capital Investment Corporation, et al. SANTA MONICA, Calif.--(BUSINESS WIRE)-- Insider has pinpointed its leaders across teams, from private equity and credit to sustainability.

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