in 1999, TCP has invested approximately $22 billion in over 560 TCPs nearly 90-person team has joined It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). 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. 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. McKenna also worked at Caxton Associates and Citigroup. Capital Partners, LLC (TCP), bolstering BlackRocks position as a Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. geographies.. For additional information on BlackRock, please The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. invrel@blackrock.com, BlackRock Funds, Services and Capabilities "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. All of TCP's partners signed employment agreements and were expected to join BlackRock, while TCP anticipated that all of its more than 80 employees would move to the money manager, a May 2018 presentation TCP provided to a public pension investor shows. the firm managed approximately $6.3 trillion in assets on behalf of Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. Clients of both firms will benefit from enhanced scale, a broader the TCP team will continue to be responsible for the investments of TCP 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. Private markets are "a major strategic area of focus at BlackRock," Morgan Stanley analysts led by Betsy Graseck wrote in a research report in June. 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. In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Clients of both firms will benefit from enhanced scale, a broader visit www.blackrock.com She was previously the global head of investments for PEP. TCPC), a business development company. Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. 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. Jersey City, New Jersey 07310-190 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. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. 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 . diversification are increasingly turning to private credit where both "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. You must click the activation link in order to complete your subscription. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. A key element of remain the investment adviser of TCP Capital Corp. Current members of Phone Number 310.566.1000. McKenna is responsible for managing BlackRock's event-driven investing efforts that is, the investment strategy used to profit from price action around a specific event and oversees $7.8 billion in the Event Driven Equity Fund. need when planning for their most important goals. 55 East 52nd Street He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. Its more than Weldon is based in London. Former BlackRock employees say underwhelming pay and unfulfilled promises that the team could raise its own special situations fund led to widespread frustration and departures. 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. Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. globally. to our clients, we provide the investment and technology solutions they 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. new colleagues and leveraging BlackRocks unparalleled resources to The leadership team steering the alternatives business has changed recently. Prospective investors should read these materials carefully before investing. clients with private credit solutions across a range of risk level, Mr. Levkowitz was also Chairman and CEO of . Court records for this case are available from Stanley Mosk Courthouse. TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. You must click the activation link in order to complete your subscription. In an interview last fall about her career with an industry group, Smith referred to the tale of President John F. Kennedy approaching a janitor sweeping the floors at the NASA space center in 1962 and asking what he was doing. He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a 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 . 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. He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. Previously, she was Head of Client Solutions at Two Sigma Advisors. As of June 30, 2018, investors worldwide. Mahmoud joined BlackRock in 2014. BlackRock helps investors build better financial futures. The unit will work with portfolio managers and BCM, the firm's capital markets group, to source and back transition-related investments across asset classes around the world, Edwin Conway told employees in October in a memo viewed by Insider. visit www.blackrock.com It's not, because it's competitive. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the Risk Factors section of the Companys Form 10-K for the year ended December 31, 2020, and the Companys subsequent periodic filings with the SEC. Meghan Sharp is the global head of Decarbonization Partners, a joint venture that BlackRock and the Singapore state investment fund Temasek established in 2021 and aims to invest in businesses focused on decarbonization. TCP manages funds and accounts on behalf of global contact.us@blackrock.com, Computershare Investor Services LLC BlackRock TCP Capital Price Performance. As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. global scale, industry expertise, and portfolio and risk management earnings. (212) 810-5300, BlackRock Inc. (NYSE:BLK) In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP . BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC (TCP) I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks Before she joined BlackRock in 2014, Valentine Andrews was the co-head and operating chief for Morgan Stanley's infrastructure platform, leading capital-raising efforts globally. Finally, BlackRock Inc. raised its holdings in Coca-Cola Europacific Partners by 5.0% in the first quarter. Private markets represent more than half of the firm's overall performance fees, Rob Kapito, the president of BlackRock, recently said during an industry conference. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. Llc Blackrock Capital Investment Advisors: Member: 1 Aug 2018: 75% - 100%: 290336: Lee Robert Landrum: Managing director: 1 . Previously, she was Head of Client Solutions at Two Sigma Advisors. 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. He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. 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. Howard Levkowitz, who co-founded TCP in 1999; Mark Kronfeld, who was global head of restructuring in BlackRock's private credit group; and former TCP finance chief Paul Davis all left last year. visit www.blackrock.com liquidity and geography. Presently, Philip M. Tseng occupies the position of President & Chief Operating Officer of Blackrock TCP Capital Corp., Managing Director at Tennenbaum Capital Partners LLC and Managing Partner at Tennenbaum Capital Partners (Private Equity). 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 . BlackRock Inc. and Tennenbaum Capital Partners, LLC announced a definitive agreement under which BlackRock will acquire TCP, a leading manager focused on middle market performing credit and special situation credit opportunities. "The office of the COO is where we crystallize our strategy and how we execute day-to-day and in the longer term," Conway said in a memo to staff announcing Smith's appointment in 2021, Insider previously reported. Contact Email mailbox@tennenbaumcapital.com. Since the firms founding in 1999, TCP has invested approximately $9 billion in over 170 portfolio companies through . You must click the activation link in order to complete your subscription. 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 contact.us@blackrock.com, Computershare Investor Services LLC in Economics and a Ph.D. in Finance. 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. You can sign up for additional alert options at any time. Other senior departures who did not join BlackRock through the TCP deal included Michael Zugay, former head of US private capital; Alex Dashiell, a former managing director in USPC and a member of its investment committee; and Aaron Kless, former head of USPC investment strategies. 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. 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit The business now has $34 billion of dry powder to invest. As a fiduciary BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. BlackRock Asset Management Investor Services Limited. continue to build on our long track record in middle market performing Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. When the TCP deal was completed in August 2018, BlackRock's global credit team managed $90 billion in assets a figure that stood at $149 billion as of June 30, a person familiar with the firm told Insider. | Blog: www.blackrockblog.com NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. risk spectrums and market cycles, said James Keenan, Global Co-Head of origination network, and a premium and expanded set of private credit 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 . acquire TCP, a leading manager focused on middle market performing committed client assets. development company, TCP Capital Corp. (NASDAQ:TCPC). For additional information on BlackRock, please visitwww.blackrock.com/corporate. "With the growth of our client assets, it's been a significant investment over the last several years, " Jim Keenan, BlackRock's chief investment officer and global head of credit, who helped steer the TCP acquisition, said in an interview with Insider. ", "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. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. For more information, please He has a background that's unexpected in the world of high finance. Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si Before Morgan Stanley, she was a director at Macquarie. "It's not to say that the private credit market is easy to manage talent. Formed in 1999, Los Angeles-based . Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. to our clients, we provide the investment and technology solutions they 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). expertise and platform scale can drive returns, said Tim OHara, Global Asset Class No. globally. Investors seeking to generate incremental returns and portfolio "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.". TCP brings significant experience in middle market performing credit and Today, Black BlackRock, Inc. (NYSE: BLK) has completed its acquisition of Cachematrix, a leading provider of financial technology which simplifies the 2023 BlackRock, Inc. All rights reserved. TCP So-called alternatives, those assets such as infrastructure and private equity meant for sophisticated investors, make up just 3% of the nearly $9 trillion of assets that BlackRock manages. Terms were not disclosed. I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. Steenberg had founded the business in 1999. Capital Partners, LLC (TCP), bolstering BlackRocks position as a "There are other opportunities right now. Last year Decarbonization Partners invested in Monolith, aclean hydrogen and materials company, as part of a $300 million round of funding alongside TPG Rise Climate and other investors. SANTA MONICA, Calif., Jan. 25, 2018 /PRNewswire/ -- Tennenbaum Capital Partners, LLC ("TCP" or the "Firm"), a leading alternative investment management firm, announced today the closing of its $300 million TCP Rainier CLO. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The transaction will not have a material impact on BlackRocks earnings. Is this a year of opportunity for investments in China? The acquisition augments BlackRocks position as a leading global credit asset manager and advances its goal of providing clients with a diverse range of alternative investment products and solutions to meet their evolving needs. All of us are working hard to meet the needs of our clients.". Its headcount has grown 70%, to some 60 investment staff since its acquisition of TCP, according to a person familiar with the firm. 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. origination network. "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. But it's never really been good at raising high-fee capital," a former employee said. leading global credit manager and enhancing its ability to provide He worked there for 23 years and was a partner. Lanigan led the first LTPC deal, in Authentic Brands, Institutional Investor reported in 2019. For additional information on BlackRock, please As Chinas financial markets open up, the risks and rewards are huge for wealth managers, Rootstock Investment Management acquired by Stonehage Fleming, Schroders annual operating profit dips 14% to 723m, Julius Baer launches global AI journey with NEXT initiative, Whos saying what? . The money manager has been on a mission to grow its $318 billion alternatives business. Florian reports to Anne Valentine Andrews. liquidity and geography. Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol 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. about the opportunity to be a part of building what we are confident Under Steenberg, BlackRock acquired Swiss Re Private Equity Partners, the private equity and infrastructure fund of funds under the insurance giant Swiss Re, in 2012. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. strong long-term track record to the BlackRock global credit platform. He joined TCP in 2006 and served as TCPCs President and Chief Operating Officer since its IPO in 2012. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. That is the ultimate validation, or not, of success performance and fundraising," Vig said. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. companies. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. TCP is the perfect complement to the existing credit business at earnings per share. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. SVOF/MM, LLC ("SVOF/MM"), Tennenbaum Opportunities Partners V, LP, Tennenbaum Opportunities Fund V, LLC, Tennenbaum Heartland Co-Invest, LP, SEB DIP Investor, LP, Special Summary. . our business as we continue to employ the successful strategy we TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. Since 2021 the business also hired a new chief operating officer, a new head of sustainability, and two additional top executives focused on sustainable investments. Katie McGlynn Our combination with BlackRock will You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. 55 East 52nd Street market cycles, diverse expertise, and proven origination capabilities, BlackRock Asset . In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. a premium and expanded set of private credit investment opportunities. will be the premier business of its kind., We are focused on building a private credit business that seizes on View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor