BlackRock Investor Relations origination network, and a premium and expanded set of private credit The acquisition is the next step in BlackRocks efforts to expand its capabilities and impact of its alternatives business globally. Forward-looking statements are made as of the date of this press release and are subject to change without notice. BlackRock Completes Acquisition of Tennenbaum Capital Partners Russell Steenberg built what would become BlackRock's original alternative asset offering when, in 1999, he joined Merrill Lynch's asset management business to build its private equity unit. He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. A key element of the transaction is the continuity of TCPs successful senior management BlackRock is to buy private credit firm Tennenbaum Capital Partners (TCP) in a move that will strengthen the world's largest asset managers' credit platform and diversify its alternative investment offerings. 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. The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. Terms were not disclosed. 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. If you experience any issues with this process, please contact us for further assistance. Share this article. Capital Partners, LLC (TCP), bolstering BlackRocks position as a I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. | Blog: www.blackrockblog.com Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. TCP brings significant experience in middle market performing credit and Insider has pinpointed the key people responsible for the alternatives business today. client assets across multi-strategy credit, leveraged finance, and Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. Apr 17, 2018, 07:40 ET. Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. focused on delivering a range of products and innovative solutions for private credit with a combined platform of more than 200 employees 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. August 01, 2018 08:43 AM Eastern Daylight Time. the firm managed approximately $6.3 trillion in assets on behalf of Clients of both firms will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities, Blackrock said in a statement. from 8 AM - 9 PM ET. asset manager and advances its goal of providing clients with a diverse Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. client assets across multi-strategy credit, leveraged finance, and Management has no ownership stake in the fund. The transaction adds around $9bn in assets to BlackRock's books. 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. Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. Argentina. 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. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. origination network, and a premium and expanded set of private credit 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. 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. 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. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. will be the premier business of its kind., We are focused on building a private credit business that seizes on Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. liquidity and geography. The deal, whose financial terms were not divulged, was first announced in April 2018. earnings. This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). For additional information on BlackRock, please visitwww.blackrock.com/corporate. It also manages a publicly-traded business globally. You must click the activation link in order to complete your subscription. range of alternative investment products and solutions to meet their Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. DAVID HOLLANDER VS TENNENBAUM CAPITAL PARTNERS, LLC, ET AL. - UniCourt The acquisition augments BlackRock's . 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 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). TCPC is managed by BlackRock, which . Bios | The Holdsworth Group Sign up for notifications from Insider! This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Previously, she was Head of Client Solutions at Two Sigma Advisors. remain the investment adviser of TCP Capital Corp. Current members of BlackRock Completes Acquisition of Tennenbaum Capital Partners 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. TCP complements BlackRocks Global Credit business with seasoned 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. 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. You can sign up for additional alert options at any time. Tennenbaum Capital Partners, LLC (Santa Monica) - wallmine TCPs nearly 90-person team has joined capabilities. "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". Edmentum Secures $25 Million in Capital | Edmentum Still, in recent years management has made it clear that its private investment capabilities need to be an important engine of growth. BlackRock Capital Investment Corporation, et al. Levkowitz, Philip Tseng, and Rajneesh Vig). visit www.blackrock.com The combined platform will merge TCPs significant experience in private This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). invrel@blackrock.com, BlackRock Funds, Services and Capabilities He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. 2018, is subject to customary regulatory and closing conditions. 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. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. Finally, BlackRock Inc. raised its holdings in Coca-Cola Europacific Partners by 5.0% in the first quarter. NEW YORK--(BUSINESS WIRE)--BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC 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.The acquisition augments BlackRock's position as a leading global credit asset manager and advances its goal of . Raj Vig - Biographies | BlackRock Its more than | LinkedIn: www.linkedin.com/company/blackrock. transaction, TCP is expected to become a wholly-owned subsidiary of 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 . Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? police officer relieved of duty. Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. 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. Howard is a leader in the industry and was a key architect in building the US Private Capital business. Brent Patry is key to steering BlackRock alternatives as deputy head of the overall business, reporting to Edwin Conway. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Clients of both firms will benefit from enhanced scale, a broader Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. BlackRock helps investors build better financial futures. 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. BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. today announced a definitive agreement under which BlackRock will The transaction adds around $9bn in assets to BlackRocks books. 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. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. "So we understand that there could be normative attrition and churn. committed client assets. If you experience any issues with this process, please contact us for further assistance. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. BlackRock TCP Capital Corp. Announces 2022 Financial Results | TCPC Subscriber Benefit. TCPC), a business development company. 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. BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. You kind of have to stick out," the person said. Smith joined the firm in 2004 and was named co-head of the business alongside the group's cofounder Bryan White in 2015, Bloomberg News reported at the time. | Blog: www.blackrockblog.com Since then, however, more than a dozen professionals have left the 35-person investment team that joined from Los Angeles-based TCP, Insider has learned. BlackRock helps investors build better financial futures. "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.". 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. Within the alternatives business, Smith heads up BlackRock Alternative Advisors, the firm's hedge fund solutions team and fund of funds that was founded more than two decades ago. Sean Berry - BlackRock Capital Investment Corporation Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol Its headcount has grown 70%, to some 60 investment staff since its acquisition of TCP, according to a person familiar with the firm. (212) 810-5300, BlackRock Inc. (NYSE:BLK) clients in need of new sources of return and new ways to manage "There are other opportunities right now. BlackRocks Global Credit team now manages more than $90 billion in For more information, please Mahmoud joined BlackRock in 2014. 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. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. BlackRock Asset Management Investor Services Limited. 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. 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. Bourbonnais joined BlackRock in 2018 from the world of Canadian pensions. That is the ultimate validation, or not, of success performance and fundraising," Vig said. He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum He is an investment professional focused on the direct lending and special situations credit strategies. pioneered nearly two decades ago. BlackRock formed its capital markets team in 2020 with Patry at the helm, bringing together the businesses for global capital markets and private capital markets, the industry news publication PE Hub reported. Another person said: "BlackRock doesn't pay that well. Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. 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. Delaware. New. (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. and www.tcpcapital.com. Insider has pinpointed its leaders across teams, from private equity and credit to sustainability. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. About us. As a fiduciary BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital United Kingdom. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. 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 Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. Metrica Srl:Acquisition,Acquisition Analysis & Reports - Discovery Florian reports to Anne Valentine Andrews. "When you join a big company like BlackRock, it's just a lot more political. of Funds Currently Managed . portfolio allocation and risk, said David Blumer, Global Head of He was named global head of BlackRock Alternatives in April 2019 when the alternatives business was restructured in a way executives hoped would improve growth, according to reports at the time. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. You can sign up for additional alert options at any time. The acquisition is the next step in BlackRocks efforts to expand its "They could just decide: 'We're going to start our own company.'". origination network, and a premium and expanded set of private credit 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. investment objectives across a range of risks, liquidity, and Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. ", "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. blk-ex211_12.htm - SEC Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. Net investment income for the quarter ended December 31, 2022 was $23.0 million, or $0.40 per share on a diluted basis, which TCP Direct Lending Fund VIII Profile: Returns & Limited Partners Our combination with BlackRock will "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 As a fiduciary Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. By Jennifer Ablan. 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. Description. 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. Many investment companies, to be sure, face challenges in hiring and retention. BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC (TCP) 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 . the firm managed approximately $6.3 trillion in assets on behalf of She is a graduate of Arizona State University where she earned a B.S. Stay up to date with what you want to know. to our clients, we provide the investment and technology solutions they He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. Daniel Levan, a director at BlackRock, also recently left the private credit team, according to two former BlackRock employees who spoke to Insider and a public pension disclosure, which noted the departures of Saffold, Pritchard, and Levan. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. BlackRock bought a money manager to expand in private credit. Insiders BlackRock's $318 billion alternative-investments business is key to the money manager's future. in Economics and a Ph.D. in Finance. 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. New York, NY 10055-0003 Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. But it's never really been good at raising high-fee capital," a former employee said. You must click the activation link in order to complete your subscription. The acquisition of TCP accelerates our growth This list was first published in 2020. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP | Twitter: @blackrock You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Meet BlackRock's Alternative-Investments Execs Driving Growth in 2023 The money manager has been on a mission to grow its $318 billion alternatives business. alternative to traditional fixed income allocations. 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 business now has $34 billion of dry powder to invest. TCP complements BlackRocks Global Credit business with seasoned investment talent and a strong long-term track record at a time when clients are increasingly turning to private credit as a higher-yielding alternative to traditional fixed income allocations. diversification are increasingly turning to private credit where both For additional information on BlackRock, please TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. 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. Institutional investors and hedge funds own 28.63% of the company's stock. BlackRock Alternative Investors. "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.". 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. BlackRock Closes Acquisition of Private Credit Manager Tennenbaum View source version on businesswire.com: 310-899-4948 Prospective investors should read these materials carefully before investing. You can sign up for additional alert options at any time. 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. Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. 55 East 52nd Street Menu icon A vertical stack of three evenly . 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. Coca-Cola Europacific Partners PLC (NYSE:CCEP) Shares Acquired by In 2018, Keenan helped steer the firm'sacquisition of Tennenbaum Capital Partners, an investment manager that expanded the alternatives unit's foothold in the competitiveprivate creditmarket. need when planning for their most important goals. 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. For additional information on BlackRock, please need when planning for their most important goals. TCP brings significant experience in middle market performing credit and Terms were not disclosed. BlackRock and will continue to be responsible for managing TCP products, The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. All of us are working hard to meet the needs of our clients.". For additional information on BlackRock, please In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. 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.
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