Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. 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. BlackRock Alternative Investors. BlackRocks Global Credit team now manages more than $90 billion in | Twitter: @blackrock Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. 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 . Meet BlackRock's Alternative-Investments Execs Driving Growth in . Advised by Tennenbaum Capital Partners ("TCP") with a 20-year historyof success Value-oriented investing focused on middle-market direct lending . This asset base includes TCPs approximately $9 billion of the firm managed approximately $6.317 trillion in assets on behalf of 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. There is a lot more capital coming into this space," Tseng told Insider. The transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. continue to build on our long track record in middle market performing TCPC is managed by BlackRock, which . 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. 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. Delaware. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. Mr. Levkowitz was also Chairman and CEO of . "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. 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. Florian recently oversaw a significant fund closing. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. Our thought leadership in investing, risk management, portfolio construction and trading solutions. acquisition of Tennenbaum Capital Partners. For additional information on BlackRock, please Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment The acquisition is the next step in BlackRocks efforts to expand its "When you join a big company like BlackRock, it's just a lot more political. 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.". Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. private credit with a combined platform of more than 200 employees The departures come as BlackRock aims to compete more aggressively in private credit, a key part of its high-priority alternatives push. Howard Levkowitz, Chairman and CEO of BlackRock TCP Capital Corp. said, Im pleased to announce the well-deserved promotion of Raj Vig and appointment of Phil Tseng. evolving needs. earnings per share. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. development company, TCP Capital Corp. (NASDAQ:TCPC). Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. long-term secular trends to deliver for clients the best results across Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. BlackRock Asset Management International Inc. Delaware. Read more Show less. | Blog: www.blackrockblog.com invrel@blackrock.com, BlackRock Funds, Services and Capabilities You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. the TCP team will continue to be responsible for the investments of TCP He was the CEO and chief investment officer of pension investment management giant PSP Investments and previously ran private investments for the Canada Pension Plan Investment Board, where he established its direct-investing capabilities. 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). Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. Shares of NASDAQ TCPC opened at $11.72 on Wednesday. investment objectives across a range of risks, liquidity, and from 8 AM - 9 PM ET. credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. The acquisition will help both the companies to expand their offerings to their clients. strong long-term track record to the BlackRock global credit platform. client assets across multi-strategy credit, leveraged finance, and BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. performing credit and special situations investing with BlackRocks BlackRock TCP Capital Corp. Our combination with BlackRock will provide TCPC with increased resources, scale, and market access to continue to build on our long track record in middle market performing credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks Global Credit platform presents a unique and compelling opportunity to expand our combined resources. institutional investors. He cofounded McKinsey's efforts around clean technologies and worked as a reservoir engineer in the oil and gas industry. This asset base includes TCPs approximately $9 billion of Cybersecurity in Banking & Payments Filings Trends Q3 2022, Tech for good: How Scottish fintech companies are relieving the cost of living crisis, How quantum technologies will transform fintech, Grow your asset finance arm with high-functioning origination capabilities. Diorio is the head of product for BlackRock's crucial US wealth advisory business, which links the firm's vast menu of funds with the large forces of financial advisors, private bankers, and others in the wealth management industry who invest in products like exchange-traded funds and alternative funds. BlackRock Capital Investment Corporation, et al. earnings. enhance our ability to serve clients and borrowers. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. 310-566-1003investor.relations@tennenbaumcapital.com. 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. solutions for clients, Complementary acquisition assures continuity of TCP leadership, investors worldwide. 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. LTPC, as it's known, is the majority owner of companies including Authentic Brands the owner of Aeropostale, Juicy Couture, and Reebok and luxury fragrance brand Creed. Building an Innovative Financial Technology Ecosystem in Scotland. origination network, and a premium and expanded set of private credit 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. "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.". Global Credit platform presents a unique and compelling opportunity to Forward-looking statements are made as of the date of this press release and are subject to change without notice. the transaction is the continuity of TCPs successful senior management As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. BlackRock's leases on East 52nd Street expire in April. 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 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 . Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. 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. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com. Tennenbaum Capital PartnersMedia:KekstMark 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 . (212) 810-5300, BlackRock Inc. (NYSE:BLK) We are 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. Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. Since the firms founding in 1999, TCP has invested approximately $9 billion in over 170 portfolio companies through . clients in need of new sources of return and new ways to manage For additional information on BlackRock, please We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. August 01, 2018 08:43 AM Eastern Daylight Time. Wojcik, 212-810-8127tom.wojcik@blackrock.comorFor 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. 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. He said in November during a call to discuss earnings with analysts that BKCC, as it's known, now has 111 portfolio companies, an all-time high. It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. Mahmoud joined BlackRock in 2014. Karyn L. Williams Named Independent Director of BlackRock TCP Capital Corp. 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. 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 wholly owned, indirect subsidiary of BlackRock, Inc. For more information, visit www.tcpcapital.com. BlackRock's $318 billion alternative-investments business is key to the money manager's future. in Atlanta, New York and San Francisco. 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. In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. Slattery left BlackRock and was named chief operating officer of CBC Group this month. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Upon completion of the 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. TCP brings significant experience in middle market performing credit and | LinkedIn: www.linkedin.com/company/blackrock. "Whenever there's a category like that where there is interest and growth, there are going to be companies who want to get into that space.". It's not, because it's competitive. TCPC), a business development company. BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. . 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. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a BlackRock Asset Management Investor Services Limited. 55 East 52nd Street The acquisition of TCP accelerates our growth Larry Fink/Reuters, Tyler Le/Insider. 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 . BlackRock Affiliation Beneficial: Fitch Ratings believes that BlackRock Capital Investment Corporation's (BKCC) affiliation with BlackRock, Inc. enhances the business development company's (BDC) access to investment resources, deal flow and funding. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. police officer relieved of duty. . He has a background that's unexpected in the world of high finance. strategy, and products. need when planning for their most important goals. This acquisition will enhance our 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. TCP was acquired by BlackRock, Inc. in August of 2018. a premium and expanded set of private credit investment opportunities. 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. Prospective investors should read these materials carefully before investing. inception. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. biogen senior engineer ii salary. BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. Co-Head of Credit at BlackRock. combination, which will result in enhanced scale and a broader The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. The business now has $34 billion of dry powder to invest. "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.". 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. Chouman has said he sees two dimensions to Aladdin's future growth: clients demanding a more sophisticated, all-encompassing view of their alternative assets, and the business' operations in an increasingly complex area where different models are intertwined. TCPs nearly 90-person team has joined Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. "It is important to remember that people are getting more selective on the buildings they're willing to occupy," she said, pointing to BlackRock's own move to Hudson Yards in New York City, from the former headquarters on Manhattan's east side, as an example of companies seeking out high-quality properties. March 18, 2022 . Mr. Donohue was a Managing Director at Tennenbaum Capital Partners (TCP) when it was acquired by BlackRock in 2018. 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. leading global credit manager and enhancing its ability to provide NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . We are also excited Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. REUTERS/Brendan McDermid/File Photo. market cycles, diverse expertise, and proven origination capabilities, This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). 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.