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His role was formally expanded to include the role of deputy head of BlackRock Alternatives last fall. Wojcik, 212-810-8127tom.wojcik@blackrock.comorFor You can sign up for additional alert options at any time. combination, which will result in enhanced scale and a broader With . BlackRock executives said in a memo announcing McKenna's appointment in 2014 that there were still many untapped opportunities in the hedge fund space, like event-driven investing, Bloomberg reported at the time. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. You must click the activation link in order to complete your subscription. inception. If you experience any issues with this process, please contact us for further assistance. August 1, 2018, 12:43 PM UTC. portfolio allocation and risk, said David Blumer, Global Head of 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). As a fiduciary View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor Canada. As a fiduciary 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 . TCP manages funds and accounts on behalf of global Larry Fink/Reuters, Tyler Le/Insider. Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. has demonstrated strong performance over nearly two decades. At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. This is TCP's third CLO issuance in the past 12 months. This acquisition will enhance our To ensure the most secure and best overall experience on our website, we recommend the latest versions of. New York, NY 10055-0003 It's not, because it's competitive. BlackRock Investor Relations global scale, industry expertise, and portfolio and risk management 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. 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. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. BlackRock TCP Capital Corp. Florian reports to Anne Valentine Andrews. 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.. REUTERS/Brendan McDermid/File Photo. BlackRock Argentina Asesorias Ltda. And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor 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. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. focused on delivering a range of products and innovative solutions for He worked there for 23 years and was a partner. He began his career at UBS Investment Bank's Growth . Lanigan led the first LTPC deal, in Authentic Brands, Institutional Investor reported in 2019. the firm managed approximately $6.3 trillion in assets on behalf of contact.us@blackrock.com, Computershare Investor Services LLC Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC "BlackRock is great at raising low-fee capital ETFs, mutual funds. 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. Insider has pinpointed the key people responsible for the alternatives business today. Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. 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 1999, TCP has invested approximately $22 billion in over 560 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). from 8 AM - 9 PM ET. clients in need of new sources of return and new ways to manage 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. "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.". BlackRock Asset Management International Inc. Delaware. You kind of have to stick out," the person said. Summary. need when planning for their most important goals. Many investment companies, to be sure, face challenges in hiring and retention. currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: In connection with the transaction, the Company's name was changed from TCP . 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. leading global credit manager and enhancing its ability to provide She was previously the global head of investments for PEP. globally. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. Indeed, the string of exits and tensions within the private credit business grew so untenable that BlackRock president and cofounder Rob Kapito stepped in to try to smooth over frustrations in the group and stem the outflow of talent, said four former BlackRock employees, who spoke to Insider under the condition of anonymity. BlackRock Investor Relations 55 East 52nd Street Terms were not disclosed. https://www.businesswire.com/news/home/20210601006057/en/, BlackRock TCP Capital Corp. BlackRock.. 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. Capital Corp. and continue to focus on executing the same proven BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. TCP complements BlackRocks Global Credit business with seasoned BlackRock and, pending the approval of TCP Capital Corp.s shareholders, The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. BlackRock Inc <BLK.N>, the world's largest asset manager, on Tuesday said it will buy investment manager Tennenbaum Capital Partners LLC (TCP), expanding its reach in the U.S. private credit . To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Apr 17, 2018, 07:40 ET. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. our business as we continue to employ the successful strategy we committed client assets. TCPC), a business development company. 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. 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. Read more Show less. As a fiduciary earnings per share. 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. 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. "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. The acquisition augments BlackRocks position as a leading global credit Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. 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. alternative to traditional fixed income allocations. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. TCP is headquartered in Los Angeles with additional offices Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Conway said in an interview with Institutional Investor last December that the slowdown in initial public offerings underscores how important private financing has become. Still, in recent years management has made it clear that its private investment capabilities need to be an important engine of growth. committed client assets. 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. Giordano reports to Anne Valentine Andrews. 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. Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. 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. to our clients, we provide the investment and technology solutions they Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. Court records for this case are available from Stanley Mosk Courthouse. Subscriber Benefit. "Russ did more than found a business," Conway said in the September memo seen by Insider. 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 . BlackRock's leases on East 52nd Street expire in April. Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. As of June 30, 2018, This frustrated the TCP team, who for years focused on special situations and who assumed they would be able to keep doing just that type of investing when they arrived at BlackRock. Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. business development company. 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 . police officer relieved of duty. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a Tarek Mahmoud runs multi-alternative solutions where BlackRock advises clients investing in various types of alternative assets and chairs the Europe, Middle East, and Africa region for BlackRock Alternatives. New York, NY 10055-0003 origination network. The business now has $34 billion of dry powder to invest. 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. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. 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. diversification are increasingly turning to private credit where both 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. market cycles, diverse expertise, and proven origination capabilities, BlackRock helps investors build better financial futures. client assets across multi-strategy credit, leveraged finance, and About us. | Twitter: @blackrock . Is this a year of opportunity for investments in China? This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. "Investors vote with their wallets. Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. As of March 31, 2018, This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. The transaction, which is expected to close in the third quarter of He currently serves with Raj as Co-Head of US Private Capital. 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. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. 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. I appreciate our Boards vote of confidence in appointing me Chairman and Chief Executive Officer. Contact Email mailbox@tennenbaumcapital.com. BlackRock Asset Management Deutschland AG. She also held several roles at Goldman Sachs. provide TCPC with increased resources, scale, and market access to Terms of the deal were not . SANTA MONICA, Calif.--(BUSINESS WIRE)-- In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. (212) 810-5300, BlackRock Inc. (NYSE:BLK) Clashes between investment teams, deflated hopes of a fund launch, and pay disputes have contributed to a years-long wave of departures from BlackRock's private credit investing team, former employees tell Insider. McDonnell, 212-810-5337tara.mcdonnell@blackrock.comorInvestors:Tom But when it comes to performance fees those that BlackRock earns for generating strong returns for clients, and last year accounted for $514 million they have an outsized impact. TCP manages funds and accounts on behalf of global institutional investors. "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. The departures come as BlackRock aims to compete more aggressively in private credit, a key part of its high-priority alternatives push. Description. Before Morgan Stanley, she was a director at Macquarie. You must click the activation link in order to complete your subscription. The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. TCP with its more than $9 billion in committed . Florian recently oversaw a significant fund closing. Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. His appointment was seen as another move to bulk up BlackRock's alternatives business. He is an investment professional focused on the direct lending and special situations credit strategies. BlackRock helps investors build better financial futures. In August 2018, Tennenbaum was acquired by BlackRock. 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