Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. BlackRock Inc. now owns 14,447,992 shares of the company's stock valued at $702,316,000 after acquiring an additional 685,745 shares in the last quarter. Forward-looking statements are made as of the date of this press release and are subject to change without notice. Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. has demonstrated strong performance over nearly two decades. Terms of the deal were not . Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. Howard, Raj and Phil led the successful integration of TCP to develop BlackRocks US Private Capital team, which today is a leader in private credit. In connection with the transaction, the Company's name was changed from TCP . That is the ultimate validation, or not, of success performance and fundraising," Vig said. Clients of both firms will benefit from enhanced scale, a broader Germany. BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC (TCP) Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com. 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. Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. Before Morgan Stanley, she was a director at Macquarie. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Apr 17, 2018, 07:40 ET. 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. TCPC), a business development company. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. 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. | Blog: www.blackrockblog.com The transaction adds around $9bn in assets to BlackRock's books. 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. "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". investors worldwide. 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. 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. 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. The transaction adds around $9bn in assets to BlackRocks books. Capital Partners, LLC (TCP), bolstering BlackRocks position as a TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. 480 Washington Boulevard I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. He also sits on BlackRock's global executive committee and chairs BA's executive committee. David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. BlackRock had an existing special situations fund in the US, run by David Trucano, a dynamic that spurred internal conflict, the person added. Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. | Twitter: @blackrock You can sign up for additional alert options at any time. clients with private credit solutions across a range of risk level, After submitting your request, you will receive an activation email to the requested email address. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. police officer relieved of duty. 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. The deal, whose financial terms were not divulged, was first announced in April 2018. 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. In 2018, Keenan helped steer the firm's acquisition of Tennenbaum Capital Partners, an investment manager that expanded the alternatives unit's foothold in the competitive private credit market. invrel@blackrock.com, BlackRock Funds, Services and Capabilities earnings per share. Share this article. View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. Global Credit platform presents a unique and compelling opportunity to 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. NEW YORK--(BUSINESS WIRE)-- | Twitter: @blackrock 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. the firm managed approximately $6.3 trillion in assets on behalf of 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. After submitting your request, you will receive an activation email to the requested email address. Shares of NASDAQ TCPC opened at $11.72 on Wednesday. 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. Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. For additional information on BlackRock, please visitwww.blackrock.com/corporate. BlackRock helps investors build better financial futures. The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. . The acquisition is the next step in BlackRocks efforts to expand its 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. But it's never really been good at raising high-fee capital," a former employee said. BlackRock Alternative Investors. 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. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. Copied. origination network, and a premium and expanded set of private credit BlackRocks Global Credit team now manages more than $90 billion in private credit with a combined platform of more than 200 employees 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. "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.". ability to deliver clients private credit solutions that meet their Some employees from the TCP team stayed long enough to receive their retention bonus, one of the people said. BlackRock has prioritized growing its $320 billion alternative business in recent years, with a focus on private market investing. And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. NEW YORK--(BUSINESS WIRE)-- capabilities. focused on direct lending and special situations for middle-market After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. BlackRocks global credit team now oversees assets of over $90bn across multi-strategy credit, leveraged finance, as well as private credit and employs more than 200 people. 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? leading global credit manager and enhancing its ability to provide 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. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. "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.". NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . Clients of both firms will benefit from enhanced scale, a broader Our thought leadership in investing, risk management, portfolio construction and trading solutions. 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. | Twitter: @blackrock New. United Kingdom. Since the firms founding in 1999, TCP has invested approximately $9 billion in over 170 portfolio companies through . Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. Chouman is the former chief executive of eFront, the Paris software and solutions provider that BlackRock acquired in 2019 for $1.3 billion to improve its alternatives technology tools. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. 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 . 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. Menu icon A vertical stack of three evenly . special situations investing with seasoned investment talent and a TCP manages funds and accounts on behalf of global institutional investors. performing credit and special situations investing with BlackRocks He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. View source version on businesswire.com: Meet BlackRock's Alternative-Investments Execs Driving Growth in . evolving needs. institutional investors. 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. Slattery left BlackRock and was named chief operating officer of CBC Group this month. Subscriber Benefit. Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. Howard is a leader in the industry and was a key architect in building the US Private Capital business. This asset base includes TCPs approximately $9 billion of Another person said: "BlackRock doesn't pay that well. The stakes are high. a premium and expanded set of private credit investment opportunities. For additional information on BlackRock, please 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. The financial impact of the transaction is not material to BlackRock earnings. 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. TCP was acquired by BlackRock, Inc. in August of 2018. Florian recently oversaw a significant fund closing. "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. Together, BlackRock and TCP expect to offer clients BlackRock TCP Capital Corp. | Blog: www.blackrockblog.com Baranski has been there, virtually, since the beginning she said in an interview last fall with SALT that she joined PEP before it closed on its first fund. 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. Behind the firm's push: already-low fees under pressure in BlackRock's core fund business, the fast-expanding private markets, and demand from clients. provide TCPC with increased resources, scale, and market access to To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. to our clients, we provide the investment and technology solutions they August 01, 2018 08:43 AM Eastern Daylight Time. "You can see how important alternatives are going to be for the future of BlackRock," he said during the conference held by Bank of America on February 16. On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. 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 . To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Raj and Phil have been instrumental in the growth of the US Private Capital team at BlackRock and are well equipped to continue to build on TCPCs successful track record of delivering strong results for shareholders. It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. in-demand moment for the private credit market, big traditional asset managers are going after. the firm managed approximately $6.3 trillion in assets on behalf of People knew Tennenbaum was being overpaid relative to BlackRock standards.". globally. 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. team, including all five partners (Lee Landrum, Michael Leitner, Howard 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. 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. 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 . 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. August 01, 2018 08:43 AM Eastern Daylight Time. It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. in Economics and a Ph.D. in Finance. business development company. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. He was previously responsible for the institutional client business, or ICB, for Europe, the Middle East, and Africa and was global head of the ICB's financial institutions group. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. pioneered nearly two decades ago. The presentation, which was published online by the pension, also said that incentive or retention packages were to be offered to TCP investment team members. to our clients, we provide the investment and technology solutions they He currently serves with Raj as Co-Head of US Private Capital. 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. You can sign up for additional alert options at any time. Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. Bourbonnais joined BlackRock in 2018 from the world of Canadian pensions. Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. This transition in leadership follows BlackRocks highly successful 2018 acquisition of Tennenbaum Capital Partners (TCP) that solidified BlackRock as a leading private credit manager. 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. Terms were not disclosed. development company, TCP Capital Corp. (NASDAQ:TCPC). Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. The financial impact of the transaction is not material to BlackRock 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. BlackRock AP Investment Holdco, LLC. Terms were not disclosed. Aug 01, 2018, 08:48 ET. earnings. its high-quality team, excellent long-term track record across multiple To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. remain the investment adviser of TCP Capital Corp. Current members of To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. BlackRock and will continue to be responsible for managing TCP products, 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. Llc Blackrock Capital Investment Advisors: Member: 1 Aug 2018: 75% - 100%: 290336: Lee Robert Landrum: Managing director: 1 . I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. Conway said in an interview with Institutional Investor last December that the slowdown in initial public offerings underscores how important private financing has become. visit www.blackrock.com You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. globally. expertise and platform scale can drive returns, said Tim OHara, Global Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. A key element of Clients of both firms will benefit from enhanced scale, a broader origination network. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 80-person team, which will join BlackRock as part of the transaction, BlackRock Asset Management International Inc. Delaware. 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. August 1, 2018, 12:43 PM UTC. Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. Jersey City, New Jersey 07310-190 need when planning for their most important goals. inception. It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). For additional information on BlackRock, please In August 2018, Tennenbaum was acquired by BlackRock. Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . solutions for clients, Complementary acquisition assures continuity of TCP leadership, | LinkedIn: www.linkedin.com/company/blackrock. Prospective investors should read these materials carefully before investing. REUTERS/Brendan McDermid/File Photo. Brent Patry is key to steering BlackRock alternatives as deputy head of the overall business, reporting to Edwin Conway. 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 Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. 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.". Gift this article. management firm with approximately $9 billion of committed capital 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. Investors seeking to generate incremental returns and portfolio diversification are increasingly turning to private credit where both expertise and platform scale can drive returns, said Tim OHara, Global Co-Head of Credit at BlackRock. If you experience any issues with this process, please contact us for further assistance. 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. Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP "Over time, it became clear that BlackRock wanted Tennenbaum to only focus on direct lending, rather than distressed and special situations investing," one of the former employees told Insider. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing.
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