Forward-looking statements are made as of the date of this press release, and are subject to change without notice. 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 . Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. leading global credit manager and enhancing its ability to provide the TCP team will continue to be responsible for the investments of TCP | Blog: www.blackrockblog.com origination network, and a premium and expanded set of private credit "We are seeing an increasing blurring of what used to be clearly distinct business models, whether this is a convergence between asset and wealth management, LPs becoming direct investors, asset and liability pools moving fluidly between insurers, and pension funds or asset servicers looking to integrate ever closer with their clients," he told Insider in 2020. He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . Before joining BlackRock, she was a senior research analyst for the Financial Stability Board and held other roles, including senior investment associate at the hedge fund Bridgewater. Weldon joined BlackRock from Partners Capital, the outsourced investment office for clients such as endowments, foundations, and ultrawealthy families, where she was the global head of ESG and impact investing. 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. David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. "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.". Asset Class No. Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. 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. She is a graduate of Arizona State University where she earned a B.S. 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. Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. 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. New York, NY 10055-0003 Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP The business builds "bespoke customized exposure for clients through hedge-fund exposure," Edwin Conway said of the group during an industry conference in 2020. 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. 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. If you experience any issues with this process, please contact us for further assistance. Strengthens BlackRocks credit platform to provide more diverse range of Copied. enhance our ability to serve clients and borrowers. The fund is located in Santa Monica, California and invests in the United States. "Investors vote with their wallets. 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. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. Capital Partners, LLC (TCP), bolstering BlackRocks position as a He worked there for 23 years and was a partner. Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. TCP manages funds and accounts on behalf of global committed client assets. BlackRock said when it acquired TCP that a "key element" of the deal was TCP's senior management team including Leitner, Levkowitz, Tseng, and Vig sticking around. 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. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. visit www.blackrock.com client assets across multi-strategy credit, leveraged finance, and As of March 31, 2018, 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. earnings per share. 2. BlackRock Asset . Senior-level members of the TCP investment team, at the principal level and above, were offered four- or five-year retention packages, one of the former BlackRock employees told Insider. Terms were not disclosed. globally. The acquisition augments BlackRock's . team, including all five partners (Lee Landrum, Michael Leitner, Howard NEW YORK--(BUSINESS WIRE)-- liquidity and geography. The exits underscore the risks that come with smaller acquisitions that big traditional asset managers are going after as they seek out private-markets investment teams. Managing director Kenneth Saffold, an investor well-known in the Atlanta community, left and cofounded the investment firm o15 Capital Partners with former Invesco and BankUnited executives, Insider reported in June. private credit with a combined platform of more than 200 employees 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. New. 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. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. 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 . With its high-quality team, excellent long-term track record across multiple market cycles, diverse expertise, and proven origination capabilities, TCP is the perfect complement to the existing credit business at BlackRock.. Brent Patry is key to steering BlackRock alternatives as deputy head of the overall business, reporting to Edwin Conway. There is a lot more capital coming into this space," Tseng told Insider. Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. SANTA MONICA, Calif.--(BUSINESS WIRE)-- You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. The combined platform will merge TCPs significant experience in private Investors seeking to generate incremental returns and portfolio His role was formally expanded to include the role of deputy head of BlackRock Alternatives last fall. BlackRock helps investors build better financial futures. to our clients, we provide the investment and technology solutions they Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. its high-quality team, excellent long-term track record across multiple 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 This asset base includes TCPs approximately $9 billion of 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. 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's leases on East 52nd Street expire in April. After submitting your request, you will receive an activation email to the requested email address. (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. 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. | Twitter: @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. Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). 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. TCPs nearly 90-person team has joined 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. Formed in 1999, Los Angeles-based . 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. Terms were not disclosed. in 1999, TCP has invested approximately $22 billion in over 560 This is TCP's third CLO issuance in the past 12 months. I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. Conway previously ran BlackRock's key institutional-client business, where he was responsible for the overall strategy for the firm's relationships with institutional clients like sovereign wealth funds, public and private pension plans, and foundations. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. 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. "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.". Despite senior-level exits, the business has grown headcount and client assets since 2018. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. If you experience any issues with this process, please contact us for further assistance. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? "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.". The deal, whose financial terms were not divulged, was first announced in April 2018. | Blog: www.blackrockblog.com need when planning for their most important goals. You can sign up for additional alert options at any time. the firm managed approximately $6.317 trillion in assets on behalf of "People really felt burned by promises that were not delivered on, and felt they were misled, especially with special situations," one of the former employees said, adding that they felt management "told Trucano one thing" and told the TCP team "the exact opposite.". credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. August 1, 2018, 12:43 PM UTC. Together, BlackRock and TCP expect to offer clients Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. "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.". pioneered nearly two decades ago. Description. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. BlackRock Investor Relations In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. Previously, she was Head of Client Solutions at Two Sigma Advisors. In an interview last December with trade publication PERE, Valentine said a primary theme she will be focusing on this year is growing more selective in examining individual assets. strategy, and products. Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC transaction, TCP is expected to become a wholly-owned subsidiary of "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. For additional information on BlackRock, please companies. investors worldwide. Our combination with BlackRock will Mr. Levkowitz was also Chairman and CEO of . Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. our business as we continue to employ the successful strategy we Howard is a leader in the industry and was a key architect in building the US Private Capital business. Prospective investors should read these materials carefully before investing. Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si . SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the "Company") announced today that BlackRock, Inc. (NYSE: BLK) ("BlackRock . TCPs nearly 90-person team has joined He currently serves with Raj as Co-Head of US Private Capital. 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. The TCPC is managed by BlackRock, which . This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). the firm managed approximately $6.3 trillion in assets on behalf of Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. continue to build on our long track record in middle market performing His appointment was seen as another move to bulk up BlackRock's alternatives business. As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. clients with private credit solutions across a range of risk level, You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. contact.us@blackrock.com, Computershare Investor Services LLC In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. Canada. BlackRock and, pending the approval of TCP Capital Corp.s shareholders, capabilities. Institutional investors and hedge funds own 28.63% of the company's stock. Court records for this case are available from Stanley Mosk Courthouse. TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017. investors worldwide. 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. Date acquired Ownership Employer ID; Howard Marshall Levkowitz: Managing partner: 1 May 1999: Other: 4404130: Llc Tennenbaum & Co. . "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. need when planning for their most important goals. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. Chan joined BlackRock in 2012 and cofounded the group a year later. Upon completion of the transaction, TCP is expected to become a wholly-owned subsidiary of BlackRock and, pending the approval of TCP Capital Corp.s shareholders, remain the investment adviser of TCP Capital Corp. Current members of the TCP team will continue to be responsible for the investments of TCP Capital Corp. and continue to focus on executing the same proven investment strategies and process as they have since TCP Capital Corp.s inception. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). As of June 30, 2018, Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. All of us are working hard to meet the needs of our clients.". To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. As a fiduciary 0; To ensure the most secure and best overall experience on our website, we recommend the latest versions of. | LinkedIn: www.linkedin.com/company/blackrock. He also sits on BlackRock's global executive committee and chairs BA's executive committee. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. Terms were not disclosed. . View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. 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. 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. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. Shares of NASDAQ TCPC opened at $11.72 on Wednesday. August 01, 2018 08:43 AM Eastern Daylight Time. At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. BlackRock TCP Capital Corp. Still, in recent years management has made it clear that its private investment capabilities need to be an important engine of growth. 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. Seeg was previously PEP's global head of client solutions and strategy. BlackRock bought Merrill Lynch Investment Management in 2006. In 2020, Michael Leitner, a managing director responsible for co-leading direct lending and special situations strategies, left. to our clients, we provide the investment and technology solutions they Argentina. BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering BlackRock's position as a leading global credit manager and enhancing its ability to provide clients with private credit solutions across a range of risk level, liquidity and geography. Since its founding BlackRock Asset Management Investor Services Limited. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. The acquisition is the next step in BlackRocks efforts to expand its By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. The business oversaw $30 billion as of December. clients in need of new sources of return and new ways to manage The financial impact of the transaction is not material to BlackRock Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. 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. She also held several roles at Goldman Sachs. investment talent and a strong long-term track record at a time when 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. | Blog: www.blackrockblog.com (Reuters) - BlackRock Inc, the world's largest asset management firm, said on Wednesday it had raised $2 billion for its flagship opportunistic credit fund, Global Credit . Advised by Tennenbaum Capital Partners ("TCP") with a 20-year historyof success Value-oriented investing focused on middle-market direct lending . including the investments of TCP Capital Corp. (NASDAQ: TCPC), a Within months of the TCP deal closing, Kapito flew to Los Angeles to meet with the investment team, one of the former employees said, noting that the group had already lost multiple managing directors by then. "Our aim is to be the clear global leader," Conway said in the memo. earnings per share. Larry Fink/Reuters, Tyler Le/Insider. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. Prospective investors should read these materials carefully before investing. TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. TCP is the perfect complement to the existing credit business at (212) 810-5300, BlackRock Inc. (NYSE:BLK) Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. acquisition of Tennenbaum Capital Partners. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Capital Corp. and continue to focus on executing the same proven Giordano reports to Anne Valentine Andrews. This asset base includes TCPs approximately $9 billion of Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com. origination network, and a premium and expanded set of private credit Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. With The acquisition augments BlackRocks position as a leading global credit That is the ultimate validation, or not, of success performance and fundraising," Vig said. Meghan Sharp is the global head of Decarbonization Partners, a joint venture that BlackRock and the Singapore state investment fund Temasek established in 2021 and aims to invest in businesses focused on decarbonization. visit www.blackrock.com TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. Longtime BlackRock executive David Giordano leads the alternatives unit's investments in climate-related infrastructure globally, with responsibility for investment strategy and managing the organization. | LinkedIn: www.linkedin.com/company/blackrock. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee.
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