Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. capabilities. 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. . Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. This asset base includes TCPs approximately $9 billion of BlackRock says to buy private credit investor Tennenbaum Capital (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. Semer, 212-521-4800orFinancial ProfilesMoira Conlon, He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. 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.. BlackRock bought Merrill Lynch Investment Management in 2006. Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. The combined platform will merge TCPs significant experience in private | LinkedIn: www.linkedin.com/company/blackrock. Before Morgan Stanley, she was a director at Macquarie. portfolio allocation and risk, said David Blumer, Global Head of Around 90 TCP employees will migrate to BlackRock as part of the deal and retain management of TCP products, including the investments of business development company TCP Capital. For additional information on BlackRock, please Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. BlackRock TCP Capital Corp. Baranski and Seeg took over from Russell Steenberg, the founder and longtime head, after he stepped away from day-to-day responsibilities and took on a new role as chairman of PEP as of January 1. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. Christian Donohue - BlackRock Capital Investment Corporation Raj Vig, President and Chief Operating Officer of BlackRock TCP Capital Corp. said, I am grateful to have had the privilege of working alongside Howard Levkowitz for many years. Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. 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. BlackRock Inc a leading global investment management company based in New York said it is going to acquire an alternative investment management firm Tennenbaum Capital Partners LLC (TCP). He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. capabilities. You can sign up for additional alert options at any time. The business now has $34 billion of dry powder to invest. investors worldwide. Will Britcoin bring legitimacy to cryptocurrency in the UK? committed client assets. Clients of both firms will benefit from enhanced scale, a broader Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. 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.". "There are other opportunities right now. Seeg was previously PEP's global head of client solutions and strategy. Tcp Direct Lending Fund Viii, LLC - Fund Data You can sign up for additional alert options at any time. Its more than 80-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over nearly two decades. clients with private credit solutions across a range of risk level, Management has no ownership stake in the fund. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. Mr. Donohue was a Managing Director at Tennenbaum Capital Partners (TCP) when it was acquired by BlackRock in 2018. 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 . TCP was acquired by BlackRock, Inc. in August of 2018. Capital Corp., said, We are excited about the growth opportunities for 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. "I was on the academic track, applying for faculty positions and transition grants for my life in academia. business development company. business development company. 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. About us. Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. about the opportunity to be a part of building what we are confident 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. 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. Jersey City, New Jersey 07310-190 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. 2. evolving needs. committed client assets. and www.tcpcapital.com. TCP Capital : Tennenbaum Capital Partners Announces Closing Of $300 Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. For additional information on BlackRock, please "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.". | Twitter: @blackrock liquidity and geography. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a This transition in leadership follows BlackRocks highly successful 2018 acquisition of Tennenbaum Capital Partners (TCP) that solidified BlackRock as a leading private credit manager. TCP is headquartered in Los Angeles with additional offices Still, in recent years management has made it clear that its private investment capabilities need to be an important engine of growth. She is a graduate of Arizona State University where she earned a B.S. View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. 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. It's not, because it's competitive. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. Some employees from the TCP team stayed long enough to receive their retention bonus, one of the people said. As a fiduciary The acquisition augments BlackRocks position as a leading global credit Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. credit and special situation credit opportunities. 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. Previously, she was Head of Client Solutions at Two Sigma Advisors. leading global credit manager and enhancing its ability to provide 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. SANTA MONICA, Calif.--(BUSINESS WIRE)-- This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. The transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. Howard is a leader in the industry and was a key architect in building the US Private Capital business. Summary. He is an investment professional focused on the direct lending and special situations credit strategies. development company, TCP Capital Corp. (NASDAQ:TCPC). Jersey City, New Jersey 07310-190 For more information, visit www.tcpcapital.com. BlackRock TCP Capital Corp. Announces 2022 Financial Results | TCPC Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP . BlackRock Asset Management International Inc. Delaware. Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. He was responsible for the unit, called Private Equity Partners, until this year when he officially took on a new role as chairman of the business. You must click the activation link in order to complete your subscription. For BlackRock Media: Tara McDonnell (212) 810-5337 tara.mcdonnell@blackrock.com, Investors:Tom Wojcik (212) 810-8127 tom.wojcik@blackrock.com, For Tennenbaum Capital PartnersMedia: Mark Semer Kekst (212) 521-4800, Moira Conlon Financial Profiles(310) 622-8220, Investors:Katie McGlynn (310) 566-1003 investor.relations@tennenbaumcapital.com, BlackRocks purpose is to help more and more people experience financial well-being. McKenna also worked at Caxton Associates and Citigroup. 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. BlackRock to buy Tennenbaum Capital; five partners to stay on board "Our aim is to be the clear global leader," Conway said in the memo. Dan Sondhelm, CEO and founder of Sondhelm Partners, an asset-management consulting firm, said that given how hot the private credit market is right now, deal-hungry firms may run the risk of not being able to hold onto investment talent for long especially once retention packages time out. As the story goes, the janitor responded: "I'm helping put a man on the moon. BlackRock Investor Relations TCP with its more than $9 billion in committed . Capital Corp. and continue to focus on executing the same proven BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC The leadership team steering the alternatives business has changed recently. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. investor.relations@tcpcapital.com. BlackRock and, pending the approval of TCP Capital Corp.s shareholders, 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. Read more Show less. Is this a year of opportunity for investments in China? BlackRock to acquire credit manager Tennenbaum Capital Partners Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. Prospective investors should read these materials carefully before investing. Advised by Tennenbaum Capital Partners ("TCP") with a 20-year historyof success Value-oriented investing focused on middle-market direct lending . strategy, and products. View original content with multimedia:http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html, BlackRock TCP Capital Corp., Katie McGlynn, 310-566-1094, investor.relations@tcpcapital.com. private credit with a combined platform of more than 200 employees 2018, is subject to customary regulatory and closing conditions. The money manager has been on a mission to grow its $318 billion alternatives business. TCP brings significant experience in middle market performing credit and special situations investing with seasoned investment talent and a strong long-term track record to the BlackRock global credit platform. Sign up for notifications from Insider! SALT Howard Levkowitz 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. (212) 810-5300, BlackRock Inc. (NYSE:BLK) TCP brings significant experience in middle market performing credit and special situations . 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. Florian recently oversaw a significant fund closing.