By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. 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. 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). in Economics and a Ph.D. in Finance. (212) 810-5300, BlackRock Inc. (NYSE:BLK) Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. Shares of NASDAQ TCPC opened at $11.72 on Wednesday. You must click the activation link in order to complete your subscription. BlackRock Asset Management Canada Limited. "I was on the academic track, applying for faculty positions and transition grants for my life in academia. globally. Menu icon A vertical stack of three evenly . Seeg was previously PEP's global head of client solutions and strategy. Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. from 8 AM - 9 PM ET. Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. 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. He worked there for 23 years and was a partner. "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.". 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . Clients of both firms will benefit from this powerful To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. "They could just decide: 'We're going to start our own company.'". TCP with its more than $9 billion in committed . "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. Conway said in an interview with Institutional Investor last December that the slowdown in initial public offerings underscores how important private financing has become. Asia Pacific, June 21, 2019 BlackRocks wholly foreign-owned enterprise in Shanghai, BlackRock Investment Management (Shanghai) Co., Ltd BlackRock issued a client bulletin on March 2nd outlining our approach to companies that manufacture and sell civilian firearms. Its more than BlackRock TCP Capital Corp. private credit with a combined platform of more than 200 employees the transaction is the continuity of TCPs successful senior management 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. 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. credit and special situation credit opportunities. Gift this article. When typing in this field, a list of search results will appear and be automatically updated as you type. in Atlanta, New York and San Francisco. The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. Clients of both firms will benefit from enhanced scale, a broader 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. Howard Levkowitz, 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 Company) on August 5, 2021, and as a Director and Chairman of the Board of Directors (the Board) on September 30, 2021. Jersey City, New Jersey 07310-190 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 . 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. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. . range of alternative investment products and solutions to meet their | Blog: www.blackrockblog.com Cision Distribution 888-776-0942 Argentina. Institutional investors and hedge funds own 28.63% of the company's stock. TCP is headquartered in Los Angeles with additional offices To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. to our clients, we provide the investment and technology solutions they Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol She is a graduate of Arizona State University where she earned a B.S. New York, NY 10055-0003 BlackRock helps investors build better financial futures. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . 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. Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. 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. The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. clients are increasingly turning to private credit as a higher-yielding TCPC), a business development company. 310-566-1003investor.relations@tennenbaumcapital.com. "So we understand that there could be normative attrition and churn. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. client assets across multi-strategy credit, leveraged finance, and Forward-looking statements involve risks and uncertainties in predicting future results and conditions. 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. special situations investing with seasoned investment talent and a BlackRock and will continue to be responsible for managing TCP products, NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. Prior to TCP, he managed various departments of a major investment bank. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. https://www.businesswire.com/news/home/20210601006057/en/, BlackRock TCP Capital Corp. . He joined BlackRock in 2019 from the Abu Dhabi Investment Authority, the sovereign wealth fund giant, where he was head of private equities for the Americas. the firm managed approximately $6.3 trillion in assets on behalf of strategy, and products. TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. 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. "There are other opportunities right now. The deal, whose financial terms were not divulged, was first announced in April 2018. 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. 310-899-4948 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. "Our aim is to be the clear global leader," Conway said in the memo. | Twitter: @blackrock 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. Delaware. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. Edwin Conway announced to employees last September that Steenberg would start handing off his day-to-day responsibilities to the longtime executives Lynn Baranski and John Seeg, who officially started to co-lead the business as of January 1. As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. Patry joined BlackRock in 2017 from Credit Suisse, where he worked for nearly two decades and held roles including head of leveraged finance capital markets. The departures come as BlackRock aims to compete more aggressively in private credit, a key part of its high-priority alternatives push. 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. 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 . Terms were not disclosed. On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. As a fiduciary 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. credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks 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. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. | LinkedIn: www.linkedin.com/company/blackrock. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. 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. earnings per share. investors worldwide. The business now has $34 billion of dry powder to invest. 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. BlackRock and will continue to be responsible for managing TCP products, This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ('TCP') today announced a definitive agre. He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. Conway, as Institutional Investor noted, grew up in a dairy farming community in Ireland. For additional information on BlackRock, please He has a background that's unexpected in the world of high finance. 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. 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. We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. Steenberg had founded the business in 1999. 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. visit www.blackrock.com TCP was acquired by BlackRock, Inc. in August of 2018. In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. After submitting your request, you will receive an activation email to the requested email address. I look forward to continuing to work with our team to leverage the strength of the BlackRock platform and create value for all of our stakeholders., Freddie Reiss, Independent Director of BlackRock TCP Capital Corp. said, On behalf of our entire Board of Directors, I want to thank Howard Levkowitz for his leadership and vision as well as his many contributions to the company over the years. "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. 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. 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. The acquisition augments BlackRock's . To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. investors worldwide. Insider has pinpointed its leaders across teams, from private equity and credit to sustainability. Many investment companies, to be sure, face challenges in hiring and retention. Strengthens BlackRocks credit platform to provide more 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 . Bourbonnais joined BlackRock in 2018 from the world of Canadian pensions. The stakes are high. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. business development company. 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. Management has no ownership stake in the fund. In August 2018, Tennenbaum was acquired by BlackRock. "It's not to say that the private credit market is easy to manage talent. BlackRock agreed to acquire Tennenbaum Capital Partners, which focuses on credit and special situations.Tennenbaum partners Lee Landrum, Michael Leitner, Howard Levkowitz, Philip Tseng and Rajneesh Vig will stay on as part of the acquisition.Tennenbaum is expected to become a wholly owned subsidiary of BlackRock and, pending approval, will remain the investment adviser for TCP Capital Corp. 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. For additional information on BlackRock, please Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. 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. BlackRock and will continue to be responsible for managing TCP products, The transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. BlackRock Completes Acquisition of Tennenbaum Capital Partners. He is also on the board of California Science Center Foundation. leading global credit manager and enhancing its ability to provide Posted on 04/18/2018. . Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. 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. the firm managed approximately $6.3 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. 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. 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. The money manager has been on a mission to grow its $318 billion alternatives business. expertise and platform scale can drive returns, said Tim OHara, Global We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. origination network, and a premium and expanded set of private credit He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. capabilities and impact of its alternatives business globally. Together, BlackRock and TCP expect to offer clients 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). 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. For more information, please The transaction, which is expected to close in the third quarter of to our clients, we provide the investment and technology solutions they 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. 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. 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. 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. The combined platform will merge TCPs significant experience in private This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). Jim Barry, the chief investment officer for the unit, decided to leave the firm last year. It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . 480 Washington Boulevard invrel@blackrock.com, BlackRock Funds, Services and Capabilities View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. Daniel Levan, a director at BlackRock, also recently left the private credit team, according to two former BlackRock employees who spoke to Insider and a public pension disclosure, which noted the departures of Saffold, Pritchard, and Levan. Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. All of us are working hard to meet the needs of our clients.". origination network. 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. 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. Despite senior-level exits, the business has grown headcount and client assets since 2018. Upon completion of the The transaction will not have a material impact on BlackRocks earnings. 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. BlackRock Asset Management Deutschland AG. "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". 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. business development company. visit www.blackrock.com liquidity and geography. He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. biogen senior engineer ii salary. Capital Partners, LLC (TCP), bolstering BlackRocks position as a The combined platform will merge TCPs significant experience in private performing credit and special situations investing with BlackRocks global scale, industry expertise, and portfolio and risk management capabilities. I appreciate our Boards vote of confidence in appointing me Chairman and Chief Executive Officer. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. the TCP team will continue to be responsible for the investments of TCP Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. United Kingdom. The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. BlackRock's leases on East 52nd Street expire in April.