tennenbaum capital partners acquired by blackrock

Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . its high-quality team, excellent long-term track record across multiple Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. BlackRock helps investors build better financial futures. 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit NEW YORK--(BUSINESS WIRE)-- Formed in 1999, Los Angeles-based . Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC (TCP) capabilities. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. 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. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. risk spectrums and market cycles, said James Keenan, Global Co-Head of Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. 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). If you experience any issues with this process, please contact us for further assistance. "Investors vote with their wallets. Sharp joined Decarbonization Partners from oil giant BP's corporate venture capital arm, where she was global head. BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum 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. 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. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. the TCP team will continue to be responsible for the investments of TCP police officer relieved of duty. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. BlackRock's August 2018 acquisition of Tennenbaum Capital . Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. If you experience any issues with this process, please contact us for further assistance. 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. 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. companies. Howard Levkowitz, who co-founded TCP in 1999; Mark Kronfeld, who was global head of restructuring in BlackRock's private credit group; and former TCP finance chief Paul Davis all left last year. The financial impact of the transaction is not material to BlackRock earnings. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. 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. David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. The acquisition augments BlackRocks position as a leading global credit asset manager and advances its goal of providing clients with a diverse range of alternative investment products and solutions to meet their evolving needs. Our thought leadership in investing, risk management, portfolio construction and trading solutions. capabilities and impact of its alternatives business globally. BlackRock Asset Management Canada Limited. Will Britcoin bring legitimacy to cryptocurrency in the UK? Many investment companies, to be sure, face challenges in hiring and retention. Chan joined BlackRock in 2012 and cofounded the group a year later. origination network, and a premium and expanded set of private credit 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.. The acquisition of TCP accelerates our growth Description. Giordano reports to Anne Valentine Andrews. institutional investors. "We talk to our managers and management teams about looking into the future how we can also introduce them to our credit teams, to get access to the debt markets. private credit with a combined platform of more than 200 employees need when planning for their most important goals. Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. committed client capital as of December 31, 2017. 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. Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. 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. 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. BlackRock and, pending the approval of TCP Capital Corp.s shareholders, "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.". The business now has $34 billion of dry powder to invest. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. development company, TCP Capital Corp. (NASDAQ:TCPC). August 01, 2018 08:43 AM Eastern Daylight Time. For additional information on BlackRock, please 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. By offering a growing array of alternatives, traditional asset managers tap into stickier fees and revenue and boost organic growth, they wrote. The business oversaw $30 billion as of December. Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. Raj Vig has more than 20 years of experience in the financial services industry. Finally, BlackRock Inc. raised its holdings in Coca-Cola Europacific Partners by 5.0% in the first quarter. "They could just decide: 'We're going to start our own company.'". geographies.. Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. TCP is the perfect complement to the existing credit business at Jersey City, New Jersey 07310-190 remain the investment adviser of TCP Capital Corp. Current members of NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ('TCP') today announced a definitive agre. United Kingdom. Before Morgan Stanley, she was a director at Macquarie. Still, in recent years management has made it clear that its private investment capabilities need to be an important engine of growth. 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. Investors seeking to generate incremental returns and portfolio Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. For additional information on BlackRock, please For additional information on BlackRock, please Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. 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. 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. 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. "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. Prior to her current role, Ms. Glick was a Director at Tennenbaum Capital Partners who managed more than $9 billion in committed capital and was acquired by BlackRock in 2018. 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. Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. investors worldwide. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor Its headcount has grown 70%, to some 60 investment staff since its acquisition of TCP, according to a person familiar with the firm. Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. The acquisition augments BlackRocks position as a leading global credit "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. Sophisticated investors who are focused on "special situations," as the style is broadly known, seize on major corporate events like bankruptcies, acquisitions, or litigation, which impact the price of an asset. His role was formally expanded to include the role of deputy head of BlackRock Alternatives last fall. Capital Partners, LLC (TCP), bolstering BlackRocks position as a Previously, she was Head of Client Solutions at Two Sigma Advisors. BlackRock Inc, the world's largest asset management firm, . 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. The acquisition is the next step in BlackRocks efforts to expand its capabilities and impact of its alternatives business globally. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP Capital Corp., said, We are excited about the growth opportunities for our business as we continue to employ the successful strategy we pioneered nearly two decades ago. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? These are two important areas to BlackRock, particularly because of the firm's view that the Inflation Reduction Act in the US is expected to increase investments in infrastructure-related projects and real estate investors will find new opportunities amid shifting office and work-from-home dynamics. People knew Tennenbaum was being overpaid relative to BlackRock standards.". investors worldwide. 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. Seeg was previously PEP's global head of client solutions and strategy. In August 2018, Tennenbaum was acquired by BlackRock. You must click the activation link in order to complete your subscription. He has led these investment strategies across the Americas and the Asia Pacific region since the firm's renewable power offerings were founded in 2011. BlackRock Argentina Asesorias Ltda. 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. contact.us@blackrock.com, Computershare Investor Services LLC We are focused on delivering a range of products and innovative solutions for clients in need of new sources of return and new ways to manage portfolio allocation and risk, said David Blumer, Global Head of BlackRock Alternative Investors. continue to build on our long track record in middle market performing to our clients, we provide the investment and technology solutions they Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. He began his career at UBS Investment Bank's Growth . TCP is headquartered in Los Angeles with additional offices BlackRock and will continue to be responsible for managing TCP products, Bourbonnais joined BlackRock in 2018 from the world of Canadian pensions. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). globally. Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. "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.". Earlier in his time at BlackRock, Seeg was head of the London office for PEP and was responsible for sourcing private equity investments across Europe. 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. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. A key element of need when planning for their most important goals. Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. But it's never really been good at raising high-fee capital," a former employee said. Global Credit platform presents a unique and compelling opportunity to acquire TCP, a leading manager focused on middle market performing 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. | LinkedIn: www.linkedin.com/company/blackrock. 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 . The deal, whose financial terms were not divulged, was first announced in April 2018. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. 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. 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. in Atlanta, New York and San Francisco. BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use. Gift this article. Before she became the investment chief of the group, she served as a senior portfolio manager and primary deputy to the group's former investment boss. 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 Private credit has been "a pretty strong asset class for several years now," Sondhelm added, noting that investors are in search of higher levels of income that aren't strongly correlated to the volatility of stocks. 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. Menu icon A vertical stack of three evenly . Weldon is based in London. market cycles, diverse expertise, and proven origination capabilities, earnings per share. TCP was acquired by BlackRock, Inc. in August of 2018. Tennenbaum Capital PartnersMedia:KekstMark TCPs nearly 90-person team has joined In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. globally. Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. He worked there for 23 years and was a partner. The departures come as BlackRock aims to compete more aggressively in private credit, a key part of its high-priority alternatives push. Read more Show less. 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. diversification are increasingly turning to private credit where both Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. 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. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. His appointment was seen as another move to bulk up BlackRock's alternatives business. 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. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. 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. . 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. contact.us@blackrock.com, Computershare Investor Services LLC . 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. 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.