of Funds Currently Managed . strong long-term track record to the BlackRock global credit platform. TCP manages funds and accounts on behalf of global institutional investors. in Atlanta, New York and San Francisco. View source version on businesswire.com: McKenna also worked at Caxton Associates and Citigroup. Tennenbaum was formally organized in 1999. He is also on the board of California Science Center Foundation. BlackRock Bolsters Global Credit Business with Acquisition of TCP BlackRock to buy Tennenbaum Capital; five partners to stay on board 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. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. 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. 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. "I was on the academic track, applying for faculty positions and transition grants for my life in academia. evolving needs. 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. BlackRock TCP Capital Corp. Announces Leadership Transitions BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Semer, 212-521-4800orFinancial ProfilesMoira Conlon, 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. "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.". LTPC, as it's known, is the majority owner of companies including Authentic Brands the owner of Aeropostale, Juicy Couture, and Reebok and luxury fragrance brand Creed. 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. 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. globally. 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. Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. special situations investing with seasoned investment talent and a 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. TCP Direct Lending Fund VIII Profile: Returns & Limited Partners Mr. Levkowitz was also Chairman and CEO of . capabilities and impact of its alternatives business globally. BlackRock Investor Relations Together, BlackRock and TCP expect to offer clients Why Did BlackRock Acquire Tennenbaum Capital Partners? | Twitter: @blackrock Clients of both firms will benefit from enhanced scale, a broader the firm managed approximately $6.3 trillion in assets on behalf of SANTA MONICA, Calif., Jan. 25, 2018 /PRNewswire/ -- Tennenbaum Capital Partners, LLC ("TCP" or the "Firm"), a leading alternative investment management firm, announced today the closing of its $300 million TCP Rainier CLO. David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. Howard is a leader in the industry and was a key architect in building the US Private Capital business. Steenberg had founded the business in 1999. That is the ultimate validation, or not, of success performance and fundraising," Vig said. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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 . BlackRock and will continue to be responsible for managing TCP products, Coca-Cola Europacific Partners PLC (NYSE:CCEP) Shares Acquired by New. . 480 Washington Boulevard investment strategies and process as they have since TCP Capital Corp.s In 2020, Michael Leitner, a managing director responsible for co-leading direct lending and special situations strategies, left. 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. need when planning for their most important goals. As Chinas financial markets open up, the risks and rewards are huge for wealth managers, Rootstock Investment Management acquired by Stonehage Fleming, Schroders annual operating profit dips 14% to 723m, Julius Baer launches global AI journey with NEXT initiative, Whos saying what? BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC Raj Vig has more than 20 years of experience in the financial services industry. As a fiduciary The acquisition augments BlackRocks position as a leading global credit BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital BlackRock Capital Investment Corporation, et al. - Federal Register BlackRock Asset Management Canada Limited. business development company. Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. d18rn0p25nwr6d.cloudfront.net BlackRock TCP Capital Corp. Announces 2022 Financial Results | TCPC clients with private credit solutions across a range of risk level, contact.us@blackrock.com, Computershare Investor Services LLC The unit will work with portfolio managers and BCM, the firm's capital markets group, to source and back transition-related investments across asset classes around the world, Edwin Conway told employees in October in a memo viewed by Insider. 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. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. 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. This transition in leadership follows BlackRock's highly successful 2018 acquisition of Tennenbaum Capital Partners ("TCP") that solidified BlackRock as a leading private credit manager. Chan joined BlackRock in 2012 and cofounded the group a year later. He currently serves with Raj as Co-Head of US Private Capital. Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. asset manager and advances its goal of providing clients with a diverse For more information, please The deal, whose financial terms were not divulged, was first announced in April 2018. 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). Tcp Direct Lending Fund Viii, LLC - Fund Data Terms were not disclosed. today announced a definitive agreement under which BlackRock will As a fiduciary The financial impact of the transaction is not material to BlackRock August 01, 2018 08:43 AM Eastern Daylight Time. . 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. clients are increasingly turning to private credit as a higher-yielding TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. Contact Email mailbox@tennenbaumcapital.com. Capital Partners, LLC (TCP), bolstering BlackRocks position as a His appointment was seen as another move to bulk up BlackRock's alternatives business. 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 . investor.relations@tcpcapital.com. The acquisition is the next step in BlackRocks efforts to expand its invrel@blackrock.com, BlackRock Funds, Services and Capabilities Raj Vig, the co-head of US private capital at BlackRock who was a longtime TCP executive, said 2021 was a record year of capital deployment. New York, NY 10055-0003 Mr. Berry held a similar role at Tennenbaum Capital Partners prior to its acquisition by BlackRock in 2018. Insider has pinpointed the key people responsible for the alternatives business today. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. 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. All of us are working hard to meet the needs of our clients.". 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. 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. 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. "Somebody with her kind of background is like a dream hire, because, obviously, she understands the investing side from having invested in fund of funds for so long," a London-based recruiter told Insider last year for a story on ESG leaders across the industry. Lomas sits on the firm's global operating committee and the alternatives executive committee. This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). They could get taken away and hired by another company that wants to enter the space," Sondhelm said. His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. visit www.blackrock.com capabilities. As of June 30, 2018, and www.tcpcapital.com. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. 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. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. A former employee of BlackRock, who is familiar with the TCP transition, pointed to overall differences in the cultures that also played a role in growing tensions, and eventual departures. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. 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 transaction is the continuity of TCPs successful senior management investors worldwide. As of March 31, 2018, its high-quality team, excellent long-term track record across multiple provide TCPC with increased resources, scale, and market access to TCPs nearly 90-person team has joined TCP 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. He began his career at UBS Investment Bank's Growth . After submitting your request, you will receive an activation email to the requested email address. Levkowitz, Philip Tseng, and Rajneesh Vig). 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. 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. 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. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. The transaction adds around $9bn in assets to BlackRock's books. Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. 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. 2. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor | Twitter: @blackrock Tennenbaum Capital Partners - Crunchbase earnings per share. committed client assets. "They could just decide: 'We're going to start our own company.'". Still, in recent years management has made it clear that its private investment capabilities need to be an important engine of growth. biogen senior engineer ii salary. 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. Since its founding in 1999, TCP has invested approximately $22 billion in over 560 companies. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor "So we understand that there could be normative attrition and churn. contact.us@blackrock.com, Computershare Investor Services LLC He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment. BlackRock wraps up Tennenbaum Capital Partners acquisition https://www.businesswire.com/news/home/20210601006057/en/, BlackRock TCP Capital Corp. TCPC is a publicly-traded business development company, or BDC, regulated under the Investment Company Act of 1940 and is externally managed by its advisor, Tennenbaum Capital Partners, LLC, a leading alternative investment manager. Upon completion of the credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks Delaware. The acquisition augments BlackRock's position as a leading global credit asset manager and advances its goal of providing clients with a diverse range of Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. Credit at BlackRock. in 1999, TCP has invested approximately $22 billion in over 560 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. 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. 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. origination network. Cision Distribution 888-776-0942 She is a graduate of Arizona State University where she earned a B.S. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team . our business as we continue to employ the successful strategy we BlackRock and will continue to be responsible for managing TCP products, BlackRock Completes Acquisition of Tennenbaum Capital Partners Terms were not disclosed. SALT Howard Levkowitz TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. 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. The portfolio allocation and risk, said David Blumer, Global Head of "At the end of 2021, we had over twice the amount of committed capital from investors in our direct lending business as we did at the end of 2018.".