The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. This is TCP's third CLO issuance in the past 12 months. Tarek Mahmoud runs multi-alternative solutions where BlackRock advises clients investing in various types of alternative assets and chairs the Europe, Middle East, and Africa region for BlackRock Alternatives. Terms were not disclosed. 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. 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. Tennenbaum Capital Partners, LLC (Santa Monica) - wallmine The acquisition of TCP accelerates our growth Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. 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. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. A key element of 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. For additional information on BlackRock, please Weldon is based in London. "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.". alternative to traditional fixed income allocations. The transaction, which is expected to close in the third quarter of evolving needs. 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. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. Raj and Phil have been instrumental in the growth of the US Private Capital team at BlackRock and are well equipped to continue to build on TCPCs successful track record of delivering strong results for shareholders. To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. committed client assets. 0; expand our combined resources. from 8 AM - 9 PM ET. Some employees from the TCP team stayed long enough to receive their retention bonus, one of the people said. He cofounded the event-driven fund there. capabilities and impact of its alternatives business globally. 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. 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 . liquidity and geography. "There are other opportunities right now. Brent Patry is key to steering BlackRock alternatives as deputy head of the overall business, reporting to Edwin Conway. investors worldwide. BlackRock to acquire credit manager Tennenbaum Capital Partners Last year Decarbonization Partners invested in Monolith, aclean hydrogen and materials company, as part of a $300 million round of funding alongside TPG Rise Climate and other investors. range of alternative investment products and solutions to meet their The fund is located in Santa Monica, California and invests in the United States. BlackRock Bolsters Global Credit Business with Acquisition of TCP For additional information on BlackRock, please visitwww.blackrock.com/corporate. BlackRock Capital Investment Corporation - Fitch Ratings He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. 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. visit: www.tennenbaumcapital.com special situations investing with seasoned investment talent and a NEW YORK--(BUSINESS WIRE)--BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC 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 acquisition augments BlackRock's position as a leading global credit asset manager and advances its goal of . market cycles, diverse expertise, and proven origination capabilities, (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 . REUTERS/Brendan McDermid/File Photo. | Twitter: @blackrock "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. Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. 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. Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. Llc Blackrock Capital Investment Advisors: Member: 1 Aug 2018: 75% - 100%: 290336: Lee Robert Landrum: Managing director: 1 . Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. TCPC is managed by BlackRock, which . currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: So-called alternatives, those assets such as infrastructure and private equity meant for sophisticated investors, make up just 3% of the nearly $9 trillion of assets that BlackRock manages. the transaction is the continuity of TCPs successful senior management need when planning for their most important goals. "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. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. BlackRock and will continue to be responsible for managing TCP products, Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. clients are increasingly turning to private credit as a higher-yielding 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. David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. Summary. 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. Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. BlackRock TCP Capital Corp. (TCPC) - Yahoo! In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP . He is also on the board of California Science Center Foundation. to our clients, we provide the investment and technology solutions they strong long-term track record to the BlackRock global credit platform. 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. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. Investors seeking to generate incremental returns and portfolio Before Morgan Stanley, she was a director at Macquarie. 310-899-4948 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. Menu icon A vertical stack of three evenly . NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ('TCP') today announced a definitive agre. "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. focused on direct lending and special situations for middle-market Jersey City, New Jersey 07310-190 Florian recently oversaw a significant fund closing. Tennenbaum Capital Partners, LLC | LinkedIn BlackRock Inc. and Tennenbaum Capital Partners, LLC announced a definitive agreement under which BlackRock will acquire TCP, a leading manager focused on middle market performing credit and special situation credit opportunities. Our thought leadership in investing, risk management, portfolio construction and trading solutions. will be the premier business of its kind., We are focused on building a private credit business that seizes on remain the investment adviser of TCP Capital Corp. Current members of We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. investor.relations@tcpcapital.com. Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. The asset management industry has become the lender of choice," Conway said. 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. Shares of NASDAQ TCPC opened at $11.72 on Wednesday. enhance our ability to serve clients and borrowers. This asset base includes TCPs approximately $9 billion of clients with private credit solutions across a range of risk level, Contact Email mailbox@tennenbaumcapital.com. The acquisition is the next step in BlackRocks efforts to expand its capabilities and impact of its alternatives business globally. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. visit www.blackrock.com earnings per share. acquire TCP, a leading manager focused on middle market performing The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. Tennenbaum Capital Partners acquired by BlackRock - Crunchbase Description. Bios | The Holdsworth Group Phone Number 310.566.1000. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . Previously, she was Head of Client Solutions at Two Sigma Advisors. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.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. strong long-term track record to the BlackRock global credit platform. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. Stephanie Smith has been the chief operating officer of the alternatives business since 2021, when she joined from Goldman Sachs, where she worked for two decades and left as a partner and head of operations for Goldman's consumer and wealth management division. Seeg was previously PEP's global head of client solutions and strategy. You can sign up for additional alert options at any time. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. 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 Completes Acquisition of Tennenbaum Capital Partners, LLC, http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html. Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . Asset Class No. Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Steenberg had founded the business in 1999. 480 Washington Boulevard August 1, 2018, 12:43 PM UTC. Clients of both firms will benefit from enhanced scale, a broader He also sits on BlackRock's global executive committee and chairs BA's executive committee. BlackRock Dives Further Into Private Credit With Tennenbaum Capital Capital Corp., said, We are excited about the growth opportunities for Co-Head of Credit at BlackRock. The leadership team steering the alternatives business has changed recently. Meet BlackRock's Alternative-Investments Execs Driving Growth in 2023 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. Sep 21, 2022, 9:12 AM. BlackRock TCP Capital Corp. Announces 2022 Financial Results | TCPC You must click the activation link in order to complete your subscription. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. Many investment companies, to be sure, face challenges in hiring and retention. special situations investing with seasoned investment talent and a 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. For additional information on BlackRock, please Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. BlackRock announced Tuesday evening that it had agreed to acquire Tennenbaum Capital Partners, a $9 billion asset manager focused on direct lending and special situation credit opportunities. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. Fri 05 Feb, 2021 - 10:32 AM ET. She is a graduate of Arizona State University where she earned a B.S. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. In a joint interview, BlackRock executives said they were confident in the team's growth and performance. BlackRock Asset . capabilities. | Blog: www.blackrockblog.com To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. | Blog: www.blackrockblog.com By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. The business builds "bespoke customized exposure for clients through hedge-fund exposure," Edwin Conway said of the group during an industry conference in 2020. clients with private credit solutions across a range of risk level, "When you join a big company like BlackRock, it's just a lot more political. BlackRock Asset Management Deutschland AG. | Blog: www.blackrockblog.com 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. 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. Conway, as Institutional Investor noted, grew up in a dairy farming community in Ireland. 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, Inc. to Acquire Private Credit Manager Tennenbaum Capital . BlackRock Asset Management International Inc. Delaware. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum BlackRock Asset Management Canada Limited. Prior to TCP, he managed various departments of a major investment bank. investors worldwide. You must click the activation link in order to complete your subscription. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. She also held several roles at Goldman Sachs. 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. Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. Our combination with BlackRock will Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. As a fiduciary The money manager has been on a mission to grow its $318 billion alternatives business. BlackRock to acquire private credit manager Tennenbaum Capital Partners "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.". "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. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. SALT Howard Levkowitz The business oversaw $30 billion as of December. contact.us@blackrock.com, Computershare Investor Services LLC McKenna also worked at Caxton Associates and Citigroup. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum 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. liquidity and geography. As of June 30, 2018, 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.
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