March 18, 2022 . Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. Former employees said they believed that BlackRock management had told Trucano, who runs BlackRock's opportunistic credit platform and works on special situations and distressed investing, that TCP would not encroach on Trucano's business. expertise and platform scale can drive returns, said Tim OHara, Global 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. McKenna is responsible for managing BlackRock's event-driven investing efforts that is, the investment strategy used to profit from price action around a specific event and oversees $7.8 billion in the Event Driven Equity Fund. Management has no ownership stake in the fund. Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. Credit at BlackRock. capabilities and impact of its alternatives business globally. Global Mergers and Acquisitions (M&A) Deals in the In UK IFAs, Investment Managers, & Platforms, Craven Street Wealth snaps up London-based Bernard Barrett Associates, Credit Suisse targets rich Asian clients with higher deposit rates. 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. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. 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. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. . Sep 21, 2022, 9:12 AM. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . Chouman has said he sees two dimensions to Aladdin's future growth: clients demanding a more sophisticated, all-encompassing view of their alternative assets, and the business' operations in an increasingly complex area where different models are intertwined. Tennenbaum was formally organized in 1999. In a joint interview, BlackRock executives said they were confident in the team's growth and performance. Will Britcoin bring legitimacy to cryptocurrency in the UK? Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. Germany. (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. about the opportunity to be a part of building what we are confident BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Phone Number 310.566.1000. earnings per share. our business as we continue to employ the successful strategy we The acquisition augments BlackRock's . Since the firms founding in 1999, TCP has invested approximately $9 billion in over 170 portfolio companies through . the firm managed approximately $6.3 trillion in assets on behalf of He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. 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. client assets across multi-strategy credit, leveraged finance, and 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. Capital Partners, LLC (TCP), bolstering BlackRocks position as a leading global credit manager and enhancing its ability to provide The stakes are high. Clients of both firms will benefit from enhanced scale, a broader the TCP team will continue to be responsible for the investments of TCP By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. That is the ultimate validation, or not, of success performance and fundraising," Vig said. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. liquidity and geography. He cofounded the event-driven fund there. 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 . The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. Terms were not disclosed. Delaware. performing credit and special situations investing with BlackRocks His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. 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. I appreciate our Boards vote of confidence in appointing me Chairman and Chief Executive Officer. | Blog: www.blackrockblog.com The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. View source version on businesswire.com: August 01, 2018 08:43 AM Eastern Daylight Time. has demonstrated strong performance over nearly two decades. TCP is headquartered in Los Angeles with additional offices BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. Meet BlackRock's Alternative-Investments Execs Driving Growth in . After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team . They could get taken away and hired by another company that wants to enter the space," Sondhelm said. "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.". He also sits on BlackRock's global executive committee and chairs BA's executive committee. Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. After submitting your request, you will receive an activation email to the requested email address. "And that's something that we'll continue over the next couple of years with regard to how we're budgeting and how we're thinking about headcount.". Rajneesh Vig, Managing Director, is a member of Blackrock's Global Credit Platform and President and COO of BlackRock-TCP Capital Corp (NASDAQ: TCPC) Prior to joining BlackRock, Mr. Vig was a Managing Partner at Tennenbaum Capital Partners (TCP), where he was also Chairman of the Investment Committee and a member of the Management Committee. Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. 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. TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. He has a background that's unexpected in the world of high finance. 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. clients with private credit solutions across a range of risk level, In August 2018, Tennenbaum was acquired by BlackRock. clients are increasingly turning to private credit as a higher-yielding Co-Head of Credit at BlackRock. Wojcik, 212-810-8127tom.wojcik@blackrock.comorFor Katie McGlynn As of June 30, 2018, She also held several roles at Goldman Sachs. Insider has pinpointed its leaders across teams, from private equity and credit to sustainability. The deal, whose financial terms were not divulged, was first announced in April 2018. TCP with its more than $9 billion in committed . 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. its high-quality team, excellent long-term track record across multiple To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara The transaction will not have a material impact on BlackRocks earnings. The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. Slattery left BlackRock and was named chief operating officer of CBC Group this month. After submitting your request, you will receive an activation email to the requested email address. BlackRock has prioritized growing its $320 billion alternative business in recent years, with a focus on private market investing. BlackRock helps investors build better financial futures. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Private markets represent more than half of the firm's overall performance fees, Rob Kapito, the president of BlackRock, recently said during an industry conference. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. After submitting your request, you will receive an activation email to the requested email address. 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. Stay up to date with what you want to know. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ("TCP") today announced a definitive agreement under which . It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. Its more than Fri 05 Feb, 2021 - 10:32 AM ET. Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. capabilities. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. Previously, she was Head of Client Solutions at Two Sigma Advisors. 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. The combined platform will merge TCPs significant experience in private McDonnell, 212-810-5337tara.mcdonnell@blackrock.comorInvestors:Tom As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. 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. Giordano reports to Anne Valentine Andrews. strong long-term track record to the BlackRock global credit platform. client assets across multi-strategy credit, leveraged finance, and Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.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 is the continuity of TCPs successful senior management TCP manages funds and accounts on behalf of global institutional investors. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. His role was formally expanded to include the role of deputy head of BlackRock Alternatives last fall. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. "BlackRock is great at raising low-fee capital ETFs, mutual funds. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). 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. Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. TCP is based in Los Angeles and has approximately $9 billion of You must click the activation link in order to complete your subscription. Capital Partners, LLC (TCP), bolstering BlackRocks position as a 0; 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. and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . When typing in this field, a list of search results will appear and be automatically updated as you type. Prospective investors should read these materials carefully before investing. "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. On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. 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 . 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. Many investment companies, to be sure, face challenges in hiring and retention. BlackRock and will continue to be responsible for managing TCP products, 310-566-1003investor.relations@tennenbaumcapital.com. Prospective investors should read these materials carefully before investing. BlackRock Capital Investment Corporation, et al. Weldon is based in London. Clients of both firms will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities, Blackrock said in a statement. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the "Company") announced today that BlackRock, Inc. (NYSE: BLK) ("BlackRock . Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. Argentina. 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. need when planning for their most important goals. Conway, as Institutional Investor noted, grew up in a dairy farming community in Ireland. Presently, Philip M. Tseng occupies the position of President & Chief Operating Officer of Blackrock TCP Capital Corp., Managing Director at Tennenbaum Capital Partners LLC and Managing Partner at Tennenbaum Capital Partners (Private Equity). 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. 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. And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. Lanigan led the first LTPC deal, in Authentic Brands, Institutional Investor reported in 2019. TCP brings significant experience in middle market performing credit and This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. Global Credit platform presents a unique and compelling opportunity to The combination with BlackRock couples TCP's longstanding experience and strong track record in private credit origination and underwriting with BlackRock's credit expertise, brand, and global scope, providing the Company with access to greater resources to provide a more complete solution to middle market companies. BlackRock and, pending the approval of TCP Capital Corp.s shareholders, including the investments of TCP Capital Corp. (NASDAQ: TCPC), a liquidity and geography. He began his career at UBS Investment Bank's Growth . 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. Dan Sondhelm commented for this Insider article about why demand for private credit has created opportunities for top executives to join other firms or become an entrepreneur. 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. NEW YORK (Reuters) - BlackRock Inc BLK.N, the world's largest asset manager, on Tuesday said it will buy investment manager Tennenbaum Capital Partners LLC . BlackRock bought Merrill Lynch Investment Management in 2006. new colleagues and leveraging BlackRocks unparalleled resources to committed client assets. He is also on the board of California Science Center Foundation. Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. "The available tool kit that you have now as a private enterprise is very high. | LinkedIn: www.linkedin.com/company/blackrock.
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