BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC She is a graduate of Arizona State University where she earned a B.S. March 18, 2022 . 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. He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. 480 Washington Boulevard Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. BlackRock declined to comment on the former employees' assertion. Institutional investors and hedge funds own 28.63% of the company's stock. Christian Donohue - BlackRock Capital Investment Corporation "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.". to our clients, we provide the investment and technology solutions they On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. "BlackRock is great at raising low-fee capital ETFs, mutual funds. investment strategies and process as they have since TCP Capital Corp.s inception. Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform. BlackRock to acquire credit manager Tennenbaum Capital Partners 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. Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. Raj Vig has more than 20 years of experience in the financial services industry. 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. the firm managed approximately $6.3 trillion in assets on behalf of Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. 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. If you experience any issues with this process, please contact us for further assistance. clients in need of new sources of return and new ways to manage liquidity and geography. For additional information on BlackRock, please Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si | LinkedIn: www.linkedin.com/company/blackrock. liquidity and geography. Capital Partners, LLC (TCP), bolstering BlackRocks position as a BlackRock Alternative Investors. Tennenbaum Capital PartnersMedia:KekstMark 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 Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the Risk Factors section of the Companys Form 10-K for the year ended December 31, 2020, and the Companys subsequent periodic filings with the SEC. Global Credit platform presents a unique and compelling opportunity to "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.". 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. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. TCPC), a business development company. Metrica Srl:Acquisition,Acquisition Analysis & Reports - Discovery Summary. . the firm managed approximately $6.3 trillion in assets on behalf of TCP with its more than $9 billion in committed . Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. McKenna also worked at Caxton Associates and Citigroup. Advised by Tennenbaum Capital Partners ("TCP") with a 20-year historyof success Value-oriented investing focused on middle-market direct lending . 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. BlackRock Investor Relations The money manager has been on a mission to grow its $318 billion alternatives business. He began his career at UBS Investment Bank's Growth . "I was on the academic track, applying for faculty positions and transition grants for my life in academia. strong long-term track record to the BlackRock global credit platform. 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. | Blog: www.blackrockblog.com Forward-looking statements are made as of the date of this press release, and are subject to change without notice. Canada. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol business development company. Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. | Twitter: @blackrock Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. private credit with a combined platform of more than 200 employees But we try to take that into account, and we've really invested in the business to scale our team commensurate with our capital base and our deployment.". credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks "I think it's a little bit of a culture shock to go from a smaller group that's a little more intimate and meritocracy based and that's probably tough on folks.". Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment The 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 . TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017. Clients of both firms will benefit from enhanced scale, a broader The business oversaw $30 billion as of December. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. . TCP is the perfect complement to the existing credit business at TCP Capital : Tennenbaum Capital Partners Announces Closing Of $300 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. As of June 30, 2018, BlackRock helps investors build better financial futures. Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. Carolyn Glick - Managing Director - BlackRock | LinkedIn focused on direct lending and special situations for middle-market Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. BlackRock helps investors build better financial futures. The transaction, which is expected to close in the third quarter of The financial impact of the transaction is not material to BlackRock TCP manages funds and accounts on behalf of global institutional investors. Strengthens BlackRocks credit platform to provide more diverse range of It also manages a publicly-traded business Date acquired Ownership Employer ID; Howard Marshall Levkowitz: Managing partner: 1 May 1999: Other: 4404130: Llc Tennenbaum & Co. . BlackRock says to buy private credit investor Tennenbaum Capital Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment management firm with approximately $9 billion of committed capital focused on direct lending and special situations for middle-market companies. Philip M. Tseng - Biography - MarketScreener.com Team CCCC Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. Sean Berry - BlackRock Capital Investment Corporation 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . For more information, visit www.tcpcapital.com. Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. 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. BlackRock Closes Acquisition of Private Credit Manager Tennenbaum visit www.blackrock.com The fund is located in Santa Monica, California and invests in the United States. earnings per share. You can sign up for additional alert options at any time. risk spectrums and market cycles, said James Keenan, Global Co-Head of BlackRock Completes Acquisition of Tennenbaum Capital Partners In a joint interview, BlackRock executives said they were confident in the team's growth and performance. need when planning for their most important goals. 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. earnings. 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. 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. Howard, Raj and Phil led the successful integration of TCP to develop BlackRocks US Private Capital team, which today is a leader in private credit. 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. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. 0; Lomas sits on the firm's global operating committee and the alternatives executive committee. The transaction will not have a material impact on BlackRocks earnings. Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. BlackRock TCP Capital Price Performance. Under Steenberg, BlackRock acquired Swiss Re Private Equity Partners, the private equity and infrastructure fund of funds under the insurance giant Swiss Re, in 2012. 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 . BlackRock to buy Tennenbaum Capital; five partners to stay on board Meet BlackRock's Alternative-Investments Execs Driving Growth in 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 acquisition of TCP accelerates our growth 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. Llc Blackrock Capital Investment Advisors: Member: 1 Aug 2018: 75% - 100%: 290336: Lee Robert Landrum: Managing director: 1 . 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. 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 . BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC BlackRock Completes Acquisition of Tennenbaum Capital Partners In 2018, Keenan helped steer the firm'sacquisition of Tennenbaum Capital Partners, an investment manager that expanded the alternatives unit's foothold in the competitiveprivate creditmarket. Longtime BlackRock executive David Giordano leads the alternatives unit's investments in climate-related infrastructure globally, with responsibility for investment strategy and managing the organization. strong long-term track record to the BlackRock global credit platform. 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. "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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. As a fiduciary Description. provide TCPC with increased resources, scale, and market access to In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP . 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. His appointment was seen as another move to bulk up BlackRock's alternatives business. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the "Company") announced today that BlackRock, Inc. (NYSE: BLK) ("BlackRock . Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. special situations investing with seasoned investment talent and a When the TCP deal was announced in April 2018, the Los Angeles-based manager had $9 billion in committed client capital and more than 80 employees, a release from BlackRock said. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Clients of both firms will benefit from enhanced scale, a broader Semer, 212-521-4800orFinancial ProfilesMoira Conlon, BlackRock to acquire private credit firm - InternationalInvestment (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. This list was first published in 2020. BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital TCPC is managed by BlackRock, which . Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. 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. You must click the activation link in order to complete your subscription. 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 business now has $34 billion of dry powder to invest. Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Bios | The Holdsworth Group 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. in Atlanta, New York and San Francisco.

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