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. Institutional investors and hedge funds own 28.63% of the company's stock. (212) 810-5300, BlackRock Inc. (NYSE:BLK) Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. Having worked closely with Raj Vig over the years as TCPCs President and COO, we have tremendous confidence in Raj to build upon TCPCs success.. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? Indeed, the string of exits and tensions within the private credit business grew so untenable that BlackRock president and cofounder Rob Kapito stepped in to try to smooth over frustrations in the group and stem the outflow of talent, said four former BlackRock employees, who spoke to Insider under the condition of anonymity. Previously, she was Head of Client Solutions at Two Sigma Advisors. He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. "BlackRock is great at raising low-fee capital ETFs, mutual funds. 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. Gift this article. "Russ did more than found a business," Conway said in the September memo seen by Insider. 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. 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. NEW YORK--(BUSINESS WIRE)-- Investors seeking to generate incremental returns and portfolio diversification are increasingly turning to private credit where both expertise and platform scale can drive returns, said Tim OHara, Global Co-Head of Credit at BlackRock. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Sharp joined Decarbonization Partners from oil giant BP's corporate venture capital arm, where she was global head. 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. client assets across multi-strategy credit, leveraged finance, and 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. BlackRock's leases on East 52nd Street expire in April. 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. When the TCP deal was completed in August 2018, BlackRock's global credit team managed $90 billion in assets a figure that stood at $149 billion as of June 30, a person familiar with the firm told Insider. The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. TCPC), a business development company. earnings per share. Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. leading global credit manager and enhancing its ability to provide Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Net investment income for the quarter ended December 31, 2022 was $23.0 million, or $0.40 per share on a diluted basis, which Since 2021 the business also hired a new chief operating officer, a new head of sustainability, and two additional top executives focused on sustainable investments. Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. | Twitter: @blackrock TCP complements BlackRocks Global Credit business with seasoned You can sign up for additional alert options at any time. TCP is headquartered in Los Angeles with additional offices Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP 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. 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. 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). companies. committed client assets. 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. about the opportunity to be a part of building what we are confident 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. As of June 30, 2018, | LinkedIn: www.linkedin.com/company/blackrock. need when planning for their most important goals. clients with private credit solutions across a range of risk level, Meet BlackRock's Alternative-Investments Execs Driving Growth in . "Investors vote with their wallets. The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. 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. As a fiduciary After submitting your request, you will receive an activation email to the requested email address. 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. 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. 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. Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. BlackRock and, pending the approval of TCP Capital Corp.s shareholders, The transaction adds around $9bn in assets to BlackRock's books. Steenberg had founded the business in 1999. 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. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. visit www.blackrock.com Raj Vig has more than 20 years of experience in the financial services industry. capabilities. View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor People knew Tennenbaum was being overpaid relative to BlackRock standards.". 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. This asset base includes TCPs approximately $9 billion of Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. "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. Previously, she was Head of Client Solutions at Two Sigma Advisors. geographies.. client assets across multi-strategy credit, leveraged finance, and He was previously responsible for the institutional client business, or ICB, for Europe, the Middle East, and Africa and was global head of the ICB's financial institutions group. 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. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. The acquisition augments BlackRock's . BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use. You must click the activation link in order to complete your subscription. TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. Date acquired Ownership Employer ID; Howard Marshall Levkowitz: Managing partner: 1 May 1999: Other: 4404130: Llc Tennenbaum & Co. . alternative to traditional fixed income allocations. 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. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC, http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html. 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. Wojcik, 212-810-8127tom.wojcik@blackrock.comorFor Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. TCP is the perfect complement to the existing credit business at continue to build on our long track record in middle market performing Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. BlackRock formed its capital markets team in 2020 with Patry at the helm, bringing together the businesses for global capital markets and private capital markets, the industry news publication PE Hub reported. 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. The fund is located in Santa Monica, California and invests in the United States. She is a graduate of Arizona State University where she earned a B.S. The business builds "bespoke customized exposure for clients through hedge-fund exposure," Edwin Conway said of the group during an industry conference in 2020. Business Insider 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. Since its founding visit www.blackrock.com Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. business development company. earnings per share. View source version on businesswire.com: To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. With its high-quality team, excellent long-term track record across multiple market cycles, diverse expertise, and proven origination capabilities, TCP is the perfect complement to the existing credit business at BlackRock.. 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. It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). Florian reports to Anne Valentine Andrews. . Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. When typing in this field, a list of search results will appear and be automatically updated as you type. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. New York, NY 10055-0003 The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. 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. The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. Read more Show less. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). The combined platform will merge TCPs significant experience in private TCPs nearly 90-person team has joined BlackRock Inc. now owns 14,447,992 shares of the company's stock valued at $702,316,000 after acquiring an additional 685,745 shares in the last quarter. 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. Still, in recent years management has made it clear that its private investment capabilities need to be an important engine of growth. Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. Clients of both firms will benefit from enhanced scale, a broader 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 combined platform will merge TCPs significant experience in private performing credit and special situations investing with BlackRocks global scale, industry expertise, and portfolio and risk management capabilities. 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. combination, which will result in enhanced scale and a broader has demonstrated strong performance over nearly two decades. Mr. Levkowitz was also Chairman and CEO of . Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017. Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. to our clients, we provide the investment and technology solutions they 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. BlackRocks Global Credit team now manages more than $90 billion in BlackRock helps investors build better financial futures. 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. TCP brings significant experience in middle market performing credit and special situations . contact.us@blackrock.com, Computershare Investor Services LLC Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. BlackRock Asset Management Canada Limited. solutions for clients, Complementary acquisition assures continuity of TCP leadership, BlackRock Investor Relations The acquisition augments BlackRocks position as a leading global credit He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. 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 . As the story goes, the janitor responded: "I'm helping put a man on the moon. committed client assets. United Kingdom. Cision Distribution 888-776-0942 As of March 31, 2018, Lanigan led the first LTPC deal, in Authentic Brands, Institutional Investor reported in 2019. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. police officer relieved of duty. our business as we continue to employ the successful strategy we After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. That is the ultimate validation, or not, of success performance and fundraising," Vig said. As a fiduciary 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. She also held several roles at Goldman Sachs. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. 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. | Twitter: @blackrock 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. (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 . 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. "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.". In August 2018, Tennenbaum was acquired by BlackRock. 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. And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. 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. 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). He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. "There are other opportunities right now. She was previously the global head of investments for PEP. Canada. The money manager has been on a mission to grow its $318 billion alternatives business. visit www.blackrock.com Insider has pinpointed the key people responsible for the alternatives business today. Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. private credit with a combined platform of more than 200 employees 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. . invrel@blackrock.com, BlackRock Funds, Services and Capabilities Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. 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. 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. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. Strengthens BlackRocks credit platform to provide more diverse range of This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). TCP manages funds and accounts on behalf of global institutional investors. He cofounded the event-driven fund there. TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. TCPs nearly 90-person team has joined BlackRock Alternative Investors. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. ability to deliver clients private credit solutions that meet their "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. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. We are also excited 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? 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. To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. | Blog: www.blackrockblog.com 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. 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. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. 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. As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. BlackRock announced it will acquire private credit manager Tennenbaum Capital Partners in a deal that strengthens the $6.3 trillion money manager's credit platform. If you experience any issues with this process, please contact us for further assistance. BlackRock agreed to acquire Tennenbaum Capital Partners, which focuses on credit and special situations.Tennenbaum partners Lee Landrum, Michael Leitner, Howard Levkowitz, Philip Tseng and Rajneesh Vig will stay on as part of the acquisition.Tennenbaum is expected to become a wholly owned subsidiary of BlackRock and, pending approval, will remain the investment adviser for TCP Capital Corp. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. investors worldwide. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. . 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. strategy, and products. 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. SANTA MONICA, Calif.--(BUSINESS WIRE)-- Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. 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 . BlackRock Completes Acquisition of Tennenbaum Capital Partners. to our clients, we provide the investment and technology solutions they All of us are working hard to meet the needs of our clients.". 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. The financial impact of the transaction is not material to BlackRock Dickon Pinner joined BlackRock last year to run a new unit in BlackRock Alternatives called Transition Capital, a team aimed at investing in opportunities tied to the energy transition.
tennenbaum capital partners acquired by blackrock