Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. Summary. Relations:Tom Wojcik, [email protected], Internet Explorer presents a security risk. origination network. plans and augments our position as a leading credit asset manager. Finally, BlackRock Inc. raised its holdings in Coca-Cola Europacific Partners by 5.0% in the first quarter. Raj Vig, the co-head of US private capital at BlackRock who was a longtime TCP executive, said 2021 was a record year of capital deployment. need when planning for their most important goals. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. 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. Capital Partners, LLC (TCP), bolstering BlackRocks position as a business development company. leading global credit manager and enhancing its ability to provide 80-person team, which will join BlackRock as part of the transaction, You kind of have to stick out," the person said. Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ("TCP") today announced a definitive agreement under which . United Kingdom. NEW YORK--(BUSINESS WIRE)-- 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. will be the premier business of its kind., We are focused on building a private credit business that seizes on BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. Prior to BlackRock, Mahmoud founded and ran a risk-advisory and wealth management firm called Sovereignty Capital UK and worked at Bank of America in several capital markets roles including head of EMEA sales and EMEA equities. "Whenever there's a category like that where there is interest and growth, there are going to be companies who want to get into that space.". BlackRock's $318 billion alternative-investments business is key to the money manager's future. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. 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. to our clients, we provide the investment and technology solutions they To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. Tennenbaum Capital Partners, LLC ("TCP") is a leading alternative investment management firm founded in 1999 (its predecessor entity commenced operations in 1996) with a proven track . TCP For more information, visit www.tcpcapital.com. 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. "Investors vote with their wallets. BlackRock's leases on East 52nd Street expire in April. | LinkedIn: www.linkedin.com/company/blackrock. its high-quality team, excellent long-term track record across multiple Institutional investors and hedge funds own 28.63% of the company's stock. BlackRocks Global Credit team now manages more than $90 billion in clients with private credit solutions across a range of risk level, 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. 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. expand our combined resources. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara companies. continue to build on our long track record in middle market performing Raj Vig has more than 20 years of experience in the financial services industry. The financial impact of the transaction is not material to BlackRock earnings. asset manager and advances its goal of providing clients with a diverse SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the "Company") announced today that BlackRock, Inc. (NYSE: BLK) ("BlackRock . 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. 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. Before Morgan Stanley, she was a director at Macquarie. 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 capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. business development company. As the story goes, the janitor responded: "I'm helping put a man on the moon. BlackRocks global credit team now oversees assets of over $90bn across multi-strategy credit, leveraged finance, as well as private credit and employs more than 200 people. 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. For more information, please The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. Our combination with BlackRock will "Russ did more than found a business," Conway said in the September memo seen by Insider. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products 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 . management firm with approximately $9 billion of committed capital The deal, whose financial terms were not divulged, was first announced in April 2018. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Its more than "There are other opportunities right now. BlackRock Capital Investment Corporation, et al. expertise and platform scale can drive returns, said Tim OHara, Global Russell Steenberg built what would become BlackRock's original alternative asset offering when, in 1999, he joined Merrill Lynch's asset management business to build its private equity unit. [email protected], Computershare Investor Services LLC Relations:Tom Wojcik, [email protected], Internet Explorer presents a security risk. 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.. We look forward to collaborating with our It also manages a publicly-traded business Argentina. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. BlackRock declined to comment on the former employees' assertion. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? "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.". He cofounded McKinsey's efforts around clean technologies and worked as a reservoir engineer in the oil and gas industry. "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.". Brent Patry is key to steering BlackRock alternatives as deputy head of the overall business, reporting to Edwin Conway. 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. He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. 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. of Funds Currently Managed . 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). 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. This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). BlackRock had an existing special situations fund in the US, run by David Trucano, a dynamic that spurred internal conflict, the person added. All of TCP's partners signed employment agreements and were expected to join BlackRock, while TCP anticipated that all of its more than 80 employees would move to the money manager, a May 2018 presentation TCP provided to a public pension investor shows. 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. Since the firms founding in 1999, TCP has invested approximately $9 billion in over 170 portfolio companies through . 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 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 Asset Management International Inc. Delaware. The asset management industry has become the lender of choice," Conway said. It's not, because it's competitive. "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. The money manager has been on a mission to grow its $318 billion alternatives business. Florian reports to Anne Valentine Andrews. strong long-term track record to the BlackRock global credit platform. SANTA MONICA, Calif., Jan. 25, 2018 /PRNewswire/ -- Tennenbaum Capital Partners, LLC ("TCP" or the "Firm"), a leading alternative investment management firm, announced today the closing of its $300 million TCP Rainier CLO. In connection with the transaction, the Company's name was changed from TCP . Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. a premium and expanded set of private credit investment opportunities. BlackRock Investor Relations Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. 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. investors worldwide. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. The business oversaw $30 billion as of December. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. 480 Washington Boulevard For additional information on BlackRock, please 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. "So we understand that there could be normative attrition and churn. 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. Terms were not disclosed. visit www.blackrock.com and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . 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. alternative to traditional fixed income allocations. "All we do is enable someone to go to the moon. For more information, visit www.tcpcapital.com. globally. 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 . BlackRock TCP Capital Price Performance. "When you join a big company like BlackRock, it's just a lot more political. For BlackRock Media: Tara McDonnell (212) 810-5337 [email protected], Investors:Tom Wojcik (212) 810-8127 [email protected], For Tennenbaum Capital PartnersMedia: Mark Semer Kekst (212) 521-4800, Moira Conlon Financial Profiles(310) 622-8220, Investors:Katie McGlynn (310) 566-1003 [email protected], BlackRocks purpose is to help more and more people experience financial well-being. police officer relieved of duty. 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. new colleagues and leveraging BlackRocks unparalleled resources to We are also excited Forward-looking statements are made as of the date of this press release, and are subject to change without notice. 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, [email protected]. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. Meanwhile last year BlackRock fired the former co-heads of secondaries and liquidity solutions, along with a third managing director, after they said they planned to leave for Apollo Global Management together, Bloomberg reported. 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. in Economics and a Ph.D. in Finance. 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. Conway previously ran BlackRock's key institutional-client business, where he was responsible for the overall strategy for the firm's relationships with institutional clients like sovereign wealth funds, public and private pension plans, and foundations. He has a background that's unexpected in the world of high finance. Despite senior-level exits, the business has grown headcount and client assets since 2018. Business Insider 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. As a fiduciary "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. Upon completion of the focused on direct lending and special situations for middle-market . "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. BlackRock TCP Capital Corp. (NASDAQ: TCPC) announced today that Rajneesh Vig will succeed Howard Levkowitz as Chairman and Chief Executive Officer and Phil Tseng will assume the roles of President and Chief Operating Officer. special situations investing with seasoned investment talent and a | Blog: www.blackrockblog.com BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum need when planning for their most important goals. You can sign up for additional alert options at any time. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. Menu icon A vertical stack of three evenly . 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. This asset base includes TCPs approximately $9 billion of . Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. That is the ultimate validation, or not, of success performance and fundraising," Vig said. Lomas sits on the firm's global operating committee and the alternatives executive committee. "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. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a Its more than 80-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over nearly two decades. Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform. You must click the activation link in order to complete your subscription. in Economics and a Ph.D. in Finance. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. 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. 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. private credit with a combined platform of more than 200 employees to our clients, we provide the investment and technology solutions they Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. This asset base includes TCPs approximately $9 billion of TCP brings significant experience in middle market performing credit and To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC (TCP) 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. our business as we continue to employ the successful strategy we BlackRocks Global Credit team now manages more than $90 billion in Capital Corp., said, We are excited about the growth opportunities for 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. For additional information on BlackRock, please The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. 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. inception. He joined TCP in 2006 and served as TCPCs President and Chief Operating Officer since its IPO in 2012. 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. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ('TCP') today announced a definitive agre. He cofounded the event-driven fund there. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. credit and special situation credit opportunities. By Jennifer Ablan. 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. If you experience any issues with this process, please contact us for further assistance. "It's not to say that the private credit market is easy to manage talent. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. the firm managed approximately $6.317 trillion in assets on behalf of In an interview last fall about her career with an industry group, Smith referred to the tale of President John F. Kennedy approaching a janitor sweeping the floors at the NASA space center in 1962 and asking what he was doing. Sign up for notifications from Insider! You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. about the opportunity to be a part of building what we are confident TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. 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 . This acquisition will enhance our ability to deliver clients private credit solutions that meet their investment objectives across a range of risks, liquidity, and geographies.. US asset management giant BlackRock is set to purchase Los Angeles-based boutique Tennenbaum Capital Partners, focused on middle market performing credit and special. 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. As of June 30, 2018, 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? (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. Building an Innovative Financial Technology Ecosystem in Scotland. He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment. 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. Levkowitz, Philip Tseng, and Rajneesh Vig). After submitting your request, you will receive an activation email to the requested email address. BlackRock Affiliation Beneficial: Fitch Ratings believes that BlackRock Capital Investment Corporation's (BKCC) affiliation with BlackRock, Inc. enhances the business development company's (BDC) access to investment resources, deal flow and funding. BlackRocks Global Credit team now manages more than $90 billion in 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. 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. 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 .
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