Insider has pinpointed its leaders across teams, from private equity and credit to sustainability. 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. 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. the firm managed approximately $6.3 trillion in assets on behalf of Delaware. The transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. BlackRock says to buy private credit investor Tennenbaum Capital earnings per share. 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. BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. 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. LTPC, as it's known, is the majority owner of companies including Authentic Brands the owner of Aeropostale, Juicy Couture, and Reebok and luxury fragrance brand Creed. The financial impact of the transaction is not material to BlackRock Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. Slattery left BlackRock and was named chief operating officer of CBC Group this month. BlackRock raises $2 billion for Global Credit Opportunities Fund He joined BlackRock in 2019 from the Abu Dhabi Investment Authority, the sovereign wealth fund giant, where he was head of private equities for the Americas. Tennenbaum Capital Partners Fund Manager Profile | Preqin TCPC), a business development company. You must click the activation link in order to complete your subscription. They contribute just 11% of base fees. REUTERS/Brendan McDermid/File Photo. 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. For additional information on BlackRock, please visitwww.blackrock.com/corporate. 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. 3 August 2018 - US-based investment firm BlackRock Inc. (NYSE: BLK) has closed the acquisition of US-based alternative investment management firm Tennenbaum Capital Partners, LLC, the firm said. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. clients in need of new sources of return and new ways to manage TCP complements BlackRocks Global Credit business with seasoned investment talent and a strong long-term track record at a time when clients are increasingly turning to private credit as a higher-yielding alternative to traditional fixed income allocations. BlackRock to acquire private credit manager Tennenbaum Capital Partners (212) 810-5300, BlackRock Inc. (NYSE:BLK) "The available tool kit that you have now as a private enterprise is very high. BlackRock Closes Acquisition of Private Credit Manager Tennenbaum global scale, industry expertise, and portfolio and risk management Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). For additional information on BlackRock, please The acquisition augments BlackRocks position as a leading global credit | LinkedIn: www.linkedin.com/company/blackrock. "I was on the academic track, applying for faculty positions and transition grants for my life in academia. performing credit and special situations investing with BlackRocks For more information, please to our clients, we provide the investment and technology solutions they The business oversaw $30 billion as of December. investors worldwide. "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.". Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. 310-566-1003investor.relations@tennenbaumcapital.com. Coca-Cola Europacific Partners PLC (NYSE:CCEP) Shares Acquired by 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. BlackRock had an existing special situations fund in the US, run by David Trucano, a dynamic that spurred internal conflict, the person added. At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. 80-person team, which will join BlackRock as part of the transaction, BlackRock Completes Acquisitio - GuruFocus.com 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. Tennenbaum Capital Partners, LLC | LinkedIn BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit As of June 30, 2018, about the opportunity to be a part of building what we are confident PDF BlackRock Capital Investment Corporation, et al. - SEC acquire TCP, a leading manager focused on middle market performing Brent Patry is key to steering BlackRock alternatives as deputy head of the overall business, reporting to Edwin Conway. TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. "So we understand that there could be normative attrition and churn. Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. evolving needs. private credit with a combined platform of more than 200 employees financial impact of the transaction is not material to BlackRock focused on direct lending and special situations for middle-market 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.. Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. 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. He said in November during a call to discuss earnings with analysts that BKCC, as it's known, now has 111 portfolio companies, an all-time high. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a BlackRock Completes Acquisition of Tennenbaum Capital Partners This asset base includes TCPs approximately $9 billion of Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. Institutional investors and hedge funds own 28.63% of the company's stock. . business development company. Another person said: "BlackRock doesn't pay that well. 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. Jersey City, New Jersey 07310-190 You must click the activation link in order to complete your subscription. BlackRock Argentina Asesorias Ltda. Our thought leadership in investing, risk management, portfolio construction and trading solutions. The business builds "bespoke customized exposure for clients through hedge-fund exposure," Edwin Conway said of the group during an industry conference in 2020. August 01, 2018 08:43 AM Eastern Daylight Time. Phil Tseng, who co-heads US private capital with Vig and who also joined BlackRock through the TCP acquisition, said managing investment talent well goes hand-in-hand with driving returns for clients. Co-Head of Credit at BlackRock. The financial impact of the transaction is not material to BlackRock Apr 17, 2018, 07:40 ET. investment talent and a strong long-term track record at a time when (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 . TCP brings significant experience in middle market performing credit and investment objectives across a range of risks, liquidity, and 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. March 18, 2022 . As of June 30, 2018, By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. in Economics and a Ph.D. in Finance. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. . In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. BlackRock Completes Acquisition of Tennenbaum Capital Partners TCP brings significant experience in middle market performing credit and BlackRock bought a money manager to expand in private credit. Insiders We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. 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. investors worldwide. . BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use. special situations investing with seasoned investment talent and a 55 East 52nd Street 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. Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC (TCP) 2. Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. "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. The leadership team steering the alternatives business has changed recently. 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. 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. The money manager has been on a mission to grow its $318 billion alternatives business. He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. Before Morgan Stanley, she was a director at Macquarie. BlackRock bought Merrill Lynch Investment Management in 2006. He began his career at UBS Investment Bank's Growth . 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. 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? To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. TCP is headquartered in Los Angeles with additional offices BlackRock Asset Management International Inc. Delaware. McDonnell, 212-810-5337tara.mcdonnell@blackrock.comorInvestors:Tom | Blog: www.blackrockblog.com August 01, 2018 08:43 AM Eastern Daylight Time. Contact Email mailbox@tennenbaumcapital.com. expand our combined resources. Raj Vig - Biographies | BlackRock "With the growth of our client assets, it's been a significant investment over the last several years, " Jim Keenan, BlackRock's chief investment officer and global head of credit, who helped steer the TCP acquisition, said in an interview with Insider. If you experience any issues with this process, please contact us for further assistance. 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. focused on delivering a range of products and innovative solutions for 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. United Kingdom. BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. Andr Bourbonnais heads up BlackRock's Long Term Private Capital, a direct private equity strategy that focuses on control investments in companies in North America and Europe. The deal, whose financial terms were not divulged, was first announced in April 2018. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. 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. origination network, and a premium and expanded set of private credit Gift this article. "It's not to say that the private credit market is easy to manage talent. 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. solutions for clients, Complementary acquisition assures continuity of TCP leadership, Together, BlackRock and TCP expect to offer clients After submitting your request, you will receive an activation email to the requested email address. TCP Direct Lending Fund VIII Profile: Returns & Limited Partners You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. By Jennifer Ablan. Dan Sondhelm, CEO and founder of Sondhelm Partners, an asset-management consulting firm, said that given how hot the private credit market is right now, deal-hungry firms may run the risk of not being able to hold onto investment talent for long especially once retention packages time out. SALT Howard Levkowitz 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. 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. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Seeg was previously PEP's global head of client solutions and strategy. BlackRock Capital Investment Corporation - Fitch Ratings 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. . Menu icon A vertical stack of three evenly . We are To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. This is TCP's third CLO issuance in the past 12 months. BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. 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. He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. | Blog: www.blackrockblog.com The acquisition augments BlackRock's . BlackRock and will continue to be responsible for managing TCP products, He cofounded McKinsey's efforts around clean technologies and worked as a reservoir engineer in the oil and gas industry. It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. Other senior departures who did not join BlackRock through the TCP deal included Michael Zugay, former head of US private capital; Alex Dashiell, a former managing director in USPC and a member of its investment committee; and Aaron Kless, former head of USPC investment strategies. institutional investors. new colleagues and leveraging BlackRocks unparalleled resources to Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. "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.". "When you join a big company like BlackRock, it's just a lot more political. You must click the activation link in order to complete your subscription. BlackRock TCP Capital Price Performance. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. Clients of both firms will benefit from enhanced scale, a broader capabilities and impact of its alternatives business globally. asset manager and advances its goal of providing clients with a diverse Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform. Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. "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.". long-term secular trends to deliver for clients the best results across By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. 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. In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. Prospective investors should read these materials carefully before investing. By offering a growing array of alternatives, traditional asset managers tap into stickier fees and revenue and boost organic growth, they wrote. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor will be the premier business of its kind., We are focused on building a private credit business that seizes on | Blog: www.blackrockblog.com His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. All of us are working hard to meet the needs of our clients.". capabilities. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. of Funds Currently Managed . As of March 31, 2018, Menu icon A vertical stack of three evenly . Carolyn Glick - Managing Director - BlackRock | LinkedIn Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. Terms were not disclosed. business development company. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team . Capital Corp., said, We are excited about the growth opportunities for to our clients, we provide the investment and technology solutions they A former employee of BlackRock, who is familiar with the TCP transition, pointed to overall differences in the cultures that also played a role in growing tensions, and eventual departures. 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. Since its founding Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara Today, Black BlackRock, Inc. (NYSE: BLK) has completed its acquisition of Cachematrix, a leading provider of financial technology which simplifies the 2023 BlackRock, Inc. All rights reserved. Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. Meet BlackRock's Alternative-Investments Execs Driving Growth in . His role was formally expanded to include the role of deputy head of BlackRock Alternatives last fall. The acquisition is the next step in BlackRocks efforts to expand its If you experience any issues with this process, please contact us for further assistance. The stakes are high. need when planning for their most important goals. 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 worked there for 23 years and was a partner. Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. | Twitter: @blackrock 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 . "There are other opportunities right now. But it's never really been good at raising high-fee capital," a former employee said. market cycles, diverse expertise, and proven origination capabilities, 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 . 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. He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team.