. "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. leading global credit manager and enhancing its ability to provide Forward-looking statements involve risks and uncertainties in predicting future results and conditions. With evolving needs. credit and special situation credit opportunities. BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use. But it's never really been good at raising high-fee capital," a former employee said. 310-566-1003investor.relations@tennenbaumcapital.com. 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. Around 90 TCP employees will migrate to BlackRock as part of the deal and retain management of TCP products, including the investments of business development company TCP Capital. You must click the activation link in order to complete your subscription. 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. 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. BlackRock TCP Capital Price Performance. 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. 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 . I appreciate our Boards vote of confidence in appointing me Chairman and Chief Executive Officer. Florian recently oversaw a significant fund closing. Forward-looking statements are made as of the date of this press release and are subject to change without notice. 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit BlackRock's $318 billion alternative-investments business is key to the money manager's future. management firm with approximately $9 billion of committed capital For more information, visit www.tcpcapital.com. and www.tcpcapital.com. | LinkedIn: www.linkedin.com/company/blackrock. TCPs nearly 90-person team has joined leading global credit manager and enhancing its ability to provide . Clients of both firms will benefit from enhanced scale, a broader 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. our business as we continue to employ the successful strategy we You can sign up for additional alert options at any time. investors worldwide. He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. companies. TCP was acquired by BlackRock, Inc. in August of 2018. Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC Then, I just suddenly came to the realization that I didn't want to do that anymore; I actually wanted to be a VC," Sharp said in an interview in 2018. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. Asia Pacific, June 21, 2019 BlackRocks wholly foreign-owned enterprise in Shanghai, BlackRock Investment Management (Shanghai) Co., Ltd BlackRock issued a client bulletin on March 2nd outlining our approach to companies that manufacture and sell civilian firearms. Menu icon A vertical stack of three evenly . New York, NY 10055-0003
focused on delivering a range of products and innovative solutions for | LinkedIn: www.linkedin.com/company/blackrock. TCP complements BlackRocks Global Credit business with seasoned The fund is located in Santa Monica, California and invests in the United States. I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. TCP manages funds and accounts on behalf of global institutional investors. transaction, TCP is expected to become a wholly-owned subsidiary of 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 money manager has been on a mission to grow its $318 billion alternatives business. 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. Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. Mr. Donohue was a Managing Director at Tennenbaum Capital Partners (TCP) when it was acquired by BlackRock in 2018. Jersey City, New Jersey 07310-190
80-person team, which will join BlackRock as part of the transaction, . TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. 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. visit www.blackrock.com 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. View source version on businesswire.com: Our thought leadership in investing, risk management, portfolio construction and trading solutions. After submitting your request, you will receive an activation email to the requested email address. David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. Another person said: "BlackRock doesn't pay that well. To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. Before joining BlackRock, she was a senior research analyst for the Financial Stability Board and held other roles, including senior investment associate at the hedge fund Bridgewater. to our clients, we provide the investment and technology solutions they This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). BlackRock Asset . BlackRock helps investors build better financial futures. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. 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. client assets across multi-strategy credit, leveraged finance, and His appointment was seen as another move to bulk up BlackRock's alternatives business. alternative to traditional fixed income allocations. 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. Wojcik, 212-810-8127tom.wojcik@blackrock.comorFor Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. the firm managed approximately $6.3 trillion in assets on behalf of . to our clients, we provide the investment and technology solutions they Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. 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 Investor Relations
BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. 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. Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. Read more Show less. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. BlackRock Investor Relations
private credit with a combined platform of more than 200 employees You must click the activation link in order to complete your subscription. His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. If you experience any issues with this process, please contact us for further assistance. 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 alternative investment . Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. Co-Head of Credit at BlackRock. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. Capital Corp. and continue to focus on executing the same proven Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. Meet BlackRock's Alternative-Investments Execs Driving Growth in . 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. The acquisition of TCP accelerates our growth "They could just decide: 'We're going to start our own company.'". Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. Previously, she was Head of Client Solutions at Two Sigma Advisors. Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. 480 Washington Boulevard
As a fiduciary 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.". He was named global head of BlackRock Alternatives in April 2019 when the alternatives business was restructured in a way executives hoped would improve growth, according to reports at the time. The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. Previously, she was Head of Client Solutions at Two Sigma Advisors. For additional information on BlackRock, please globally. The combined platform will merge TCPs significant experience in private 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. You kind of have to stick out," the person said. 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 wholly owned, indirect subsidiary of BlackRock, Inc. For more information, visit www.tcpcapital.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. committed client assets. ", "When people ask me what I do I'm just a small piece," Smith said, noting the many product specialists, investors, technologists, and other colleagues she works with. Llc Blackrock Capital Investment Advisors: Member: 1 Aug 2018: 75% - 100%: 290336: Lee Robert Landrum: Managing director: 1 . BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. The transaction will not have a material impact on BlackRocks earnings. The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. 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 . Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. If you experience any issues with this process, please contact us for further assistance. Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. Building an Innovative Financial Technology Ecosystem in Scotland. Prospective investors should read these materials carefully before investing. | Twitter: @blackrock invrel@blackrock.com, BlackRock Funds, Services and Capabilities
It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). After submitting your request, you will receive an activation email to the requested email address. BlackRock Asset Management Canada Limited. Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. 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. Its more than BlackRock Argentina Asesorias Ltda. Florian reports to Anne Valentine Andrews. Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . She was previously the global head of investments for PEP. 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. August 01, 2018 08:43 AM Eastern Daylight Time. in Atlanta, New York and San Francisco. John Seeg co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with Lynn Baranski. clients with private credit solutions across a range of risk level, TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. He worked there for 23 years and was a partner. Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. 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. A key element of Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. "Investors vote with their wallets. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. BlackRock Completes Acquisition of Tennenbaum Capital Partners. 310-622-8220orInvestors:Katie McGlynn, Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. committed client assets. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. He currently serves with Raj as Co-Head of US Private Capital. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a In August 2018, Tennenbaum was acquired by BlackRock. 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). Our combination with BlackRock will investment objectives across a range of risks, liquidity, and Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. Katie McGlynn BlackRock bought Merrill Lynch Investment Management in 2006. committed client assets. 55 East 52nd Street
The New York, NY 10055-0003
Bourbonnais joined BlackRock in 2018 from the world of Canadian pensions. global scale, industry expertise, and portfolio and risk management the firm managed approximately $6.3 trillion in assets on behalf of 2. For additional information on BlackRock, please Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. . need when planning for their most important goals. BlackRocks Global Credit team now manages more than $90 billion in liquidity and geography. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. He joined TCP in 2006 and served as TCPCs President and Chief Operating Officer since its IPO in 2012. "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". Global Credit platform presents a unique and compelling opportunity to (212) 810-5300, BlackRock Inc. (NYSE:BLK)
Formed in 1999, Los Angeles-based . The financial impact of the transaction is not material to BlackRock Shares of NASDAQ TCPC opened at $11.72 on Wednesday. capabilities. It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. 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. If you experience any issues with this process, please contact us for further assistance. We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. committed client capital as of December 31, 2017. BlackRock had an existing special situations fund in the US, run by David Trucano, a dynamic that spurred internal conflict, the person added. 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 Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit Acquiring Organization: BlackRock BlackRock is an investment company that offers its services to institutions, intermediaries, foundations, and individual investors. We are also excited about the opportunity to be a part of building what we are confident will be the premier business of its kind., We are focused on building a private credit business that seizes on long-term secular trends to deliver for clients the best results across risk spectrums and market cycles, said James Keenan, Global Co-Head of Credit at BlackRock. remain the investment adviser of TCP Capital Corp. Current members of The business oversaw $30 billion as of December. Terms were not disclosed. TCP manages funds and accounts on behalf of global Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Terms were not disclosed. Mr. Berry held a similar role at Tennenbaum Capital Partners prior to its acquisition by BlackRock in 2018. 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. Its more than 80-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over nearly two decades. 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. 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. Clients of both firms will benefit from enhanced scale, a broader Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. pioneered nearly two decades ago. Patry joined BlackRock in 2017 from Credit Suisse, where he worked for nearly two decades and held roles including head of leveraged finance capital markets. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. 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 . 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 TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. TCPs nearly 90-person team has joined the TCP team will continue to be responsible for the investments of TCP 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. 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. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. The business now has $34 billion of dry powder to invest. Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. For additional information on BlackRock, please To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. This list was first published in 2020. Before Morgan Stanley, she was a director at Macquarie. Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. acquire TCP, a leading manager focused on middle market performing As a fiduciary McDonnell, 212-810-5337tara.mcdonnell@blackrock.comorInvestors:Tom Date acquired Ownership Employer ID; Howard Marshall Levkowitz: Managing partner: 1 May 1999: Other: 4404130: Llc Tennenbaum & Co. . 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. All of us are working hard to meet the needs of our clients.". 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. Copied. 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. | Blog: www.blackrockblog.com You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. New. TCP with its more than $9 billion in committed . She also held several roles at Goldman Sachs. 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.
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