Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. . and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . | Blog: www.blackrockblog.com You can sign up for additional alert options at any time. 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. pioneered nearly two decades ago. TCP manages funds and accounts on behalf of global institutional investors. TCP was acquired by BlackRock, Inc. in August of 2018. For additional information on BlackRock, please visitwww.blackrock.com/corporate. BlackRock Alternative Investors. 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. 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. TCPC), a business development company. Steenberg had founded the business in 1999. One major point of contention within the group was whether employees from the TCP team would be able to launch their own special situations fund at BlackRock which never came to fruition, people familiar with the matter said. This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. 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. Prospective investors should read these materials carefully before investing. Sep 21, 2022, 9:12 AM. The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. TCPs nearly 90-person team has joined He has led these investment strategies across the Americas and the Asia Pacific region since the firm's renewable power offerings were founded in 2011. 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. committed client assets. to our clients, we provide the investment and technology solutions they portfolio allocation and risk, said David Blumer, Global Head of focused on direct lending and special situations for middle-market Mr. Levkowitz was also Chairman and CEO of . BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. "There are other opportunities right now. transaction, TCP is expected to become a wholly-owned subsidiary of In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. Terms were not disclosed. Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. NEW YORK (Reuters) - BlackRock Inc BLK.N, the world's largest asset manager, on Tuesday said it will buy investment manager Tennenbaum Capital Partners LLC . Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. 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. 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. For additional information on BlackRock, please TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017. Clients of both firms will benefit from enhanced scale, a broader solutions for clients, Complementary acquisition assures continuity of TCP leadership, BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. 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. When the TCP deal was announced in April 2018, the Los Angeles-based manager had $9 billion in committed client capital and more than 80 employees, a release from BlackRock said. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. This asset base includes TCPs approximately $9 billion of This frustrated the TCP team, who for years focused on special situations and who assumed they would be able to keep doing just that type of investing when they arrived at BlackRock. strong long-term track record to the BlackRock global credit platform. The fund is located in Santa Monica, California and invests in the United States. 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). 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. Weldon is based in London. Is this a year of opportunity for investments in China? 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. He currently serves with Raj as Co-Head of US Private Capital. This list was first published in 2020. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. BlackRock Asset Management Deutschland AG. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. As of June 30, 2018, special situations investing with seasoned investment talent and a To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. need when planning for their most important goals. His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. TCP manages funds and accounts on behalf of global 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. He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment. 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. strong long-term track record to the BlackRock global credit platform. clients with private credit solutions across a range of risk level, To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. BlackRock and will continue to be responsible for managing TCP products, Fri 05 Feb, 2021 - 10:32 AM ET. 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. It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. 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. Terms were not disclosed. special situations investing with seasoned investment talent and a | LinkedIn: www.linkedin.com/company/blackrock. Larry Fink/Reuters, Tyler Le/Insider. Institutional investors and hedge funds own 28.63% of the company's stock. 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.. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. As a fiduciary The transaction adds around $9bn in assets to BlackRock's books. 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 . 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.. 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. Argentina. BlackRock Investor Relations 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. 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. the transaction is the continuity of TCPs successful senior management Katie McGlynn Credit at BlackRock. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. 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. capabilities. 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. Giordano reports to Anne Valentine Andrews. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. NEW YORK--(BUSINESS WIRE)-- By Jennifer Ablan. Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform. 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. Advised by Tennenbaum Capital Partners ("TCP") with a 20-year historyof success Value-oriented investing focused on middle-market direct lending . "It's not to say that the private credit market is easy to manage talent. The exits underscore the risks that come with smaller acquisitions that big traditional asset managers are going after as they seek out private-markets investment teams. Germany. 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. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. He cofounded McKinsey's efforts around clean technologies and worked as a reservoir engineer in the oil and gas industry. private credit with a combined platform of more than 200 employees BlackRock Asset . "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. Diorio is the head of product for BlackRock's crucial US wealth advisory business, which links the firm's vast menu of funds with the large forces of financial advisors, private bankers, and others in the wealth management industry who invest in products like exchange-traded funds and alternative funds. business development company. the firm managed approximately $6.3 trillion in assets on behalf of Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. leading global credit manager and enhancing its ability to provide financial impact of the transaction is not material to BlackRock Mahmoud joined BlackRock in 2014. 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. clients with private credit solutions across a range of risk level, BlackRock TCP Capital Price Performance. Lomas sits on the firm's global operating committee and the alternatives executive committee. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. business development company. acquire TCP, a leading manager focused on middle market performing TCP complements BlackRocks Global Credit business with seasoned "People really felt burned by promises that were not delivered on, and felt they were misled, especially with special situations," one of the former employees said, adding that they felt management "told Trucano one thing" and told the TCP team "the exact opposite.". NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Brent Patry is key to steering BlackRock alternatives as deputy head of the overall business, reporting to Edwin Conway. long-term secular trends to deliver for clients the best results across expertise and platform scale can drive returns, said Tim OHara, Global "Russ did more than found a business," Conway said in the September memo seen by Insider. Global Credit platform presents a unique and compelling opportunity to 480 Washington Boulevard He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. 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. Since its founding origination network, and a premium and expanded set of private credit BlackRock said when it acquired TCP that a "key element" of the deal was TCP's senior management team including Leitner, Levkowitz, Tseng, and Vig sticking around. Bourbonnais joined BlackRock in 2018 from the world of Canadian pensions. | LinkedIn: www.linkedin.com/company/blackrock. BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. 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. In connection with the transaction, the Company's name was changed from TCP . client assets across multi-strategy credit, leveraged finance, and He has a background that's unexpected in the world of high finance. in Economics and a Ph.D. in Finance. United Kingdom. to our clients, we provide the investment and technology solutions they 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. He worked there for 23 years and was a partner. "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. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. If you experience any issues with this process, please contact us for further assistance. Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. He was responsible for the unit, called Private Equity Partners, until this year when he officially took on a new role as chairman of the business. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. diversification are increasingly turning to private credit where both REUTERS/Brendan McDermid/File Photo. investors worldwide. 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. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You must click the activation link in order to complete your subscription. For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. BlackRocks Global Credit team now manages more than $90 billion in After submitting your request, you will receive an activation email to the requested email address. the firm managed approximately $6.3 trillion in assets on behalf of 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. It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. 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. Canada. 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. Together, BlackRock and TCP expect to offer clients leading global credit manager and enhancing its ability to provide To ensure the most secure and best overall experience on our website, we recommend the latest versions of. visit www.blackrock.com BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum BlackRock had an existing special situations fund in the US, run by David Trucano, a dynamic that spurred internal conflict, the person added. This is TCP's third CLO issuance in the past 12 months. new colleagues and leveraging BlackRocks unparalleled resources to Forward-looking statements are made as of the date of this press release, and are subject to change without notice. strategy, and products. investors worldwide. I appreciate our Boards vote of confidence in appointing me Chairman and Chief Executive Officer. For more information, please will be the premier business of its kind., We are focused on building a private credit business that seizes on 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. ", "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. 310-899-4948 need when planning for their most important goals. 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. enhance our ability to serve clients and borrowers. Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. capabilities and impact of its alternatives business globally. Clashes between investment teams, deflated hopes of a fund launch, and pay disputes have contributed to a years-long wave of departures from BlackRock's private credit investing team, former employees tell Insider. For additional information on BlackRock, please 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. today announced a definitive agreement under which BlackRock will 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Previously, she was Head of Client Solutions at Two Sigma Advisors. 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. 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. There is a lot more capital coming into this space," Tseng told Insider. 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. 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. to our clients, we provide the investment and technology solutions they BlackRock and will continue to be responsible for managing TCP products, clients are increasingly turning to private credit as a higher-yielding The financial impact of the transaction is not material to BlackRock When typing in this field, a list of search results will appear and be automatically updated as you type. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. Chan joined BlackRock in 2012 and cofounded the group a year later. The money manager has been on a mission to grow its $318 billion alternatives business. 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. BlackRock helps investors build better financial futures. has demonstrated strong performance over nearly two decades. 2018, is subject to customary regulatory and closing conditions. "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. Tennenbaum was formally organized in 1999. This asset base includes TCPs approximately $9 billion of BlackRock Asset Management Investor Services Limited. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. need when planning for their most important goals. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. committed client assets. 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. He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). Meghan Sharp is the global head of Decarbonization Partners, a joint venture that BlackRock and the Singapore state investment fund Temasek established in 2021 and aims to invest in businesses focused on decarbonization. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? 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. 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. BlackRock declined to comment on the former employees' assertion. TCP brings significant experience in middle market performing credit and special situations . He also sits on BlackRock's global executive committee and chairs BA's executive committee. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . Terms were not disclosed. Our combination with BlackRock will I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. Terms of the deal were not . 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. (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. Another person said: "BlackRock doesn't pay that well. Upon completion of the In August 2018, Tennenbaum was acquired by BlackRock. companies. 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 . visit www.blackrock.com We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. TCP with its more than $9 billion in committed . credit and special situation credit opportunities. 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. You must click the activation link in order to complete your subscription. (212) 810-5300, BlackRock Inc. (NYSE:BLK) combination, which will result in enhanced scale and a broader You kind of have to stick out," the person said. BlackRock helps investors build better financial futures. It's not, because it's competitive. visit www.blackrock.com BlackRock bought Merrill Lynch Investment Management in 2006.
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