The transaction will not have a material impact on BlackRocks earnings. 310-899-4948 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. BlackRock and will continue to be responsible for managing TCP products, 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 transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. Institutional investors and hedge funds own 28.63% of the company's stock. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC TCP brings significant experience in middle market performing credit and 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. strong long-term track record to the BlackRock global credit platform. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. Chouman is the former chief executive of eFront, the Paris software and solutions provider that BlackRock acquired in 2019 for $1.3 billion to improve its alternatives technology tools. Meet BlackRock's Alternative-Investments Execs Driving Growth in 2023 provide TCPC with increased resources, scale, and market access to Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. from 8 AM - 9 PM ET. 80-person team, which will join BlackRock as part of the transaction, As of June 30, 2018, This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital TCP is based in Los Angeles and has approximately $9 billion of investor.relations@tcpcapital.com. "It's not to say that the private credit market is easy to manage talent. 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. TCP BlackRock declined to comment on the former employees' assertion. Fri 05 Feb, 2021 - 10:32 AM ET. Another person said: "BlackRock doesn't pay that well. "Our aim is to be the clear global leader," Conway said in the memo. DAVID HOLLANDER VS TENNENBAUM CAPITAL PARTNERS, LLC, ET AL. - UniCourt 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. BlackRock Inc a leading global investment management company based in New York said it is going to acquire an alternative investment management firm Tennenbaum Capital Partners LLC (TCP). Tcp Direct Lending Fund Viii, LLC - Fund Data BlackRock Asset Management Investor Services Limited. earnings per share. 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 . 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. Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. Team CCCC He has a background that's unexpected in the world of high finance. BlackRock TCP Capital Corp. Announces Leadership Transitions Its more than "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. TCP brings significant experience in middle market performing credit and special situations . Prospective investors should read these materials carefully before investing. . March 18, 2022 . . liquidity and geography. Cision Distribution 888-776-0942 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. Sign up for notifications from Insider! Insider has pinpointed the key people responsible for the alternatives business today. 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. 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. 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. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. "BlackRock is great at raising low-fee capital ETFs, mutual funds. The financial impact of the transaction is not material to BlackRock earnings. BlackRock Dives Further Into Private Credit With Tennenbaum Capital BlackRock Capital Investment Corporation - Fitch Ratings Sean Berry - BlackRock Capital Investment Corporation blk-ex211_12.htm - SEC To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Our thought leadership in investing, risk management, portfolio construction and trading solutions. There is a lot more capital coming into this space," Tseng told Insider. (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 . SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. "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. 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. 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. His role was formally expanded to include the role of deputy head of BlackRock Alternatives last fall. I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. Contact Email mailbox@tennenbaumcapital.com. 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. combination, which will result in enhanced scale and a broader BlackRock Inc, the world's largest asset management firm, . 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 480 Washington Boulevard August 1, 2018, 12:43 PM UTC. Raj and Phil have been instrumental in the growth of the US Private Capital team at BlackRock and are well equipped to continue to build on TCPCs successful track record of delivering strong results for shareholders. 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. August 01, 2018 08:43 AM Eastern Daylight Time. Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. Shares of NASDAQ TCPC opened at $11.72 on Wednesday. These are two important areas to BlackRock, particularly because of the firm's view that the Inflation Reduction Act in the US is expected to increase investments in infrastructure-related projects and real estate investors will find new opportunities amid shifting office and work-from-home dynamics. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a Capital Corp., said, We are excited about the growth opportunities for TCPs nearly 90-person team has joined 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. "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. 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. 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. the firm managed approximately $6.317 trillion in assets on behalf of As of June 30, 2018, We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. The acquisition augments BlackRocks position as a leading global credit asset manager and advances its goal of providing clients with a diverse range of alternative investment products and solutions to meet their evolving needs. Our combination with BlackRock will provide TCPC with increased resources, scale, and market access to continue to build on our long track record in middle market performing credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks Global Credit platform presents a unique and compelling opportunity to expand our combined resources. Menu icon A vertical stack of three evenly . 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. 55 East 52nd Street BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. in Atlanta, New York and San Francisco. 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. Mahmoud joined BlackRock in 2014. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC, http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html. Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. Argentina. "You can see how important alternatives are going to be for the future of BlackRock," he said during the conference held by Bank of America on February 16. 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. investors worldwide. in-demand moment for the private credit market, big traditional asset managers are going after. BlackRock formed its capital markets team in 2020 with Patry at the helm, bringing together the businesses for global capital markets and private capital markets, the industry news publication PE Hub reported. BlackRock Closes Acquisition of Private Credit Manager Tennenbaum 310-622-8220orInvestors:Katie McGlynn, Senior-level members of the TCP investment team, at the principal level and above, were offered four- or five-year retention packages, one of the former BlackRock employees told Insider. John Seeg co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with Lynn Baranski. August 01, 2018 08:43 AM Eastern Daylight Time. Prospective investors should read these materials carefully before investing. 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. 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. police officer relieved of duty. SVOF/MM, LLC ("SVOF/MM"), Tennenbaum Opportunities Partners V, LP, Tennenbaum Opportunities Fund V, LLC, Tennenbaum Heartland Co-Invest, LP, SEB DIP Investor, LP, Special management firm with approximately $9 billion of committed capital On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. BlackRock Alternative Investors. Find the latest BlackRock TCP Capital Corp. (TCPC) stock quote, history, news and other vital information to help you with your stock trading and investing. "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. Christian Donohue - BlackRock Capital Investment Corporation The financial impact of the transaction is not material to BlackRock You must click the activation link in order to complete your subscription. 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. For additional information on BlackRock, please BlackRocks Global Credit team now manages more than $90 billion in Clients of both firms will benefit from enhanced scale, a broader Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. BlackRock to acquire credit manager Tennenbaum Capital Partners solutions for clients, Complementary acquisition assures continuity of TCP leadership, business development company. Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. 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. Terms were not disclosed. TCPC is managed by BlackRock, which . earnings per share. Jersey City, New Jersey 07310-190 BlackRock TCP Capital: 9% Yield, Get Your Marshmallow Now - SeekingAlpha . contact.us@blackrock.com, Computershare Investor Services LLC