Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. | LinkedIn: www.linkedin.com/company/blackrock. 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. BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. "BlackRock is great at raising low-fee capital ETFs, mutual funds. For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. the TCP team will continue to be responsible for the investments of TCP Philip M. Tseng - Biography - MarketScreener.com BlackRock TCP Capital Corp. Announces Leadership Transitions Terms were not disclosed. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Prospective investors should read these materials carefully before investing. the transaction is the continuity of TCPs successful senior management Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the Risk Factors section of the Companys Form 10-K for the year ended December 31, 2020, and the Companys subsequent periodic filings with the SEC. capabilities and impact of its alternatives business globally. Insider has pinpointed the key people responsible for the alternatives business today. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. earnings. 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 . 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. 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. BlackRocks Global Credit team now manages more than $90 billion in New York, NY 10055-0003 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. 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. TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. private credit with a combined platform of more than 200 employees "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. Terms were not disclosed. 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. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Larry Fink/Reuters, Tyler Le/Insider. strategy, and products. business development company. 480 Washington Boulevard Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. 2. McKenna is responsible for managing BlackRock's event-driven investing efforts that is, the investment strategy used to profit from price action around a specific event and oversees $7.8 billion in the Event Driven Equity Fund. They contribute just 11% of base fees. He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. Global Credit platform presents a unique and compelling opportunity to Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. 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. to our clients, we provide the investment and technology solutions they I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. TCPs nearly 90-person team has joined liquidity and geography. Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. All of TCP's partners signed employment agreements and were expected to join BlackRock, while TCP anticipated that all of its more than 80 employees would move to the money manager, a May 2018 presentation TCP provided to a public pension investor shows. 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. (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. If you experience any issues with this process, please contact us for further assistance. He also sits on BlackRock's global executive committee and chairs BA's executive committee. TCP brings significant experience in middle market performing credit and in Atlanta, New York and San Francisco. TCP is headquartered in Los Angeles with additional offices Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. BlackRock helps investors build better financial futures. https://www.businesswire.com/news/home/20210601006057/en/, BlackRock TCP Capital Corp. Over a Dozen Staff Leave BlackRock's Private Credit Biz After We are 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. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. "They could just decide: 'We're going to start our own company.'". BlackRock Completes Acquisition of Tennenbaum Capital Partners. 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. earnings per share. SALT Howard Levkowitz Since 2021 the business also hired a new chief operating officer, a new head of sustainability, and two additional top executives focused on sustainable investments. BlackRock Inc. and Tennenbaum Capital Partners, LLC (TCP) announced a definitive agreement under which BlackRock will acquire TCP, a manager focused on middle market performing credit and special situation credit opportunities. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). For more information, please Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. BlackRock Dives Further Into Private Credit With Tennenbaum Capital To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. | Twitter: @blackrock BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. As of June 30, 2018, Edmentum (edmentum.com), a global education leader and a pioneer in online teaching and learning solutions, has raised $25 million in incremental financing from New Mountain Finance Corporation and Tennenbaum Capital Partners.The financing will allow the extension of the company's debt maturity and comes at a time of escalating growth, perpetuated by well-performing Edmentum programs under . He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. Team CCCC 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. "So we understand that there could be normative attrition and churn. 310-622-8220orInvestors:Katie McGlynn, The transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. BlackRock helps investors build better financial futures. to our clients, we provide the investment and technology solutions they geographies.. 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. Formed in 1999, Los Angeles-based . The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. Chan joined BlackRock in 2012 and cofounded the group a year later. 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. 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. In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ('TCP') today announced a definitive agre. Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment management firm with approximately $9 billion of committed capital focused on direct lending and special situations for middle-market companies. credit and special situation credit opportunities. 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. 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 . need when planning for their most important goals. BlackRock and will continue to be responsible for managing TCP products, committed client assets. TCPC is managed by BlackRock, which . Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. SANTA MONICA, Calif., Jan. 25, 2018 /PRNewswire/ -- Tennenbaum Capital Partners, LLC ("TCP" or the "Firm"), a leading alternative investment management firm, announced today the closing of its $300 million TCP Rainier CLO. BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital This transition in leadership follows BlackRocks highly successful 2018 acquisition of Tennenbaum Capital Partners (TCP) that solidified BlackRock as a leading private credit manager. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. TCP brings significant experience in middle market performing credit and special situations . BlackRock.. 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit to our clients, we provide the investment and technology solutions they ability to deliver clients private credit solutions that meet their Investors seeking to generate incremental returns and portfolio When typing in this field, a list of search results will appear and be automatically updated as you type. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. 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. 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. enhance our ability to serve clients and borrowers. Tcp Direct Lending Fund Viii, LLC - Fund Data 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. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. Since then, however, more than a dozen professionals have left the 35-person investment team that joined from Los Angeles-based TCP, Insider has learned. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. clients with private credit solutions across a range of risk level, clients with private credit solutions across a range of risk level, At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. BlackRock TCP Capital (NASDAQ:TCPC) Price Target Cut to $11.00 new colleagues and leveraging BlackRocks unparalleled resources to solutions for clients, Complementary acquisition assures continuity of TCP leadership, d18rn0p25nwr6d.cloudfront.net You must click the activation link in order to complete your subscription. 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.". BlackRock's August 2018 acquisition of Tennenbaum Capital . Sharp joined Decarbonization Partners from oil giant BP's corporate venture capital arm, where she was global head. You must click the activation link in order to complete your subscription. strong long-term track record to the BlackRock global credit platform. There is a lot more capital coming into this space," Tseng told Insider. BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital acquisition of Tennenbaum Capital Partners. the firm managed approximately $6.3 trillion in assets on behalf of investment objectives across a range of risks, liquidity, and 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. Howard is a leader in the industry and was a key architect in building the US Private Capital business. and www.tcpcapital.com. He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. As a fiduciary Why Did BlackRock Acquire Tennenbaum Capital Partners? Smith joined the firm in 2004 and was named co-head of the business alongside the group's cofounder Bryan White in 2015, Bloomberg News reported at the time. 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. To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. Private credit has been "a pretty strong asset class for several years now," Sondhelm added, noting that investors are in search of higher levels of income that aren't strongly correlated to the volatility of stocks. Longtime BlackRock executive David Giordano leads the alternatives unit's investments in climate-related infrastructure globally, with responsibility for investment strategy and managing the organization. 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. | Blog: www.blackrockblog.com Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. The transaction adds around $9bn in assets to BlackRocks books. The stakes are high. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. 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. 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. has demonstrated strong performance over nearly two decades. 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. Weldon joined BlackRock from Partners Capital, the outsourced investment office for clients such as endowments, foundations, and ultrawealthy families, where she was the global head of ESG and impact investing. I appreciate our Boards vote of confidence in appointing me Chairman and Chief Executive Officer. 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. 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. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. BlackRock and will continue to be responsible for managing TCP products, globally. In an interview last fall about her career with an industry group, Smith referred to the tale of President John F. Kennedy approaching a janitor sweeping the floors at the NASA space center in 1962 and asking what he was doing.
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