tennenbaum capital partners acquired by blackrock

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. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. 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. Our combination with BlackRock will Clients of both firms will benefit from this powerful 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. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. investment strategies and process as they have since TCP Capital Corp.s The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. 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. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. The financial impact of the transaction is not material to BlackRock Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. 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. BlackRock and will continue to be responsible for managing TCP products, "So we understand that there could be normative attrition and churn. 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. (NYSE:BLK) has completed the acquisition of Tennenbaum Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. | Twitter: @blackrock You must click the activation link in order to complete your subscription. | Twitter: @blackrock Jersey City, New Jersey 07310-190 the firm managed approximately $6.317 trillion in assets on behalf of Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. clients with private credit solutions across a range of risk level, We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. Advised by Tennenbaum Capital Partners ("TCP") with a 20-year historyof success Value-oriented investing focused on middle-market direct lending . BlackRock's leases on East 52nd Street expire in April. The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. BlackRock Asset Management Canada Limited. You can sign up for additional alert options at any time. "We are pleased to welcome Karyn to our board of directors," said Howard Levkowitz, Chairman and CEO of BlackRock TCP Capital Corp. "Karyn has established an impressive track record and we look forward to leveraging her deep experience to advance our long-standing commitment to delivering superior risk adjusted returns to our shareholders.". 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. All of us are working hard to meet the needs of our clients.". "We are seeing an increasing blurring of what used to be clearly distinct business models, whether this is a convergence between asset and wealth management, LPs becoming direct investors, asset and liability pools moving fluidly between insurers, and pension funds or asset servicers looking to integrate ever closer with their clients," he told Insider in 2020. 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. He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. Aug 01, 2018, 08:48 ET. In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. So-called alternatives, those assets such as infrastructure and private equity meant for sophisticated investors, make up just 3% of the nearly $9 trillion of assets that BlackRock manages. Subscriber Benefit. 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 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. Today, Black BlackRock, Inc. (NYSE: BLK) has completed its acquisition of Cachematrix, a leading provider of financial technology which simplifies the 2023 BlackRock, Inc. All rights reserved. When typing in this field, a list of search results will appear and be automatically updated as you type. You kind of have to stick out," the person said. 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. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com. He is also on the board of California Science Center Foundation. 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. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. BlackRock and, pending the approval of TCP Capital Corp.s shareholders, need when planning for their most important goals. 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. 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. This transition in leadership follows BlackRocks highly successful 2018 acquisition of Tennenbaum Capital Partners (TCP) that solidified BlackRock as a leading private credit manager. Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. 480 Washington Boulevard Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. a premium and expanded set of private credit investment opportunities. Jersey City, New Jersey 07310-190 "And that's something that we'll continue over the next couple of years with regard to how we're budgeting and how we're thinking about headcount.". To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. 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. 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. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . Tennenbaum Capital Partners ("TCP") is a California-based private investment company investing in both performing credit and special situations, primarily in North American middle-market companies. | Twitter: @blackrock The stakes are high. 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. 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. BlackRock has prioritized growing its $320 billion alternative business in recent years, with a focus on private market investing. committed client assets. Asset Class No. client assets across multi-strategy credit, leveraged finance, and I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. its high-quality team, excellent long-term track record across multiple global scale, industry expertise, and portfolio and risk management 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. By Jennifer Ablan. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. 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. BlackRock Investor Relations Bourbonnais joined BlackRock in 2018 from the world of Canadian pensions. As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. 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. TCP is headquartered in Los Angeles with additional offices 55 East 52nd Street Germany. TCP is based in Los Angeles and has approximately $9 billion of She is a graduate of Arizona State University where she earned a B.S. Seeg was previously PEP's global head of client solutions and strategy. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. New York, NY 10055-0003 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. clients in need of new sources of return and new ways to manage client assets across multi-strategy credit, leveraged finance, and police officer relieved of duty. Capital Partners, LLC (TCP), bolstering BlackRocks position as a 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. Capital Corp. and continue to focus on executing the same proven Date acquired Ownership Employer ID; Howard Marshall Levkowitz: Managing partner: 1 May 1999: Other: 4404130: Llc Tennenbaum & Co. . Canada. Since its founding in 1999, TCP has invested approximately $22 billion in over 560 companies. invrel@blackrock.com, BlackRock Funds, Services and Capabilities "When you join a big company like BlackRock, it's just a lot more political. 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. 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 . To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. . We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. to our clients, we provide the investment and technology solutions they To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. long-term secular trends to deliver for clients the best results across In 2020, Michael Leitner, a managing director responsible for co-leading direct lending and special situations strategies, left. 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. Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum August 01, 2018 08:43 AM Eastern Daylight Time. SANTA MONICA, Calif.--(BUSINESS WIRE)-- BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. | Blog: www.blackrockblog.com Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. As a fiduciary "At the end of 2021, we had over twice the amount of committed capital from investors in our direct lending business as we did at the end of 2018.". There is a lot more capital coming into this space," Tseng told Insider. The business now has $34 billion of dry powder to invest. TCP with its more than $9 billion in committed . "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". Many investment companies, to be sure, face challenges in hiring and retention. liquidity and geography. (212) 810-5300, BlackRock Inc. (NYSE:BLK) In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. The money manager has been on a mission to grow its $318 billion alternatives business. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team . Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. Sep 21, 2022, 9:12 AM. It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). companies. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 80-person team, which will join BlackRock as part of the transaction, Global Credit platform presents a unique and compelling opportunity to NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ('TCP') today announced a definitive agre. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a Tarek Mahmoud runs multi-alternative solutions where BlackRock advises clients investing in various types of alternative assets and chairs the Europe, Middle East, and Africa region for BlackRock Alternatives. The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. 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. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. Jim Barry, the chief investment officer for the unit, decided to leave the firm last year. Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. 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. Despite senior-level exits, the business has grown headcount and client assets since 2018. business development company. TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. Lanigan led the first LTPC deal, in Authentic Brands, Institutional Investor reported in 2019. Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. BlackRock Asset Management Deutschland AG. In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. origination network. At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. New York, NY 10055-0003 globally. Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. TCP brings significant experience in middle market performing credit and TCP complements BlackRocks Global Credit business with seasoned As of June 30, 2018, BlackRock bought Merrill Lynch Investment Management in 2006. Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. 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. 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. 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. Still, in recent years management has made it clear that its private investment capabilities need to be an important engine of growth. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). "Whenever there's a category like that where there is interest and growth, there are going to be companies who want to get into that space.". He began his career at UBS Investment Bank's Growth . | Blog: www.blackrockblog.com The combined platform will merge TCPs significant experience in private performing credit and special situations investing with BlackRocks global scale, industry expertise, and portfolio and risk management capabilities. TCPs nearly 90-person team has joined to our clients, we provide the investment and technology solutions they BlackRock helps investors build better financial futures. The business builds "bespoke customized exposure for clients through hedge-fund exposure," Edwin Conway said of the group during an industry conference in 2020. It also manages a publicly-traded business About us. Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. BlackRock and will continue to be responsible for managing TCP products, 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. TCP brings significant experience in middle market performing credit and BlackRock's $318 billion alternative-investments business is key to the money manager's future. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor Menu icon A vertical stack of three evenly . You must click the activation link in order to complete your subscription. 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 . 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. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. special situations investing with seasoned investment talent and a | Blog: www.blackrockblog.com 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 Alternative Investors. He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. The unit will work with portfolio managers and BCM, the firm's capital markets group, to source and back transition-related investments across asset classes around the world, Edwin Conway told employees in October in a memo viewed by Insider. A key element of This list was first published in 2020. He has a background that's unexpected in the world of high finance. "We are pleased to welcome Karyn to our board of directors," said Howard Levkowitz, Chairman and CEO of BlackRock TCP Capital Corp. "Karyn has established an impressive track record and we look forward to leveraging her deep experience to advance our long-standing commitment to delivering superior risk adjusted returns to our shareholders.". US asset management giant BlackRock is set to purchase Los Angeles-based boutique Tennenbaum Capital Partners, focused on middle market performing credit and special. and www.tcpcapital.com. It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. 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. Managing director Kenneth Saffold, an investor well-known in the Atlanta community, left and cofounded the investment firm o15 Capital Partners with former Invesco and BankUnited executives, Insider reported in June. We are I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. contact.us@blackrock.com, Computershare Investor Services LLC Rajneesh Vig, Managing Director, is a member of Blackrock's Global Credit Platform and President and COO of BlackRock-TCP Capital Corp (NASDAQ: TCPC) Prior to joining BlackRock, Mr. Vig was a Managing Partner at Tennenbaum Capital Partners (TCP), where he was also Chairman of the Investment Committee and a member of the Management Committee. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. committed client capital as of December 31, 2017.

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