TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. 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. committed client assets. 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. Clients of both firms will benefit from this powerful 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. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. Together, BlackRock and TCP expect to offer clients To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. The acquisition augments BlackRock's . BlackRocks Global Credit team now manages more than $90 billion in The financial impact of the transaction is not material to BlackRock Since its founding in 1999, TCP has invested approximately $22 billion in over 560 companies. investor.relations@tcpcapital.com. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. 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. and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . "I think it's a little bit of a culture shock to go from a smaller group that's a little more intimate and meritocracy based and that's probably tough on folks.". He cofounded the event-driven fund there. BlackRock helps investors build better financial futures. TCP brings significant experience in middle market performing credit and special situations . 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. its high-quality team, excellent long-term track record across multiple "The office of the COO is where we crystallize our strategy and how we execute day-to-day and in the longer term," Conway said in a memo to staff announcing Smith's appointment in 2021, Insider previously reported. investors worldwide. The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. biogen senior engineer ii salary. 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). In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP . 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. clients with private credit solutions across a range of risk level, Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. . His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. 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. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. BlackRock is to buy private credit firm Tennenbaum Capital Partners (TCP) in a move that will strengthen the world's largest asset managers' credit platform and diversify its alternative investment offerings. He has a background that's unexpected in the world of high finance. Will Britcoin bring legitimacy to cryptocurrency in the UK? 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. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. TCP complements BlackRocks Global Credit business with seasoned In an interview last December with trade publication PERE, Valentine said a primary theme she will be focusing on this year is growing more selective in examining individual assets. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum TCP is headquartered in Los Angeles with additional offices You can sign up for additional alert options at any time. strong long-term track record to the BlackRock global credit platform. 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. She is a graduate of Arizona State University where she earned a B.S. The financial impact of the transaction is not material to BlackRock earnings. Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. It's not, because it's competitive. BlackRock Inc. and Tennenbaum Capital Partners, LLC announced a definitive agreement under which BlackRock will acquire TCP, a leading manager focused on middle market performing credit and special situation credit opportunities. Clients of both firms will benefit from enhanced scale, a broader Asia Pacific, June 21, 2019 BlackRocks wholly foreign-owned enterprise in Shanghai, BlackRock Investment Management (Shanghai) Co., Ltd BlackRock issued a client bulletin on March 2nd outlining our approach to companies that manufacture and sell civilian firearms. For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. The deal, whose financial terms were not divulged, was first announced in April 2018. Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. The business oversaw $30 billion as of December. His appointment was seen as another move to bulk up BlackRock's alternatives business. Raj Vig, the co-head of US private capital at BlackRock who was a longtime TCP executive, said 2021 was a record year of capital deployment. . Llc Blackrock Capital Investment Advisors: Member: 1 Aug 2018: 75% - 100%: 290336: Lee Robert Landrum: Managing director: 1 . enhance our ability to serve clients and borrowers. investors worldwide. Previously, she was Head of Client Solutions at Two Sigma Advisors. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol All of us are working hard to meet the needs of our clients.". 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. In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. committed client assets. BlackRock Alternative Investors. development company, TCP Capital Corp. (NASDAQ:TCPC). For more information, visit www.tcpcapital.com. "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. 55 East 52nd Street
Terms were not disclosed. Management has no ownership stake in the fund. "So we understand that there could be normative attrition and churn. leading global credit manager and enhancing its ability to provide As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. Terms were not disclosed. Tennenbaum was formally organized in 1999. Tennenbaum Capital PartnersMedia:KekstMark Court records for this case are available from Stanley Mosk Courthouse. John Seeg co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with Lynn Baranski. 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. Chan joined BlackRock in 2012 and cofounded the group a year later. Slattery left BlackRock and was named chief operating officer of CBC Group this month. Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. Conway said in an interview with Institutional Investor last December that the slowdown in initial public offerings underscores how important private financing has become. The business now has $34 billion of dry powder to invest. We are Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. This asset base includes TCPs approximately $9 billion of capabilities. expand our combined resources. 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. 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. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. 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 If you experience any issues with this process, please contact us for further assistance. 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. As of March 31, 2018, 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. Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. 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. special situations investing with seasoned investment talent and a 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. focused on delivering a range of products and innovative solutions for By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. Presently, Philip M. Tseng occupies the position of President & Chief Operating Officer of Blackrock TCP Capital Corp., Managing Director at Tennenbaum Capital Partners LLC and Managing Partner at Tennenbaum Capital Partners (Private Equity). investment strategies and process as they have since TCP Capital Corp.s Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. BlackRock Capital Investment Corporation, et al. The asset management industry has become the lender of choice," Conway said. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP BlackRock bought Merrill Lynch Investment Management in 2006. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC").