"He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. 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. Will Britcoin bring legitimacy to cryptocurrency in the UK? clients with private credit solutions across a range of risk level, provide TCPC with increased resources, scale, and market access to 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. For more information, visit www.tcpcapital.com. origination network, and a premium and expanded set of private credit 80-person team, which will join BlackRock as part of the transaction, capabilities. globally. 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. the firm managed approximately $6.3 trillion in assets on behalf of 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. You must click the activation link in order to complete your subscription. As of June 30, 2018, In August 2018, Tennenbaum was acquired by BlackRock. Clients of both firms will benefit from enhanced scale, a broader By Jennifer Ablan. Since its founding 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. 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. Capital Partners, LLC (TCP), bolstering BlackRocks position as a Phone Number 310.566.1000. We look forward to collaborating with our BlackRock Asset Management Investor Services Limited. "All we do is enable someone to go to the moon. (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 . You must click the activation link in order to complete your subscription. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. The financial impact of the transaction is not material to BlackRock Credit at BlackRock. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. "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.". BlackRock AP Investment Holdco, LLC. business development company. visit www.blackrock.com TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. earnings per share. enhance our ability to serve clients and borrowers. focused on direct lending and special situations for middle-market The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. globally. Tim O'Hara, then BlackRock's global co-head of credit, helped oversee the TCP acquisition. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP This list was first published in 2020. SANTA MONICA, Calif.--(BUSINESS WIRE)-- TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. Co-Head of Credit at BlackRock. BlackRocks Global Credit team now manages more than $90 billion in Read more Show less. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . Apr 17, 2018, 07:40 ET. Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. Gift this article. He has a background that's unexpected in the world of high finance. 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. Chan joined BlackRock in 2012 and cofounded the group a year later. Sign up for notifications from Insider! 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 . US asset management giant BlackRock is set to purchase Los Angeles-based boutique Tennenbaum Capital Partners, focused on middle market performing credit and special. Is this a year of opportunity for investments in China? Menu icon A vertical stack of three evenly . Menu icon A vertical stack of three evenly . Summary. As of March 31, 2018, Prospective investors should read these materials carefully before investing. Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. He joined TCP in 2006 and served as TCPCs President and Chief Operating Officer since its IPO in 2012. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. client assets across multi-strategy credit, leveraged finance, and . 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. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. BlackRock Asset Management Canada Limited. Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. Previously, she was Head of Client Solutions at Two Sigma Advisors. BlackRock Completes Acquisition of Tennenbaum Capital Partners. Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. Terms were not disclosed. The acquisition augments BlackRocks position as a leading global credit Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. 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. Mr. Donohue was a Managing Director at Tennenbaum Capital Partners (TCP) when it was acquired by BlackRock in 2018. He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. 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 had an existing special situations fund in the US, run by David Trucano, a dynamic that spurred internal conflict, the person added. There is a lot more capital coming into this space," Tseng told Insider. Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. The business now has $34 billion of dry powder to invest. In a joint interview, BlackRock executives said they were confident in the team's growth and performance. focused on delivering a range of products and innovative solutions for It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). The acquisition augments BlackRock's . 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 At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. As of June 30, 2018, For more information, please View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor the firm managed approximately $6.3 trillion in assets on behalf of clients with private credit solutions across a range of risk level, Lomas sits on the firm's global operating committee and the alternatives executive committee. For additional information on BlackRock, please BlackRock announced Tuesday evening that it had agreed to acquire Tennenbaum Capital Partners, a $9 billion asset manager focused on direct lending and special situation credit opportunities. TCPs nearly 90-person team has joined View original content with multimedia:http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html, BlackRock TCP Capital Corp., Katie McGlynn, 310-566-1094, investor.relations@tcpcapital.com. (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. 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. BlackRock and, pending the approval of TCP Capital Corp.s shareholders, capabilities. For additional information on BlackRock, please https://www.businesswire.com/news/home/20210601006057/en/, BlackRock TCP Capital Corp. and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . including the investments of TCP Capital Corp. (NASDAQ: TCPC), a Jersey City, New Jersey 07310-190 He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. BlackRock's $318 billion alternative-investments business is key to the money manager's future. "When you join a big company like BlackRock, it's just a lot more political. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. Terms of the deal were not . Upon completion of the It also manages a publicly-traded business . liquidity and geography. 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. He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. 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 . BlackRock TCP Capital Price Performance. Cision Distribution 888-776-0942 Its more than asset manager and advances its goal of providing clients with a diverse New. BlackRock Alternative Investors. clients are increasingly turning to private credit as a higher-yielding The merger of the two companies will boost each other's offerings. 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. He currently serves with Raj as Co-Head of US Private Capital. You must click the activation link in order to complete your subscription. That is the ultimate validation, or not, of success performance and fundraising," Vig said. He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Daniel Levan, a director at BlackRock, also recently left the private credit team, according to two former BlackRock employees who spoke to Insider and a public pension disclosure, which noted the departures of Saffold, Pritchard, and Levan. development company, TCP Capital Corp. (NASDAQ:TCPC). . investor.relations@tcpcapital.com. risk spectrums and market cycles, said James Keenan, Global Co-Head of 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. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . 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. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum BlackRock bought Merrill Lynch Investment Management in 2006. BlackRock's leases on East 52nd Street expire in April. This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). visit: www.tennenbaumcapital.com Prior to her current role, Ms. Glick was a Director at Tennenbaum Capital Partners who managed more than $9 billion in committed capital and was acquired by BlackRock in 2018. The business builds "bespoke customized exposure for clients through hedge-fund exposure," Edwin Conway said of the group during an industry conference in 2020. Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. It's not, because it's competitive. BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. With 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.. The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. 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. Contact Email mailbox@tennenbaumcapital.com. expand our combined resources. companies. in-demand moment for the private credit market, big traditional asset managers are going after. 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.
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