. There is a lot more capital coming into this space," Tseng told Insider. 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. Mahmoud joined BlackRock in 2014. 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. Tim O'Hara, then BlackRock's global co-head of credit, helped oversee the TCP acquisition. "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. solutions for clients, Complementary acquisition assures continuity of TCP leadership, He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. Howard, Raj and Phil led the successful integration of TCP to develop BlackRocks US Private Capital team, which today is a leader in private credit. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. 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. The acquisition augments BlackRock's . "The available tool kit that you have now as a private enterprise is very high. its high-quality team, excellent long-term track record across multiple Forward-looking statements involve risks and uncertainties in predicting future results and conditions. liquidity and geography. Capital Corp. and continue to focus on executing the same proven Terms were not disclosed. risk spectrums and market cycles, said James Keenan, Global Co-Head of The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. View source version on businesswire.com: Before Morgan Stanley, she was a director at Macquarie. This is TCP's third CLO issuance in the past 12 months. 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. Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. visit: www.tennenbaumcapital.com New York, NY 10055-0003 TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform. 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. "Investors vote with their wallets. Some employees from the TCP team stayed long enough to receive their retention bonus, one of the people said. We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. BlackRock Asset Management Investor Services Limited. Terms were not disclosed. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. A key element of 310-622-8220orInvestors:Katie McGlynn, earnings. Institutional investors and hedge funds own 28.63% of the company's stock. 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. "I was on the academic track, applying for faculty positions and transition grants for my life in academia. Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. For additional information on BlackRock, please In connection with the transaction, the Company's name was changed from TCP . (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 . will be the premier business of its kind., We are focused on building a private credit business that seizes on Phone Number 310.566.1000. of Funds Currently Managed . Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. from 8 AM - 9 PM ET. Insider has pinpointed the key people responsible for the alternatives business today. Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. All of us are working hard to meet the needs of our clients.". to our clients, we provide the investment and technology solutions they The money manager has been on a mission to grow its $318 billion alternatives business. Terms were not disclosed. 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 BlackRock Affiliation Beneficial: Fitch Ratings believes that BlackRock Capital Investment Corporation's (BKCC) affiliation with BlackRock, Inc. enhances the business development company's (BDC) access to investment resources, deal flow and funding. 310-899-4948 BlackRock TCP Capital Price Performance. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. focused on direct lending and special situations for middle-market Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. focused on delivering a range of products and innovative solutions for business development company. 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. BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit Howard Levkowitz, a co-founder of TCP, announced that he will be retiring from his role as Chief Executive Officer of BlackRock TCP Capital Corp. (TCPC or the Company) on August 5, 2021, and as a Director and Chairman of the Board of Directors (the Board) on September 30, 2021. NEW YORK--(BUSINESS WIRE)-- The fund is located in Santa Monica, California and invests in the United States. 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. BlackRock Investor Relations Sign up for notifications from Insider! 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. BlackRock TCP Capital Corp. (NASDAQ: TCPC) announced today that Rajneesh Vig will succeed Howard Levkowitz as Chairman and Chief Executive Officer and Phil Tseng will assume the roles of President and Chief Operating Officer. He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. Read more Show less. He has a background that's unexpected in the world of high finance. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. Capital Partners, LLC (TCP), bolstering BlackRocks position as a (212) 810-5300, BlackRock Inc. (NYSE:BLK) earnings per share. "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.". 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. But when it comes to performance fees those that BlackRock earns for generating strong returns for clients, and last year accounted for $514 million they have an outsized impact. 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. capabilities. Delaware. Subscriber Benefit. BlackRock Completes Acquisition of Tennenbaum Capital Partners. TCP brings significant experience in middle market performing credit and special situations . 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. visit www.blackrock.com . 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. Sharp joined Decarbonization Partners from oil giant BP's corporate venture capital arm, where she was global head. Date acquired Ownership Employer ID; Howard Marshall Levkowitz: Managing partner: 1 May 1999: Other: 4404130: Llc Tennenbaum & Co. . We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. Levkowitz, Philip Tseng, and Rajneesh Vig). 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. Another person said: "BlackRock doesn't pay that well. . By Jennifer Ablan. For additional information on BlackRock, please visitwww.blackrock.com/corporate. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. acquisition of Tennenbaum Capital Partners. Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). The transaction adds around $9bn in assets to BlackRocks books. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. 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. He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. Is this a year of opportunity for investments in China? visit www.blackrock.com Menu icon A vertical stack of three evenly . The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. NEW YORK--(BUSINESS WIRE)-- BlackRock helps investors build better financial futures. Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. Florian reports to Anne Valentine Andrews. The transaction will not have a material impact on BlackRocks earnings. Contact Email mailbox@tennenbaumcapital.com. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. long-term secular trends to deliver for clients the best results across the firm managed approximately $6.317 trillion in assets on behalf of contact.us@blackrock.com, Computershare Investor Services LLC Capital Corp., said, We are excited about the growth opportunities for Finally, BlackRock Inc. raised its holdings in Coca-Cola Europacific Partners by 5.0% in the first quarter. Florian recently oversaw a significant fund closing. . Gift this article. BlackRock TCP Capital Corp. credit and special situation credit opportunities. 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. REUTERS/Brendan McDermid/File Photo. 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's leases on East 52nd Street expire in April. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. 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 Order sought by the application would supersede the Prior Order (as defined below) issued by the Commission to BlackRock Capital Investment Corporation, et al. Before joining BlackRock, she was a senior research analyst for the Financial Stability Board and held other roles, including senior investment associate at the hedge fund Bridgewater. Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. Conway, as Institutional Investor noted, grew up in a dairy farming community in Ireland. Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. on June 20, 2019 [ 4] under sections 17 (d) and 57 (i) of the Act and rule 17d-1 under the Act, with the result that no person will continue to rely on the Prior Order if the .