At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. range of alternative investment products and solutions to meet their Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. the firm managed approximately $6.3 trillion in assets on behalf of clients are increasingly turning to private credit as a higher-yielding 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. our business as we continue to employ the successful strategy we "It is important to remember that people are getting more selective on the buildings they're willing to occupy," she said, pointing to BlackRock's own move to Hudson Yards in New York City, from the former headquarters on Manhattan's east side, as an example of companies seeking out high-quality properties. He currently serves with Raj as Co-Head of US Private Capital. "It's not to say that the private credit market is easy to manage talent. Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. the firm managed approximately $6.317 trillion in assets on behalf of Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor 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. 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. 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. Before she joined BlackRock in 2014, Valentine Andrews was the co-head and operating chief for Morgan Stanley's infrastructure platform, leading capital-raising efforts globally. Sep 21, 2022, 9:12 AM. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. Apr 17, 2018, 07:40 ET. TCP is based in Los Angeles and has approximately $9 billion of Clients of both firms will benefit from enhanced scale, a broader Description. transaction, TCP is expected to become a wholly-owned subsidiary of 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 He was previously responsible for the institutional client business, or ICB, for Europe, the Middle East, and Africa and was global head of the ICB's financial institutions group. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . origination network, and a premium and expanded set of private credit The exodus of talent in recent years from both the TCP team and the wider private credit platform some of whom left for large alternative asset managers like Apollo and Ares comes at a highly competitive and in-demand moment for the private credit market. In August 2018, Tennenbaum was acquired by 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara Formed in 1999, Los Angeles-based . John Seeg co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with Lynn Baranski. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. Institutional investors and hedge funds own 28.63% of the company's stock. 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. investors worldwide. The transaction, which is expected to close in the third quarter of 310-899-4948 Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. Its more than Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor The business builds "bespoke customized exposure for clients through hedge-fund exposure," Edwin Conway said of the group during an industry conference in 2020. BlackRocks Global Credit team now manages more than $90 billion in It also manages a publicly-traded business enhance our ability to serve clients and borrowers. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. March 18, 2022 . Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. If you experience any issues with this process, please contact us for further assistance. Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. 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. The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. For more information, please Tim O'Hara, then BlackRock's global co-head of credit, helped oversee the TCP acquisition. Chan joined BlackRock in 2012 and cofounded the group a year later. 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 . BlackRock Asset . . Read more Show less. This list was first published in 2020. 310-566-1003investor.relations@tennenbaumcapital.com. BlackRock Asset Management Investor Services Limited. Meghan Sharp is the global head of Decarbonization Partners, a joint venture that BlackRock and the Singapore state investment fund Temasek established in 2021 and aims to invest in businesses focused on decarbonization. Lomas sits on the firm's global operating committee and the alternatives executive committee. "Somebody with her kind of background is like a dream hire, because, obviously, she understands the investing side from having invested in fund of funds for so long," a London-based recruiter told Insider last year for a story on ESG leaders across the industry. "With the growth of our client assets, it's been a significant investment over the last several years, " Jim Keenan, BlackRock's chief investment officer and global head of credit, who helped steer the TCP acquisition, said in an interview with Insider. Will Britcoin bring legitimacy to cryptocurrency in the UK? Conway said in an interview with Institutional Investor last December that the slowdown in initial public offerings underscores how important private financing has become. Howard Levkowitz, who co-founded TCP in 1999; Mark Kronfeld, who was global head of restructuring in BlackRock's private credit group; and former TCP finance chief Paul Davis all left last year. 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. 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. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. TCPC is managed by BlackRock, which . You must click the activation link in order to complete your subscription. 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. "BlackRock is great at raising low-fee capital ETFs, mutual funds. 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. | LinkedIn: www.linkedin.com/company/blackrock. credit and special situation credit opportunities. We are also excited The acquisition is the next step in BlackRocks efforts to expand its companies. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. visit: www.tennenbaumcapital.com capabilities and impact of its alternatives business globally. BlackRock and will continue to be responsible for managing TCP products, Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com. clients with private credit solutions across a range of risk level, For additional information on BlackRock, please 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. Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. "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.". Russell Steenberg built what would become BlackRock's original alternative asset offering when, in 1999, he joined Merrill Lynch's asset management business to build its private equity unit. BlackRock Inc <BLK.N>, the world's largest asset manager, on Tuesday said it will buy investment manager Tennenbaum Capital Partners LLC (TCP), expanding its reach in the U.S. private credit . Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. About us. business development company. The business now has $34 billion of dry powder to invest. If you experience any issues with this process, please contact us for further assistance. He cofounded McKinsey's efforts around clean technologies and worked as a reservoir engineer in the oil and gas industry. BlackRocks Global Credit team now manages more than $90 billion in Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. 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). The departures come as BlackRock aims to compete more aggressively in private credit, a key part of its high-priority alternatives push. View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor from 8 AM - 9 PM ET. Since the firms founding in 1999, TCP has invested approximately $9 billion in over 170 portfolio companies through . 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. management firm with approximately $9 billion of committed capital Tennenbaum Capital Partners, LLC ("TCP") is a leading alternative investment management firm founded in 1999 (its predecessor entity commenced operations in 1996) with a proven track . As of June 30, 2018, Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. Its more than 80-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over nearly two decades. Stay up to date with what you want to know. committed client assets. TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. alternative to traditional fixed income allocations. "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. contact.us@blackrock.com, Computershare Investor Services LLC Forward-looking statements are made as of the date of this press release, and are subject to change without notice. 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. Menu icon A vertical stack of three evenly . BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Slattery left BlackRock and was named chief operating officer of CBC Group this month. He was the CEO and chief investment officer of pension investment management giant PSP Investments and previously ran private investments for the Canada Pension Plan Investment Board, where he established its direct-investing capabilities. The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. TCP Terms were not disclosed. I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. Private markets are "a major strategic area of focus at BlackRock," Morgan Stanley analysts led by Betsy Graseck wrote in a research report in June. You must click the activation link in order to complete your subscription. TCPC), a business development company. Clients of both firms will benefit from this powerful As a fiduciary By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. in Economics and a Ph.D. in Finance. They contribute just 11% of base fees. 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 and will continue to be responsible for managing TCP products, We are 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. After submitting your request, you will receive an activation email to the requested email address. Capital Partners, LLC (TCP), bolstering BlackRocks position as a 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. "Our aim is to be the clear global leader," Conway said in the memo. 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. acquisition of Tennenbaum Capital Partners. With Copied. strategy, and products. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP . His appointment was seen as another move to bulk up BlackRock's alternatives business. BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. in 1999, TCP has invested approximately $22 billion in over 560 leading global credit manager and enhancing its ability to provide 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 wholly owned, indirect subsidiary of BlackRock, Inc. For more information, visit www.tcpcapital.com.
tennenbaum capital partners acquired by blackrock