currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: 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 . committed client assets. Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products 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 . Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. BlackRock AP Investment Holdco, LLC. Clients of both firms will benefit from enhanced scale, a broader 80-person team, which will join BlackRock as part of the transaction, This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). Other senior departures who did not join BlackRock through the TCP deal included Michael Zugay, former head of US private capital; Alex Dashiell, a former managing director in USPC and a member of its investment committee; and Aaron Kless, former head of USPC investment strategies. BlackRock announced it will acquire private credit manager Tennenbaum Capital Partners in a deal that strengthens the $6.3 trillion money manager's credit platform. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Global Mergers and Acquisitions (M&A) Deals in the In UK IFAs, Investment Managers, & Platforms, Craven Street Wealth snaps up London-based Bernard Barrett Associates, Credit Suisse targets rich Asian clients with higher deposit rates. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor Chouman is the former chief executive of eFront, the Paris software and solutions provider that BlackRock acquired in 2019 for $1.3 billion to improve its alternatives technology tools. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). continue to build on our long track record in middle market performing Edwin Conway announced to employees last September that Steenberg would start handing off his day-to-day responsibilities to the longtime executives Lynn Baranski and John Seeg, who officially started to co-lead the business as of January 1. "You can see how important alternatives are going to be for the future of BlackRock," he said during the conference held by Bank of America on February 16. investor.relations@tcpcapital.com. Dan Sondhelm commented for this Insider article about why demand for private credit has created opportunities for top executives to join other firms or become an entrepreneur. 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. It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. alternative to traditional fixed income allocations. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. Many investment companies, to be sure, face challenges in hiring and retention. "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017. TCPs nearly 90-person team has joined In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP Capital Corp., said, We are excited about the growth opportunities for our business as we continue to employ the successful strategy we pioneered nearly two decades ago. Business Insider By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. The deal, whose financial terms were not divulged, was first announced in April 2018. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. Read more Show less. 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. She also held several roles at Goldman Sachs. NEW YORK--(BUSINESS WIRE)--BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC 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 acquisition augments BlackRock's position as a leading global credit asset manager and advances its goal of . in Atlanta, New York and San Francisco. Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. His appointment was seen as another move to bulk up BlackRock's alternatives business. 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. He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. Tennenbaum Capital PartnersMedia:KekstMark strong long-term track record to the BlackRock global credit platform. credit and special situation credit opportunities. Conway said in an interview with Institutional Investor last December that the slowdown in initial public offerings underscores how important private financing has become. "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. 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. 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 Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a The asset management industry has become the lender of choice," Conway said. earnings. Diorio is the head of product for BlackRock's crucial US wealth advisory business, which links the firm's vast menu of funds with the large forces of financial advisors, private bankers, and others in the wealth management industry who invest in products like exchange-traded funds and alternative funds. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. portfolio allocation and risk, said David Blumer, Global Head of private credit with a combined platform of more than 200 employees private credit with a combined platform of more than 200 employees He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. 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. earnings per share. Forward-looking statements are made as of the date of this press release and are subject to change without notice. | Blog: www.blackrockblog.com expertise and platform scale can drive returns, said Tim OHara, Global He currently serves with Raj as Co-Head of US Private Capital. Terms were not disclosed. 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. 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. Mr. Berry held a similar role at Tennenbaum Capital Partners prior to its acquisition by BlackRock in 2018. TCP brings significant experience in middle market performing credit and Menu icon A vertical stack of three evenly . Since its founding in 1999, TCP has invested approximately $22 billion in over 560 companies. TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. The combined platform will merge TCPs significant experience in private Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor United Kingdom. investors worldwide. BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. 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. He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. BlackRocks Global Credit team now manages more than $90 billion in Tim O'Hara, then BlackRock's global co-head of credit, helped oversee the TCP acquisition. This frustrated the TCP team, who for years focused on special situations and who assumed they would be able to keep doing just that type of investing when they arrived at BlackRock. need when planning for their most important goals. from 8 AM - 9 PM ET. 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. 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. 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. the firm managed approximately $6.317 trillion in assets on behalf of They contribute just 11% of base fees. contact.us@blackrock.com, Computershare Investor Services LLC
to our clients, we provide the investment and technology solutions they 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. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. 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 Inc. now owns 14,447,992 shares of the company's stock valued at $702,316,000 after acquiring an additional 685,745 shares in the last quarter. Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. Sophisticated investors who are focused on "special situations," as the style is broadly known, seize on major corporate events like bankruptcies, acquisitions, or litigation, which impact the price of an asset. 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. Prospective investors should read these materials carefully before investing. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com. TCP brings significant experience in middle market performing credit and TCP manages funds and accounts on behalf of global He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. BlackRock and, pending the approval of TCP Capital Corp.s shareholders, origination network, and a premium and expanded set of private credit Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. client assets across multi-strategy credit, leveraged finance, and For additional information on BlackRock, please 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. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). capabilities and impact of its alternatives business globally. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. Steenberg had founded the business in 1999. Is this a year of opportunity for investments in China? "All we do is enable someone to go to the moon. You must click the activation link in order to complete your subscription. His role was formally expanded to include the role of deputy head of BlackRock Alternatives last fall. TCP brings significant experience in middle market performing credit and special situations investing with seasoned investment talent and a strong long-term track record to the BlackRock global credit platform. capabilities. TCP with its more than $9 billion in committed . companies. leading global credit manager and enhancing its ability to provide BlackRock Alternative Investors. In 2018, Keenan helped steer the firm's acquisition of Tennenbaum Capital Partners, an investment manager that expanded the alternatives unit's foothold in the competitive private credit market. If you experience any issues with this process, please contact us for further assistance. The transaction adds around $9bn in assets to BlackRocks books. https://www.businesswire.com/news/home/20210601006057/en/, BlackRock TCP Capital Corp. Meet BlackRock's Alternative-Investments Execs Driving Growth in . 480 Washington Boulevard
liquidity and geography. the firm managed approximately $6.3 trillion in assets on behalf of New. "Over time, it became clear that BlackRock wanted Tennenbaum to only focus on direct lending, rather than distressed and special situations investing," one of the former employees told Insider. Previously, she was Head of Client Solutions at Two Sigma Advisors. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? August 1, 2018, 12:43 PM UTC. today announced a definitive agreement under which BlackRock will Menu icon A vertical stack of three evenly . | LinkedIn: www.linkedin.com/company/blackrock. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. "Russ did more than found a business," Conway said in the September memo seen by Insider. Despite senior-level exits, the business has grown headcount and client assets since 2018. | LinkedIn: www.linkedin.com/company/blackrock. He is also on the board of California Science Center Foundation. 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. risk spectrums and market cycles, said James Keenan, Global Co-Head of BlackRock Inc a leading global investment management company based in New York said it is going to acquire an alternative investment management firm Tennenbaum Capital Partners LLC (TCP). Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. You must click the activation link in order to complete your subscription. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. inception. Terms were not disclosed. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. committed client assets. business development company. earnings per share. 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. People knew Tennenbaum was being overpaid relative to BlackRock standards.". (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. Since then, however, more than a dozen professionals have left the 35-person investment team that joined from Los Angeles-based TCP, Insider has learned. origination network. | Blog: www.blackrockblog.com to our clients, we provide the investment and technology solutions they August 01, 2018 08:43 AM Eastern Daylight Time. Smith joined the firm in 2004 and was named co-head of the business alongside the group's cofounder Bryan White in 2015, Bloomberg News reported at the time. 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. "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. There is a lot more capital coming into this space," Tseng told Insider. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. in Economics and a Ph.D. in Finance. As a fiduciary Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. 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. The stakes are high. has demonstrated strong performance over nearly two decades. . 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. BlackRock Asset . At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. Mahmoud joined BlackRock in 2014. "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.". | Twitter: @blackrock NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . In 2020, Michael Leitner, a managing director responsible for co-leading direct lending and special situations strategies, left. Around 90 TCP employees will migrate to BlackRock as part of the deal and retain management of TCP products, including the investments of business development company TCP Capital. 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. "Our aim is to be the clear global leader," Conway said in the memo. BlackRock said when it acquired TCP that a "key element" of the deal was TCP's senior management team including Leitner, Levkowitz, Tseng, and Vig sticking around. "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 is better known for its low-cost exchange-traded funds than its alternative assets prowess. Semer, 212-521-4800orFinancial ProfilesMoira Conlon, The "They could just decide: 'We're going to start our own company.'". 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. development company, TCP Capital Corp. (NASDAQ:TCPC). BlackRock's $318 billion alternative-investments business is key to the money manager's future. BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC (TCP) 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. client assets across multi-strategy credit, leveraged finance, and need when planning for their most important goals. 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. "So we understand that there could be normative attrition and churn. . NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum 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. BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. . expand our combined resources. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. 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. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. Our thought leadership in investing, risk management, portfolio construction and trading solutions. BlackRock executives said in a memo announcing McKenna's appointment in 2014 that there were still many untapped opportunities in the hedge fund space, like event-driven investing, Bloomberg reported at the time.