TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017. About us. 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. Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. Tennenbaum Capital PartnersMedia:KekstMark Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Prior to TCP, he managed various departments of a major investment bank. TCPC), a business development company. "So we understand that there could be normative attrition and churn. investors worldwide. Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si The transaction, which is expected to close in the third quarter of After submitting your request, you will receive an activation email to the requested email address. 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. BlackRock TCP Capital Price Performance. origination network, and a premium and expanded set of private credit You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. TCPs nearly 90-person team has joined Within months of the TCP deal closing, Kapito flew to Los Angeles to meet with the investment team, one of the former employees said, noting that the group had already lost multiple managing directors by then. | LinkedIn: www.linkedin.com/company/blackrock. BlackRock's leases on East 52nd Street expire in April. Chan joined BlackRock in 2012 and cofounded the group a year later. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. Terms were not disclosed. Prospective investors should read these materials carefully before investing. Levkowitz, Philip Tseng, and Rajneesh Vig). Sign up for notifications from Insider! BlackRock Investor Relations Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. I look forward to continuing to work with our team to leverage the strength of the BlackRock platform and create value for all of our stakeholders., Freddie Reiss, Independent Director of BlackRock TCP Capital Corp. said, On behalf of our entire Board of Directors, I want to thank Howard Levkowitz for his leadership and vision as well as his many contributions to the company over the years. At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. strong long-term track record to the BlackRock global credit platform. 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. Copied. Shares of NASDAQ TCPC opened at $11.72 on Wednesday. He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. A key element of Tim O'Hara, then BlackRock's global co-head of credit, helped oversee the TCP acquisition. Weldon is based in London. 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. committed client assets. As of June 30, 2018, As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. clients are increasingly turning to private credit as a higher-yielding Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. clients with private credit solutions across a range of risk level, origination network, and a premium and expanded set of private credit to our clients, we provide the investment and technology solutions they This transition in leadership follows BlackRock's highly successful 2018 acquisition of Tennenbaum Capital Partners ("TCP") that solidified BlackRock as a leading private credit manager. alternative to traditional fixed income allocations. Fri 05 Feb, 2021 - 10:32 AM ET. Lanigan led the first LTPC deal, in Authentic Brands, Institutional Investor reported in 2019. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor Cybersecurity in Banking & Payments Filings Trends Q3 2022, Tech for good: How Scottish fintech companies are relieving the cost of living crisis, How quantum technologies will transform fintech, Grow your asset finance arm with high-functioning origination capabilities. Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. special situations investing with seasoned investment talent and a The money manager has been on a mission to grow its $318 billion alternatives business. 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. about the opportunity to be a part of building what we are confident private credit with a combined platform of more than 200 employees He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. He currently serves with Raj as Co-Head of US Private Capital. Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment management firm with approximately $9 billion of committed capital focused on direct lending and special situations for middle-market companies. 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. (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. This asset base includes TCPs approximately $9 billion of "When you join a big company like BlackRock, it's just a lot more political. BlackRock Completes Acquisition of Tennenbaum Capital Partners. "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. Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. 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. 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). 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. BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. After submitting your request, you will receive an activation email to the requested email address. 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 . Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. Read more Show less. 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. 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. Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. The business builds "bespoke customized exposure for clients through hedge-fund exposure," Edwin Conway said of the group during an industry conference in 2020. You can sign up for additional alert options at any time. ", "When people ask me what I do I'm just a small piece," Smith said, noting the many product specialists, investors, technologists, and other colleagues she works with. March 18, 2022 . In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. Previously, she was Head of Client Solutions at Two Sigma Advisors. team, including all five partners (Lee Landrum, Michael Leitner, Howard liquidity and geography. Clients of both firms will benefit from enhanced scale, a broader the firm managed approximately $6.3 trillion in assets on behalf of 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. As a fiduciary Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. Terms were not disclosed. New York, NY 10055-0003 Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. Institutional investors and hedge funds own 28.63% of the company's stock. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a In 2020, Michael Leitner, a managing director responsible for co-leading direct lending and special situations strategies, left. Formed in 1999, Los Angeles-based . Clients of both firms will benefit from enhanced scale, a broader But it's never really been good at raising high-fee capital," a former employee said. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. Karyn L. Williams Named Independent Director of BlackRock TCP Capital Corp. 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. For additional information on BlackRock, please new colleagues and leveraging BlackRocks unparalleled resources to 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. 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 is great at raising low-fee capital ETFs, mutual funds. You kind of have to stick out," the person said. has demonstrated strong performance over nearly two decades. 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. a premium and expanded set of private credit investment opportunities. 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 helps investors build better financial futures. Contact Email mailbox@tennenbaumcapital.com. The transaction will not have a material impact on BlackRocks earnings. Ms. Williams is the Founder of Hightree Group, an independent advisory business in the institutional investor market that is focused on providing clients with straightforward, cost-effective, and unconflicted advice on governance and policy. combination, which will result in enhanced scale and a broader 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. By offering a growing array of alternatives, traditional asset managers tap into stickier fees and revenue and boost organic growth, they wrote. TCP manages funds and accounts on behalf of global The acquisition augments BlackRocks position as a leading global credit asset manager and advances its goal of providing clients with a diverse range of alternative investment products and solutions to meet their evolving needs. 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. As the story goes, the janitor responded: "I'm helping put a man on the moon. Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. Will Britcoin bring legitimacy to cryptocurrency in the UK? Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment 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. BlackRock Investor Relations SANTA MONICA, Calif.--(BUSINESS WIRE)-- 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. "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". 55 East 52nd Street Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. clients in need of new sources of return and new ways to manage In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. The financial impact of the transaction is not material to BlackRock 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. We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. 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. 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 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. "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.". 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. He began his career at UBS Investment Bank's Growth . If you experience any issues with this process, please contact us for further assistance. and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . In an interview last fall about her career with an industry group, Smith referred to the tale of President John F. Kennedy approaching a janitor sweeping the floors at the NASA space center in 1962 and asking what he was doing. special situations investing with seasoned investment talent and a If you experience any issues with this process, please contact us for further assistance. This asset base includes TCPs approximately $9 billion of TCP complements BlackRocks Global Credit business with seasoned investment talent and a strong long-term track record at a time when clients are increasingly turning to private credit as a higher-yielding alternative to traditional fixed income allocations. "And that's something that we'll continue over the next couple of years with regard to how we're budgeting and how we're thinking about headcount.". NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum BlackRock's $318 billion alternative-investments business is key to the money manager's future. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. capabilities and impact of its alternatives business globally. BlackRock Inc, the world's largest asset management firm, . Its more than 80-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over nearly two decades. Katie McGlynn . In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. TCP with its more than $9 billion in committed . You must click the activation link in order to complete your subscription. The acquisition augments BlackRock's . Former BlackRock employees say underwhelming pay and unfulfilled promises that the team could raise its own special situations fund led to widespread frustration and departures. Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. BlackRocks global credit team now oversees assets of over $90bn across multi-strategy credit, leveraged finance, as well as private credit and employs more than 200 people. TCPs nearly 90-person team has joined inception. Weldon joined BlackRock from Partners Capital, the outsourced investment office for clients such as endowments, foundations, and ultrawealthy families, where she was the global head of ESG and impact investing. In a joint interview, BlackRock executives said they were confident in the team's growth and performance. Another person said: "BlackRock doesn't pay that well. portfolio allocation and risk, said David Blumer, Global Head of Jersey City, New Jersey 07310-190 "Investors vote with their wallets. focused on direct lending and special situations for middle-market companies. It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. transaction, TCP is expected to become a wholly-owned subsidiary of Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. 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. Argentina. The transaction adds around $9bn in assets to BlackRock's books. Germany. 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. The deal, whose financial terms were not divulged, was first announced in April 2018. The transaction adds around $9bn in assets to BlackRocks books. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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 globally. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. The acquisition is the next step in BlackRocks efforts to expand its Andr Bourbonnais heads up BlackRock's Long Term Private Capital, a direct private equity strategy that focuses on control investments in companies in North America and Europe. BlackRocks Global Credit team now manages more than $90 billion in (212) 810-5300, BlackRock Inc. (NYSE:BLK) Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. . Insider has pinpointed its leaders across teams, from private equity and credit to sustainability. 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. TCP was acquired by BlackRock, Inc. in August of 2018. 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. Clients of both firms will benefit from enhanced scale, a broader BlackRock Asset Management International Inc. Delaware. the firm managed approximately $6.3 trillion in assets on behalf of These are two important areas to BlackRock, particularly because of the firm's view that the Inflation Reduction Act in the US is expected to increase investments in infrastructure-related projects and real estate investors will find new opportunities amid shifting office and work-from-home dynamics. visit www.blackrock.com diversification are increasingly turning to private credit where both Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. in 1999, TCP has invested approximately $22 billion in over 560 You must click the activation link in order to complete your subscription. Brent Patry is key to steering BlackRock alternatives as deputy head of the overall business, reporting to Edwin Conway. investors worldwide. Tennenbaum was formally organized in 1999. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. She also held several roles at Goldman Sachs. enhance our ability to serve clients and borrowers. After submitting your request, you will receive an activation email to the requested email address. For more information, visit www.tcpcapital.com. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. 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. long-term secular trends to deliver for clients the best results across To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. global scale, industry expertise, and portfolio and risk management 310-899-4948 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 and, pending the approval of TCP Capital Corp.s shareholders, Terms of the deal were not . Insider has pinpointed the key people responsible for the alternatives business today.