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. Giordano reports to Anne Valentine Andrews. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum But it's never really been good at raising high-fee capital," a former employee said. 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. This transition in leadership follows BlackRocks highly successful 2018 acquisition of Tennenbaum Capital Partners (TCP) that solidified BlackRock as a leading private credit manager. companies. 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). This asset base includes TCPs approximately $9 billion of Strengthens BlackRocks credit platform to provide more diverse range of 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. Conway, as Institutional Investor noted, grew up in a dairy farming community in Ireland. "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. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Will Britcoin bring legitimacy to cryptocurrency in the UK? Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Chan joined BlackRock in 2012 and cofounded the group a year later. transaction, TCP is expected to become a wholly-owned subsidiary of In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. 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. Bourbonnais joined BlackRock in 2018 from the world of Canadian pensions. Its headcount has grown 70%, to some 60 investment staff since its acquisition of TCP, according to a person familiar with the firm. portfolio allocation and risk, said David Blumer, Global Head of BlackRock bought Merrill Lynch Investment Management in 2006. new colleagues and leveraging BlackRocks unparalleled resources to 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. Since its founding TCPs nearly 90-person team has joined The transaction will not have a material impact on BlackRocks earnings. You can sign up for additional alert options at any time. Carolyn Glick - Managing Director - BlackRock | LinkedIn Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. The combined platform will merge TCPs significant experience in private performing credit and special situations investing with BlackRocks global scale, industry expertise, and portfolio and risk management capabilities. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. invrel@blackrock.com, BlackRock Funds, Services and Capabilities | Twitter: @blackrock Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. 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. We are In a joint interview, BlackRock executives said they were confident in the team's growth and performance. "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. the firm managed approximately $6.3 trillion in assets on behalf of Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. 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). 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. Mr. Levkowitz was also Chairman and CEO of . provide TCPC with increased resources, scale, and market access to It's not, because it's competitive. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP visit www.blackrock.com The financial impact of the transaction is not material to BlackRock The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. 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. Business Insider SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. As a fiduciary (212) 810-5300, BlackRock Inc. (NYSE:BLK) Since 2021 the business also hired a new chief operating officer, a new head of sustainability, and two additional top executives focused on sustainable investments. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. He cofounded McKinsey's efforts around clean technologies and worked as a reservoir engineer in the oil and gas industry. | Twitter: @blackrock Menu icon A vertical stack of three evenly . He began his career at UBS Investment Bank's Growth . The acquisition will help both the companies to expand their offerings to their clients. | LinkedIn: www.linkedin.com/company/blackrock. 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. asset manager and advances its goal of providing clients with a diverse To ensure the most secure and best overall experience on our website, we recommend the latest versions of. earnings per share. On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. . TCP If you experience any issues with this process, please contact us for further assistance. And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. Weldon is based in London. Under Steenberg, BlackRock acquired Swiss Re Private Equity Partners, the private equity and infrastructure fund of funds under the insurance giant Swiss Re, in 2012. 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. Many investment companies, to be sure, face challenges in hiring and retention. 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. expand our combined resources. "At the end of 2021, we had over twice the amount of committed capital from investors in our direct lending business as we did at the end of 2018.". 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. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum United Kingdom. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. 480 Washington Boulevard REUTERS/Brendan McDermid/File Photo. Team CCCC Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. 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. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit police officer relieved of duty. 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. long-term secular trends to deliver for clients the best results across TCPs nearly 90-person team has joined 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. BlackRock TCP Capital Corp. Announces 2022 Financial Results | TCPC This list was first published in 2020. Meet BlackRock's Alternative-Investments Execs Driving Growth in . institutional investors. the transaction is the continuity of TCPs successful senior management He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. its high-quality team, excellent long-term track record across multiple Capital Partners, LLC (TCP), bolstering BlackRocks position as a 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. After submitting your request, you will receive an activation email to the requested email address. Jersey City, New Jersey 07310-190 Still, in recent years management has made it clear that its private investment capabilities need to be an important engine of growth. 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. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC She also held several roles at Goldman Sachs. He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. TCP with its more than $9 billion in committed . 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. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC 10-K Form - Annual report [Section 13 and 15(d), not S-K Item 405 You can sign up for additional alert options at any time. BlackRock Alternative Investors. Subscriber Benefit. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. globally. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. The acquisition is the next step in BlackRocks efforts to expand its capabilities and impact of its alternatives business globally. He cofounded the event-driven fund there. For additional information on BlackRock, please New York, NY 10055-0003 Gift this article. capabilities and impact of its alternatives business globally. 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. 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. People knew Tennenbaum was being overpaid relative to BlackRock standards.". 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. BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. | LinkedIn: www.linkedin.com/company/blackrock. We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. About us. TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. pioneered nearly two decades ago. By Jennifer Ablan. As of March 31, 2018, You must click the activation link in order to complete your subscription. focused on delivering a range of products and innovative solutions for 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. 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. BlackRock wraps up Tennenbaum Capital Partners acquisition 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. 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. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. investor.relations@tcpcapital.com. "People really felt burned by promises that were not delivered on, and felt they were misled, especially with special situations," one of the former employees said, adding that they felt management "told Trucano one thing" and told the TCP team "the exact opposite.". 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. and www.tcpcapital.com. Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. business development company. Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. The acquisition of TCP accelerates our growth You must click the activation link in order to complete your subscription. 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 . credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks Coca-Cola Europacific Partners PLC (NYSE:CCEP) Shares Acquired by Phone Number 310.566.1000. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. BlackRocks Global Credit team now manages more than $90 billion in TCP manages funds and accounts on behalf of global institutional investors. "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. BlackRock Completes Acquisition of Tennenbaum Capital Partners He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. 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. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a Since its founding in 1999, TCP has invested approximately $22 billion in over 560 companies. TCP Capital : Tennenbaum Capital Partners Announces Closing Of $300 BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC, http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html. Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. Tennenbaum was formally organized in 1999. March 18, 2022 . BlackRock Capital Investment Corporation - Fitch Ratings Prior to BlackRock, Mahmoud founded and ran a risk-advisory and wealth management firm called Sovereignty Capital UK and worked at Bank of America in several capital markets roles including head of EMEA sales and EMEA equities. 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. The departures come as BlackRock aims to compete more aggressively in private credit, a key part of its high-priority alternatives push. BlackRock Investor Relations 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. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. "We are seeing an increasing blurring of what used to be clearly distinct business models, whether this is a convergence between asset and wealth management, LPs becoming direct investors, asset and liability pools moving fluidly between insurers, and pension funds or asset servicers looking to integrate ever closer with their clients," he told Insider in 2020. BlackRock to buy Tennenbaum Capital; five partners to stay on board BlackRock TCP Capital Corp. Clients of both firms will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities, Blackrock said in a statement. 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. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals. leading global credit manager and enhancing its ability to provide committed client assets. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. Is this a year of opportunity for investments in China? "Russ did more than found a business," Conway said in the September memo seen by Insider. | Twitter: @blackrock BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital DAVID HOLLANDER VS TENNENBAUM CAPITAL PARTNERS, LLC, ET AL. - UniCourt | LinkedIn: www.linkedin.com/company/blackrock. liquidity and geography. committed client capital as of December 31, 2017. 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. Contact Email mailbox@tennenbaumcapital.com. He said in November during a call to discuss earnings with analysts that BKCC, as it's known, now has 111 portfolio companies, an all-time high. Tennenbaum Capital PartnersMedia:KekstMark BlackRock Inc, the world's largest asset management firm, . team, including all five partners (Lee Landrum, Michael Leitner, Howard special situations investing with seasoned investment talent and a 2. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. "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.". BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. BlackRock and will continue to be responsible for managing TCP products, Edmentum Secures $25 Million in Capital | Edmentum Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. After submitting your request, you will receive an activation email to the requested email address. Jersey City, New Jersey 07310-190 BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. TCP brings significant experience in middle market performing credit and (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. BlackRock's August 2018 acquisition of Tennenbaum Capital . earnings. of Funds Currently Managed . will be the premier business of its kind., We are focused on building a private credit business that seizes on For additional information on BlackRock, please You can sign up for additional alert options at any time. In connection with the transaction, the Company's name was changed from TCP . 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. BlackRock raises $2 billion for Global Credit Opportunities Fund the firm managed approximately $6.3 trillion in assets on behalf of TCPs nearly 90-person team has joined investors worldwide. Credit at BlackRock. You must click the activation link in order to complete your subscription. Prospective investors should read these materials carefully before investing. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. Chouman has said he sees two dimensions to Aladdin's future growth: clients demanding a more sophisticated, all-encompassing view of their alternative assets, and the business' operations in an increasingly complex area where different models are intertwined. Court records for this case are available from Stanley Mosk Courthouse. globally. TCPC), a business development company. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use.