"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.". BlackRock formed its capital markets team in 2020 with Patry at the helm, bringing together the businesses for global capital markets and private capital markets, the industry news publication PE Hub reported. . You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. investors worldwide. 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. For more information, please But we try to take that into account, and we've really invested in the business to scale our team commensurate with our capital base and our deployment.". 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 . "I was on the academic track, applying for faculty positions and transition grants for my life in academia. Tarek Mahmoud runs multi-alternative solutions where BlackRock advises clients investing in various types of alternative assets and chairs the Europe, Middle East, and Africa region for BlackRock Alternatives. 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). 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. I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. "Russ did more than found a business," Conway said in the September memo seen by Insider. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 310-566-1003investor.relations@tennenbaumcapital.com. Clients of both firms will benefit from this powerful The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. provide TCPC with increased resources, scale, and market access to Description. This acquisition will enhance our ability to deliver clients private credit solutions that meet their investment objectives across a range of risks, liquidity, and geographies.. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Capital Partners, LLC (TCP), bolstering BlackRocks position as a BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. 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. contact.us@blackrock.com, Computershare Investor Services LLC 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. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. 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. He has a background that's unexpected in the world of high finance. He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. You can sign up for additional alert options at any time. New York, NY 10055-0003 private credit with a combined platform of more than 200 employees in Economics and a Ph.D. in Finance. "We talk to our managers and management teams about looking into the future how we can also introduce them to our credit teams, to get access to the debt markets. Terms were not disclosed. investors worldwide. Gift this article. Conway previously ran BlackRock's key institutional-client business, where he was responsible for the overall strategy for the firm's relationships with institutional clients like sovereign wealth funds, public and private pension plans, and foundations. After submitting your request, you will receive an activation email to the requested email address. For additional information on BlackRock, please Private credit has been "a pretty strong asset class for several years now," Sondhelm added, noting that investors are in search of higher levels of income that aren't strongly correlated to the volatility of stocks. The stakes are high. Baranski and Seeg took over from Russell Steenberg, the founder and longtime head, after he stepped away from day-to-day responsibilities and took on a new role as chairman of PEP as of January 1. Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. 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. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. McKenna is responsible for managing BlackRock's event-driven investing efforts that is, the investment strategy used to profit from price action around a specific event and oversees $7.8 billion in the Event Driven Equity Fund. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ('TCP') today announced a definitive agre. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. Tennenbaum Capital PartnersMedia:KekstMark But when it comes to performance fees those that BlackRock earns for generating strong returns for clients, and last year accounted for $514 million they have an outsized impact. 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. Date acquired Ownership Employer ID; Howard Marshall Levkowitz: Managing partner: 1 May 1999: Other: 4404130: Llc Tennenbaum & Co. . Will Britcoin bring legitimacy to cryptocurrency in the UK? By Jennifer Ablan. Since its founding in 1999, TCP has invested approximately $22 billion in over 560 companies. If you experience any issues with this process, please contact us for further assistance. 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. Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. 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. committed client assets. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. The financial impact of the transaction is not material to BlackRock Menu icon A vertical stack of three evenly . TCP . Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC Aug 01, 2018, 08:48 ET. "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 its high-quality team, excellent long-term track record across multiple market cycles, diverse expertise, and proven origination capabilities, TCP is the perfect complement to the existing credit business at BlackRock.. 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 capabilities and impact of its alternatives business globally. 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 had an existing special situations fund in the US, run by David Trucano, a dynamic that spurred internal conflict, the person added. "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. acquire TCP, a leading manager focused on middle market performing The presentation, which was published online by the pension, also said that incentive or retention packages were to be offered to TCP investment team members. 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. Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. BlackRock TCP Capital Price Performance. . 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. TCP is based in Los Angeles and has approximately $9 billion of BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. If you experience any issues with this process, please contact us for further assistance. Co-Head of Credit at BlackRock. New. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a 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. 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. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. This list was first published in 2020. 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. Patry joined BlackRock in 2017 from Credit Suisse, where he worked for nearly two decades and held roles including head of leveraged finance capital markets. Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. client assets across multi-strategy credit, leveraged finance, and 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 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. 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. 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. 55 East 52nd Street Chan joined BlackRock in 2012 and cofounded the group a year later. Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol "They could just decide: 'We're going to start our own company.'". Jim Barry, the chief investment officer for the unit, decided to leave the firm last year. Previously, she was Head of Client Solutions at Two Sigma Advisors. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . 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. 310-622-8220orInvestors:Katie McGlynn, In a joint interview, BlackRock executives said they were confident in the team's growth and performance. 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. As the story goes, the janitor responded: "I'm helping put a man on the moon. The business oversaw $30 billion as of December. 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. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. I appreciate our Boards vote of confidence in appointing me Chairman and Chief Executive Officer. 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. Global Credit platform presents a unique and compelling opportunity to Contact Email mailbox@tennenbaumcapital.com. BlackRock bought Merrill Lynch Investment Management in 2006. It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. clients with private credit solutions across a range of risk level, US asset management giant BlackRock is set to purchase Los Angeles-based boutique Tennenbaum Capital Partners, focused on middle market performing credit and special. 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. Tennenbaum Capital Partners ("TCP") is a California-based private investment company investing in both performing credit and special situations, primarily in North American middle-market companies. Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. 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) You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. BlackRock and will continue to be responsible for managing TCP products, BlackRock Asset Management Investor Services Limited. visit www.blackrock.com geographies.. Raj Vig, the co-head of US private capital at BlackRock who was a longtime TCP executive, said 2021 was a record year of capital deployment. Sep 21, 2022, 9:12 AM. origination network, and a premium and expanded set of private credit Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. 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. "The available tool kit that you have now as a private enterprise is very high. invrel@blackrock.com, BlackRock Funds, Services and Capabilities She also held several roles at Goldman Sachs. "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 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. BlackRock Investor Relations Canada. 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 . 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. Within the alternatives business, Smith heads up BlackRock Alternative Advisors, the firm's hedge fund solutions team and fund of funds that was founded more than two decades ago. BlackRock Asset Management International Inc. Delaware. Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. Management has no ownership stake in the fund. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. In 2020, Michael Leitner, a managing director responsible for co-leading direct lending and special situations strategies, left. Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. leading global credit manager and enhancing its ability to provide contact.us@blackrock.com, Computershare Investor Services LLC BlackRocks Global Credit team now manages more than $90 billion in Mr. Levkowitz was also Chairman and CEO of . He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. 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. (Reuters) - BlackRock Inc, the world's largest asset management firm, said on Wednesday it had raised $2 billion for its flagship opportunistic credit fund, Global Credit . "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. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. special situations investing with seasoned investment talent and a At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. . 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. Howard is a leader in the industry and was a key architect in building the US Private Capital business. capabilities. Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. business development company. 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. Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. 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. Prior to TCP, he managed various departments of a major investment bank. Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. committed client assets. Capital Corp., said, We are excited about the growth opportunities for As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. SANTA MONICA, Calif.--(BUSINESS WIRE)-- performing credit and special situations investing with BlackRocks Menu icon A vertical stack of three evenly . Net investment income for the quarter ended December 31, 2022 was $23.0 million, or $0.40 per share on a diluted basis, which Institutional investors and hedge funds own 28.63% of the company's stock. August 1, 2018, 12:43 PM UTC. The merger of the two companies will boost each other's offerings. Formed in 1999, Los Angeles-based . visit: www.tennenbaumcapital.com The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. The combined platform will merge TCPs significant experience in private to our clients, we provide the investment and technology solutions they a premium and expanded set of private credit investment opportunities. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a about the opportunity to be a part of building what we are confident He was responsible for the unit, called Private Equity Partners, until this year when he officially took on a new role as chairman of the business. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. Dickon Pinner joined BlackRock last year to run a new unit in BlackRock Alternatives called Transition Capital, a team aimed at investing in opportunities tied to the energy transition. 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. Delaware. BlackRock helps investors build better financial futures. Posted on 04/18/2018. TCPs nearly 90-person team has joined To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. Mahmoud joined BlackRock in 2014. BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. "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. 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. 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. 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. committed client capital as of December 31, 2017. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. of Funds Currently Managed . strategy, and products. BlackRocks Global Credit team now manages more than $90 billion in If you experience any issues with this process, please contact us for further assistance. You must click the activation link in order to complete your subscription. to our clients, we provide the investment and technology solutions they At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. Argentina. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. BlackRock declined to comment on the former employees' assertion. The transaction adds around $9bn in assets to BlackRocks books.

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