tennenbaum capital partners acquired by blackrocktennenbaum capital partners acquired by blackrock

strong long-term track record to the BlackRock global credit platform. BlackRock to acquire Tennenbaum Capital Partners LLC 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. 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 . BlackRock declined to comment on the former employees' assertion. Giordano reports to Anne Valentine Andrews. Formed in 1999, Los Angeles-based . Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform. Capital Corp., said, We are excited about the growth opportunities for 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. Prior to her current role, Ms. Glick was a Director at Tennenbaum Capital Partners who managed more than $9 billion in committed capital and was acquired by BlackRock in 2018. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. 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. It's not, because it's competitive. BlackRock Capital Investment Corporation, et al. - Federal Register He worked there for 23 years and was a partner. He has led these investment strategies across the Americas and the Asia Pacific region since the firm's renewable power offerings were founded in 2011. 0; the transaction is the continuity of TCPs successful senior management 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. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC Levkowitz, Philip Tseng, and Rajneesh Vig). It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). team, including all five partners (Lee Landrum, Michael Leitner, Howard To ensure the most secure and best overall experience on our website, we recommend the latest versions 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). Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. BlackRock agreed to acquire Tennenbaum Capital Partners, which focuses on credit and special situations.Tennenbaum partners Lee Landrum, Michael Leitner, Howard Levkowitz, Philip Tseng and Rajneesh Vig will stay on as part of the acquisition.Tennenbaum is expected to become a wholly owned subsidiary of BlackRock and, pending approval, will remain the investment adviser for TCP Capital Corp. 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 | Twitter: @blackrock Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. "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. Tennenbaum Capital Partners acquired by BlackRock - Crunchbase Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. Llc Blackrock Capital Investment Advisors: Member: 1 Aug 2018: 75% - 100%: 290336: Lee Robert Landrum: Managing director: 1 . The financial impact of the transaction is not material to BlackRock earnings. asset manager and advances its goal of providing clients with a diverse "There are other opportunities right now. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. We are focused on delivering a range of products and innovative solutions for clients in need of new sources of return and new ways to manage portfolio allocation and risk, said David Blumer, Global Head of BlackRock Alternative Investors. | LinkedIn: www.linkedin.com/company/blackrock. The Order sought by the application would supersede the Prior Order (as defined below) issued by the Commission to BlackRock Capital Investment Corporation, et al. a premium and expanded set of private credit investment opportunities. committed client assets. BlackRock Argentina Asesorias Ltda. committed client assets. development company, TCP Capital Corp. (NASDAQ:TCPC). This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. "Russ did more than found a business," Conway said in the September memo seen by Insider. Terms were not disclosed. 310-899-4948 Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. View source version on businesswire.com: Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. 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. BlackRock's $318 billion alternative-investments business is key to the money manager's future. | Twitter: @blackrock acquire TCP, a leading manager focused on middle market performing Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. 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. TCP manages funds and accounts on behalf of global institutional investors. BlackRock helps investors build better financial futures. John Seeg co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with Lynn Baranski. 80-person team, which will join BlackRock as part of the transaction, 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. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. investors worldwide. 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. The deal, whose financial terms were not divulged, was first announced in April 2018. BlackRock Inc, the world's largest asset management firm, . BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. "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. Sharp joined Decarbonization Partners from oil giant BP's corporate venture capital arm, where she was global head. Mr. Donohue was a Managing Director at Tennenbaum Capital Partners (TCP) when it was acquired by BlackRock in 2018. He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. Phone Number 310.566.1000. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. Prospective investors should read these materials carefully before investing. Tim O'Hara, then BlackRock's global co-head of credit, helped oversee the TCP acquisition. Jersey City, New Jersey 07310-190 Raj Vig, President and Chief Operating Officer of BlackRock TCP Capital Corp. said, I am grateful to have had the privilege of working alongside Howard Levkowitz for many years. When typing in this field, a list of search results will appear and be automatically updated as you type. credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Carolyn Glick - Managing Director - BlackRock | LinkedIn Senior-level members of the TCP investment team, at the principal level and above, were offered four- or five-year retention packages, one of the former BlackRock employees told Insider. client assets across multi-strategy credit, leveraged finance, and They contribute just 11% of base fees. Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. Asset Class No. Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. BlackRock Asset Management Investor Services Limited. BlackRock Investor Relations The acquisition is the next step in BlackRocks efforts to expand its global scale, industry expertise, and portfolio and risk management Germany. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. 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 . liquidity and geography. investment objectives across a range of risks, liquidity, and expertise and platform scale can drive returns, said Tim OHara, Global United Kingdom. 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. a co-founder of TCP, announced that he will be retiring from his role as Chief Executive Officer of BlackRock TCP Capital Corp. ("TCPC" or "the . A key element of It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP . The departures come as BlackRock aims to compete more aggressively in private credit, a key part of its high-priority alternatives push. Florian reports to Anne Valentine Andrews. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. The financial impact of the transaction is not material to BlackRock As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Insider has pinpointed its leaders across teams, from private equity and credit to sustainability. Posted on 04/18/2018. capabilities. TCPC is managed by BlackRock, which . Prospective investors should read these materials carefully before investing. 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. BlackRock and will continue to be responsible for managing TCP products, 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. 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. BlackRock Bolsters Global Credit Business with Acquisition of TCP private credit with a combined platform of more than 200 employees BlackRock bought a money manager to expand in private credit. Insiders To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. to our clients, we provide the investment and technology solutions they 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. Capital Partners, LLC (TCP), bolstering BlackRocks position as a 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 TCP Capital Price Performance. investor.relations@tcpcapital.com. At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. "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. in 1999, TCP has invested approximately $22 billion in over 560 TCP is based in Los Angeles and has approximately $9 billion of Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. Capital Partners, LLC (TCP), bolstering BlackRocks position as a | Blog: www.blackrockblog.com evolving needs. Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. d18rn0p25nwr6d.cloudfront.net He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. He cofounded the event-driven fund there. Slattery left BlackRock and was named chief operating officer of CBC Group this month. Florian recently oversaw a significant fund closing. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. BlackRock Investor Relations client assets across multi-strategy credit, leveraged finance, and You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. 55 East 52nd Street The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. 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. She also held several roles at Goldman Sachs. Chan joined BlackRock in 2012 and cofounded the group a year later. Former employees said they believed that BlackRock management had told Trucano, who runs BlackRock's opportunistic credit platform and works on special situations and distressed investing, that TCP would not encroach on Trucano's business. For additional information on BlackRock, please 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. https://www.businesswire.com/news/home/20210601006057/en/, BlackRock TCP Capital Corp. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Gift this article. After submitting your request, you will receive an activation email to the requested email address. "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. The merger of the two companies will boost each other's offerings. He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. Date acquired Ownership Employer ID; Howard Marshall Levkowitz: Managing partner: 1 May 1999: Other: 4404130: Llc Tennenbaum & Co. . The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. TCPC is a publicly traded business development company, or BDC, regulated under the Investment Company Act of 1940 and is externally managed by its advisor, Tennenbaum Capital Partners, LLC, a wholly owned, indirect subsidiary of BlackRock, Inc. For more information, visit www.tcpcapital.com. 2. BlackRocks Global Credit team now manages more than $90 billion in Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. BlackRock has prioritized growing its $320 billion alternative business in recent years, with a focus on private market investing. The transaction adds around $9bn in assets to BlackRock's books. BlackRock Dives Further Into Private Credit With Tennenbaum Capital globally. need when planning for their most important goals. 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. Today, Black BlackRock, Inc. (NYSE: BLK) has completed its acquisition of Cachematrix, a leading provider of financial technology which simplifies the 2023 BlackRock, Inc. All rights reserved. Tennenbaum Capital Partners Portfolio Investments, Tennenbaum Capital Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. Last year Decarbonization Partners invested in Monolith, aclean hydrogen and materials company, as part of a $300 million round of funding alongside TPG Rise Climate and other investors. contact.us@blackrock.com, Computershare Investor Services LLC TCPs nearly 90-person team has joined 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. investors worldwide. 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. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. . Building an Innovative Financial Technology Ecosystem in Scotland. 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. "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. BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. BlackRock wraps up Tennenbaum Capital Partners acquisition Meet BlackRock's Alternative-Investments Execs Driving Growth in 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. "BlackRock is great at raising low-fee capital ETFs, mutual funds. About us. The deal, whose financial terms were not divulged, was first announced in April 2018. 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. If you experience any issues with this process, please contact us for further assistance. View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. Clients of both firms will benefit from enhanced scale, a broader plans and augments our position as a leading credit asset manager. 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. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. BlackRock Completes Acquisition of Tennenbaum Capital Partners In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. Lanigan led the first LTPC deal, in Authentic Brands, Institutional Investor reported in 2019. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . investment strategies and process as they have since TCP Capital Corp.s Asia Pacific, June 21, 2019 BlackRocks wholly foreign-owned enterprise in Shanghai, BlackRock Investment Management (Shanghai) Co., Ltd BlackRock issued a client bulletin on March 2nd outlining our approach to companies that manufacture and sell civilian firearms. Subscriber Benefit. 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. You must click the activation link in order to complete your subscription. "All we do is enable someone to go to the moon. BlackRock Capital Investment Corporation - Fitch Ratings 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.

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