credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks 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. 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. 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. committed client assets. BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. 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. Argentina. 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. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. | Twitter: @blackrock He is also on the board of California Science Center Foundation. This list was first published in 2020. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. expertise and platform scale can drive returns, said Tim OHara, Global TCP Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. on June 20, 2019 [ 4] under sections 17 (d) and 57 (i) of the Act and rule 17d-1 under the Act, with the result that no person will continue to rely on the Prior Order if the . You can sign up for additional alert options at any time. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. . At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. Subscriber Benefit. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Management has no ownership stake in the fund. risk spectrums and market cycles, said James Keenan, Global Co-Head of need when planning for their most important goals. private credit with a combined platform of more than 200 employees capabilities. | LinkedIn: www.linkedin.com/company/blackrock. You can sign up for additional alert options at any time. As the story goes, the janitor responded: "I'm helping put a man on the moon. Relations:Tom Wojcik, [email protected], Internet Explorer presents a security risk. Jersey City, New Jersey 07310-190 At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. It also manages a publicly-traded business Strengthens BlackRocks credit platform to provide more diverse range of Our combination with BlackRock will Slattery left BlackRock and was named chief operating officer of CBC Group this month. BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. Raj Vig has more than 20 years of experience in the financial services industry. The transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. "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.". Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . Prospective investors should read these materials carefully before investing. BlackRock helps investors build better financial futures. 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. "They could just decide: 'We're going to start our own company.'". Capital Corp. and continue to focus on executing the same proven The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. 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. Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. Capital Partners, LLC (TCP), bolstering BlackRocks position as a Terms were not disclosed. Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. 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 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. client assets across multi-strategy credit, leveraged finance, and We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. visit: www.tennenbaumcapital.com Prospective investors should read these materials carefully before investing. Insider has pinpointed its leaders across teams, from private equity and credit to sustainability. to our clients, we provide the investment and technology solutions they "Whenever there's a category like that where there is interest and growth, there are going to be companies who want to get into that space.". Earlier in her career she spent 13 years at Blackstone, where she was a cohead of the firm's London office for hedge-fund solutions. 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. This acquisition will enhance our 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. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the "Company") announced today that BlackRock, Inc. (NYSE: BLK) ("BlackRock . earnings per share. As of June 30, 2018, This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). 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. 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. "I was on the academic track, applying for faculty positions and transition grants for my life in academia. "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.". Menu icon A vertical stack of three evenly . Institutional investors and hedge funds own 28.63% of the company's stock. Clients of both firms will benefit from enhanced scale, a broader Date acquired Ownership Employer ID; Howard Marshall Levkowitz: Managing partner: 1 May 1999: Other: 4404130: Llc Tennenbaum & Co. . After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. 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, [email protected]. As a fiduciary "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. For more information, visit www.tcpcapital.com. of Funds Currently Managed . BlackRock Affiliation Beneficial: Fitch Ratings believes that BlackRock Capital Investment Corporation's (BKCC) affiliation with BlackRock, Inc. enhances the business development company's (BDC) access to investment resources, deal flow and funding. [email protected]. REUTERS/Brendan McDermid/File Photo. Menu icon A vertical stack of three evenly . including the investments of TCP Capital Corp. (NASDAQ: TCPC), a United Kingdom. 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. need when planning for their most important goals. For additional information on BlackRock, please BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC, http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html. That is the ultimate validation, or not, of success performance and fundraising," Vig said. We are Terms of the deal were not . Description. committed client assets. As of June 30, 2018, 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.. special situations investing with seasoned investment talent and a 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. 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. 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. 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. You must click the activation link in order to complete your subscription. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. its high-quality team, excellent long-term track record across multiple Giordano reports to Anne Valentine Andrews. There is a lot more capital coming into this space," Tseng told Insider. TCPs nearly 90-person team has joined In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. 80-person team, which will join BlackRock as part of the transaction, He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. globally. This frustrated the TCP team, who for years focused on special situations and who assumed they would be able to keep doing just that type of investing when they arrived at BlackRock. She is a graduate of Arizona State University where she earned a B.S. 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. The stakes are high. 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. Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. Germany. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. BlackRock Asset Management Deutschland AG. TCP is the perfect complement to the existing credit business at BlackRock Asset Management International Inc. Delaware. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. The asset management industry has become the lender of choice," Conway said. SANTA MONICA, Calif.--(BUSINESS WIRE)-- NEW YORK--(BUSINESS WIRE)-- By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. earnings per share. "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. credit and special situation credit opportunities. Its headcount has grown 70%, to some 60 investment staff since its acquisition of TCP, according to a person familiar with the firm. Global Credit platform presents a unique and compelling opportunity to By Jennifer Ablan. 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. TCP brings significant experience in middle market performing credit and 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. As Chinas financial markets open up, the risks and rewards are huge for wealth managers, Rootstock Investment Management acquired by Stonehage Fleming, Schroders annual operating profit dips 14% to 723m, Julius Baer launches global AI journey with NEXT initiative, Whos saying what? 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. visit www.blackrock.com At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. 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. 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 TCP Capital Price Performance. August 1, 2018, 12:43 PM UTC. 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. TCPC is managed by BlackRock, which . In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. 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. Llc Blackrock Capital Investment Advisors: Member: 1 Aug 2018: 75% - 100%: 290336: Lee Robert Landrum: Managing director: 1 . | LinkedIn: www.linkedin.com/company/blackrock. investors worldwide. Upon completion of the "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. He also sits on BlackRock's global executive committee and chairs BA's executive committee. leading global credit manager and enhancing its ability to provide The business oversaw $30 billion as of December. 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. He joined TCP in 2006 and served as TCPCs President and Chief Operating Officer since its IPO in 2012. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. | Twitter: @blackrock Mahmoud joined BlackRock in 2014. 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. companies. Terms were not disclosed. View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, [email protected] institutional investors. Meet BlackRock's Alternative-Investments Execs Driving Growth in . 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. McKenna also worked at Caxton Associates and Citigroup. 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). For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. You can sign up for additional alert options at any time. strategy, and products. As of March 31, 2018, solutions for clients, Complementary acquisition assures continuity of TCP leadership, Terms were not disclosed. Posted on 04/18/2018. The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. business development company. BlackRock helps investors build better financial futures. TCP brings significant experience in middle market performing credit and focused on delivering a range of products and innovative solutions for BlackRock.. Indeed, the string of exits and tensions within the private credit business grew so untenable that BlackRock president and cofounder Rob Kapito stepped in to try to smooth over frustrations in the group and stem the outflow of talent, said four former BlackRock employees, who spoke to Insider under the condition of anonymity. capabilities. The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. Jim Barry, the chief investment officer for the unit, decided to leave the firm last year. | Blog: www.blackrockblog.com 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. committed client assets. liquidity and geography. For more information, visit www.tcpcapital.com. 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. origination network, and a premium and expanded set of private credit Phil Tseng, who co-heads US private capital with Vig and who also joined BlackRock through the TCP acquisition, said managing investment talent well goes hand-in-hand with driving returns for clients. https://www.businesswire.com/news/home/20210601006057/en/, BlackRock TCP Capital Corp. Semer, 212-521-4800orFinancial ProfilesMoira Conlon, BlackRock helps investors build better financial futures. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . The deal, whose financial terms were not divulged, was first announced in April 2018. to our clients, we provide the investment and technology solutions they Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. Court records for this case are available from Stanley Mosk Courthouse. globally. 480 Washington Boulevard He is an investment professional focused on the direct lending and special situations credit strategies. If you experience any issues with this process, please contact us for further assistance. in Economics and a Ph.D. in Finance. has demonstrated strong performance over nearly two decades. Prospective investors should read these materials carefully before investing. 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. 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. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . Longtime BlackRock executive David Giordano leads the alternatives unit's investments in climate-related infrastructure globally, with responsibility for investment strategy and managing the organization. strong long-term track record to the BlackRock global credit platform. BlackRock Capital Investment Corporation, et al. 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. "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. 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. He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. One major point of contention within the group was whether employees from the TCP team would be able to launch their own special situations fund at BlackRock which never came to fruition, people familiar with the matter said. Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. Sep 21, 2022, 9:12 AM. 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. BlackRock and, pending the approval of TCP Capital Corp.s shareholders, As a fiduciary 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. BlackRock Asset Management Canada Limited. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. [email protected], Computershare Investor Services LLC Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. "There are other opportunities right now. [email protected], BlackRock Funds, Services and Capabilities Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. origination network, and a premium and expanded set of private credit