The acquisition is the next step in BlackRocks efforts to expand its committed client capital as of December 31, 2017. credit and special situation credit opportunities. The acquisition augments BlackRocks position as a leading global credit asset manager and advances its goal of providing clients with a diverse range of alternative investment products and solutions to meet their evolving needs. Mr. Donohue was a Managing Director at Tennenbaum Capital Partners (TCP) when it was acquired by BlackRock in 2018. The financial impact of the transaction is not material to BlackRock 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]. Despite senior-level exits, the business has grown headcount and client assets since 2018. Our combination with BlackRock will enhance our ability to serve clients and borrowers. Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. Mr. Levkowitz was also Chairman and CEO of . Date acquired Ownership Employer ID; Howard Marshall Levkowitz: Managing partner: 1 May 1999: Other: 4404130: Llc Tennenbaum & Co. . Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. 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). NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ("TCP") today announced a definitive agreement under which . TCP manages funds and accounts on behalf of global But it's never really been good at raising high-fee capital," a former employee said. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . New York, NY 10055-0003 The deal, whose financial terms were not divulged, was first announced in April 2018. 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. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara today announced a definitive agreement under which BlackRock will 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. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. . View source version on businesswire.com: To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. liquidity and geography. Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. August 01, 2018 08:43 AM Eastern Daylight Time. The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. He is also on the board of California Science Center Foundation. Clients of both firms will benefit from enhanced scale, a broader 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. Capital Corp., said, We are excited about the growth opportunities for 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. continue to build on our long track record in middle market performing The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. the transaction is the continuity of TCPs successful senior management March 18, 2022 . Forward-looking statements are made as of the date of this press release, and are subject to change without notice. "BlackRock is great at raising low-fee capital ETFs, mutual funds. As the story goes, the janitor responded: "I'm helping put a man on the moon. police officer relieved of duty. business development company. the firm managed approximately $6.3 trillion in assets on behalf of The combined platform will merge TCPs significant experience in private 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. 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 . NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Tennenbaum Capital Partners, LLC ("TCP") is a leading alternative investment management firm founded in 1999 (its predecessor entity commenced operations in 1996) with a proven track . transaction, TCP is expected to become a wholly-owned subsidiary of 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. Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . Previously, she was Head of Client Solutions at Two Sigma Advisors. TCPs nearly 90-person team has joined origination network, and a premium and expanded set of private credit committed client assets. BlackRock Asset . biogen senior engineer ii salary. "They could just decide: 'We're going to start our own company.'". This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. The transaction will not have a material impact on BlackRocks earnings. 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. 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. After submitting your request, you will receive an activation email to the requested email address. TCP is based in Los Angeles and has approximately $9 billion of Posted on 04/18/2018. This asset base includes TCPs approximately $9 billion of BlackRock Inc. now owns 14,447,992 shares of the company's stock valued at $702,316,000 after acquiring an additional 685,745 shares in the last quarter. 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. Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. Around 90 TCP employees will migrate to BlackRock as part of the deal and retain management of TCP products, including the investments of business development company TCP Capital. She was previously the global head of investments for PEP. He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. ", "When people ask me what I do I'm just a small piece," Smith said, noting the many product specialists, investors, technologists, and other colleagues she works with. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. The transaction adds around $9bn in assets to BlackRocks books. Giordano reports to Anne Valentine Andrews. Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment capabilities. 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. Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. If you experience any issues with this process, please contact us for further assistance. He has a background that's unexpected in the world of high finance. He is an investment professional focused on the direct lending and special situations credit strategies. Finally, BlackRock Inc. raised its holdings in Coca-Cola Europacific Partners by 5.0% in the first quarter. The acquisition of TCP accelerates our growth 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. He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment. Mahmoud joined BlackRock in 2014. long-term secular trends to deliver for clients the best results across Howard Levkowitz, 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 Company) on August 5, 2021, and as a Director and Chairman of the Board of Directors (the Board) on September 30, 2021. Asset Class No. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. BlackRock Investor Relations BlackRocks Global Credit team now manages more than $90 billion in plans and augments our position as a leading credit asset manager. 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. Since its founding in 1999, TCP has invested approximately $22 billion in over 560 companies. 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. 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. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. New York, NY 10055-0003 The acquisition will help both the companies to expand their offerings to their clients. 480 Washington Boulevard its high-quality team, excellent long-term track record across multiple BlackRock Asset Management Investor Services Limited. Florian recently oversaw a significant fund closing. For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. leading global credit manager and enhancing its ability to provide 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. This is TCP's third CLO issuance in the past 12 months. 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. BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. Some employees from the TCP team stayed long enough to receive their retention bonus, one of the people said. Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. Slattery left BlackRock and was named chief operating officer of CBC Group this month. "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.". 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. | LinkedIn: www.linkedin.com/company/blackrock. It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). BlackRock TCP Capital Price Performance. leading global credit manager and enhancing its ability to provide The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. Will Britcoin bring legitimacy to cryptocurrency in the UK? 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. | Twitter: @blackrock capabilities. There is a lot more capital coming into this space," Tseng told Insider. Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. 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 business oversaw $30 billion as of December. to our clients, we provide the investment and technology solutions they Prospective investors should read these materials carefully before investing. TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. 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. 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. Subscriber Benefit. the firm managed approximately $6.3 trillion in assets on behalf of Daniel Levan, a director at BlackRock, also recently left the private credit team, according to two former BlackRock employees who spoke to Insider and a public pension disclosure, which noted the departures of Saffold, Pritchard, and Levan. I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. client assets across multi-strategy credit, leveraged finance, and After submitting your request, you will receive an activation email to the requested email address. TCP brings significant experience in middle market performing credit and special situations . Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. earnings. . You must click the activation link in order to complete your subscription. BlackRock Asset Management International Inc. Delaware. financial impact of the transaction is not material to BlackRock companies. She is a graduate of Arizona State University where she earned a B.S. The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. 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. 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. 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. Steenberg had founded the business in 1999. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. The acquisition augments BlackRock's . Jersey City, New Jersey 07310-190 Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. If you experience any issues with this process, please contact us for further assistance. BlackRock bought Merrill Lynch Investment Management in 2006. visit www.blackrock.com capabilities. In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. 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. 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. BlackRock declined to comment on the former employees' assertion. 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. TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. Before Morgan Stanley, she was a director at Macquarie. need when planning for their most important goals. Insider has pinpointed its leaders across teams, from private equity and credit to sustainability. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ('TCP') today announced a definitive agre. Raj Vig has more than 20 years of experience in the financial services industry. 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. As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. Management has no ownership stake in the fund. expertise and platform scale can drive returns, said Tim OHara, Global 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. The merger of the two companies will boost each other's offerings. | Blog: www.blackrockblog.com New. Formed in 1999, Los Angeles-based . 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. For additional information on BlackRock, please Forward-looking statements involve risks and uncertainties in predicting future results and conditions. You kind of have to stick out," the person said. clients are increasingly turning to private credit as a higher-yielding 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. TCPC lends primarily to companies with established market positions, strong regional or national operations, differentiated products and services and sustainable competitive advantages, investing across industries in which it has significant knowledge and expertise.
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