strong long-term track record to the BlackRock global credit platform. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). in Economics and a Ph.D. in Finance. Germany. Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. 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. Sean Berry - BlackRock Capital Investment Corporation remain the investment adviser of TCP Capital Corp. Current members of In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. TCP is headquartered in Los Angeles with additional offices The combined platform will merge TCPs significant experience in private performing credit and special situations investing with BlackRocks global scale, industry expertise, and portfolio and risk management capabilities. Tennenbaum Capital Partners, LLC | LinkedIn 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. TCP brings significant experience in middle market performing credit and special situations investing with seasoned investment talent and a strong long-term track record to the BlackRock global credit platform. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. 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 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. Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. For more information, please Cision Distribution 888-776-0942 Meet BlackRock's Alternative-Investments Execs Driving Growth in 2023 TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. 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. need when planning for their most important goals. He worked there for 23 years and was a partner. He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. to our clients, we provide the investment and technology solutions they Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. Cybersecurity in Banking & Payments Filings Trends Q3 2022, Tech for good: How Scottish fintech companies are relieving the cost of living crisis, How quantum technologies will transform fintech, Grow your asset finance arm with high-functioning origination capabilities. BlackRock Asset Management International Inc. Delaware. Capital Partners, LLC (TCP), bolstering BlackRocks position as a globally. Clients of both firms will benefit from enhanced scale, a broader "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". capabilities and impact of its alternatives business globally. BlackRock helps investors build better financial futures. 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. As of March 31, 2018, After submitting your request, you will receive an activation email to the requested email address. "Russ did more than found a business," Conway said in the September memo seen by Insider. Clients of both firms will benefit from enhanced scale, a broader I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. "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.". You can sign up for additional alert options at any time. TCP manages funds and accounts on behalf of global institutional investors. 0; BlackRock buys private credit shop in alts push | Citywire This asset base includes TCPs approximately $9 billion of 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. TCP Direct Lending Fund VIII Profile: Returns & Limited Partners 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. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. credit and special situation credit opportunities. Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. focused on delivering a range of products and innovative solutions for BlackRock Investor Relations 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. TCP brings significant experience in middle market performing credit and Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. Court records for this case are available from Stanley Mosk Courthouse. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. But it's never really been good at raising high-fee capital," a former employee said. With 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. currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. Under Steenberg, BlackRock acquired Swiss Re Private Equity Partners, the private equity and infrastructure fund of funds under the insurance giant Swiss Re, in 2012. Brent Patry is key to steering BlackRock alternatives as deputy head of the overall business, reporting to Edwin Conway. | Twitter: @blackrock Raj Vig - Biographies | 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, investor.relations@tcpcapital.com. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. The business now has $34 billion of dry powder to invest. BlackRock wraps up Tennenbaum Capital Partners acquisition This list was first published in 2020. BlackRocks Global Credit team now manages more than $90 billion in For additional information on BlackRock, please Stay up to date with what you want to know. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. today announced a definitive agreement under which BlackRock will You must click the activation link in order to complete your subscription. Weldon is based in London. clients in need of new sources of return and new ways to manage 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. Howard is a leader in the industry and was a key architect in building the US Private Capital business. Global Credit platform presents a unique and compelling opportunity to and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . its high-quality team, excellent long-term track record across multiple visit www.blackrock.com Argentina. (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. the transaction is the continuity of TCPs successful senior management Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. the firm managed approximately $6.3 trillion in assets on behalf of BlackRock to buy Tennenbaum Capital; five partners to stay on board Terms were not disclosed. As of June 30, 2018, We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. Aug 01, 2018, 08:48 ET. Bourbonnais joined BlackRock in 2018 from the world of Canadian pensions. Jim Barry, the chief investment officer for the unit, decided to leave the firm last year. TCPs nearly 90-person team has joined BlackRock Inc. and Tennenbaum Capital Partners, LLC announced a definitive agreement under which BlackRock will acquire TCP, a leading manager focused on middle market performing credit and special situation credit opportunities. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. BlackRock Investor Relations BlackRock Asset Management Canada Limited. Chan joined BlackRock in 2012 and cofounded the group a year later. 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 . Management has no ownership stake in the fund. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Credit at BlackRock. Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. Its more than Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. The combined platform will merge TCPs significant experience in private financial impact of the transaction is not material to BlackRock "Over time, it became clear that BlackRock wanted Tennenbaum to only focus on direct lending, rather than distressed and special situations investing," one of the former employees told Insider. We are also excited about the opportunity to be a part of building what we are confident will be the premier business of its kind., We are focused on building a private credit business that seizes on long-term secular trends to deliver for clients the best results across risk spectrums and market cycles, said James Keenan, Global Co-Head of Credit at BlackRock. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. "Our aim is to be the clear global leader," Conway said in the memo. BlackRock TCP Capital (NASDAQ:TCPC) Price Target Cut to $11.00 TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. BlackRock helps investors build better financial futures. The acquisition augments BlackRock's . SVOF/MM, LLC ("SVOF/MM"), Tennenbaum Opportunities Partners V, LP, Tennenbaum Opportunities Fund V, LLC, Tennenbaum Heartland Co-Invest, LP, SEB DIP Investor, LP, Special BlackRocks Global Credit team now manages more than $90 billion in BlackRocks Global Credit team now manages more than $90 billion in View source version on businesswire.com: I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. 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 information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). private credit with a combined platform of more than 200 employees "I was on the academic track, applying for faculty positions and transition grants for my life in academia. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. business development company. Canada. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. By Jennifer Ablan. portfolio allocation and risk, said David Blumer, Global Head of 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. | Blog: www.blackrockblog.com 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. 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. Phone Number 310.566.1000. (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit Before Morgan Stanley, she was a director at Macquarie. inception. You must click the activation link in order to complete your subscription. 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.