Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Net investment income for the quarter ended December 31, 2022 was $23.0 million, or $0.40 per share on a diluted basis, which Gift this article. liquidity and geography. BlackRock announced it will acquire private credit manager Tennenbaum Capital Partners in a deal that strengthens the $6.3 trillion money manager's credit platform. combination, which will result in enhanced scale and a broader | LinkedIn: www.linkedin.com/company/blackrock. If you experience any issues with this process, please contact us for further assistance. capabilities. . "There are other opportunities right now. The fund is located in Santa Monica, California and invests in the United States. need when planning for their most important goals. Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. Mr. Donohue was a Managing Director at Tennenbaum Capital Partners (TCP) when it was acquired by BlackRock in 2018. BlackRock Investor Relations Katie McGlynn BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use. Terms of the deal were not . Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. Terms were not disclosed. | Blog: www.blackrockblog.com After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. clients with private credit solutions across a range of risk level, It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. our business as we continue to employ the successful strategy we 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. Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. investors worldwide. Jim Barry, the chief investment officer for the unit, decided to leave the firm last year. market cycles, diverse expertise, and proven origination capabilities, Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. leading global credit manager and enhancing its ability to provide 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 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. Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si TCPC is managed by BlackRock, which . You must click the activation link in order to complete your subscription. Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. He is an investment professional focused on the direct lending and special situations credit strategies. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. After submitting your request, you will receive an activation email to the requested email address. 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. Its more than 80-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over nearly two decades. Aug 01, 2018, 08:48 ET. 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. BlackRock Inc, the world's largest asset management firm, . Stay up to date with what you want to know. If you experience any issues with this process, please contact us for further assistance. Before Morgan Stanley, she was a director at Macquarie. range of alternative investment products and solutions to meet their BlackRock helps investors build better financial futures. origination network, and a premium and expanded set of private credit 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. to our clients, we provide the investment and technology solutions they 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. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team . Forward-looking statements involve risks and uncertainties in predicting future results and conditions. 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. (212) 810-5300, BlackRock Inc. (NYSE:BLK) You must click the activation link in order to complete your subscription. 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 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. Brent Patry is key to steering BlackRock alternatives as deputy head of the overall business, reporting to Edwin Conway. in Economics and a Ph.D. in Finance. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. "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.". TCPs nearly 90-person team has joined 80-person team, which will join BlackRock as part of the transaction, TCP brings significant experience in middle market performing credit and In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. 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. The exodus of talent in recent years from both the TCP team and the wider private credit platform some of whom left for large alternative asset managers like Apollo and Ares comes at a highly competitive and in-demand moment for the private credit market. By Jennifer Ablan. Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. For BlackRock Media: Tara McDonnell (212) 810-5337 tara.mcdonnell@blackrock.com, Investors:Tom Wojcik (212) 810-8127 tom.wojcik@blackrock.com, For Tennenbaum Capital PartnersMedia: Mark Semer Kekst (212) 521-4800, Moira Conlon Financial Profiles(310) 622-8220, Investors:Katie McGlynn (310) 566-1003 investor.relations@tennenbaumcapital.com, BlackRocks purpose is to help more and more people experience financial well-being. Terms were not disclosed. Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. 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. BlackRock Asset Management Canada Limited. Dan Sondhelm, CEO and founder of Sondhelm Partners, an asset-management consulting firm, said that given how hot the private credit market is right now, deal-hungry firms may run the risk of not being able to hold onto investment talent for long especially once retention packages time out. "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. acquisition of Tennenbaum Capital Partners. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. 55 East 52nd Street 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. 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. 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. BlackRock and, pending the approval of TCP Capital Corp.s shareholders, Then, I just suddenly came to the realization that I didn't want to do that anymore; I actually wanted to be a VC," Sharp said in an interview in 2018. the TCP team will continue to be responsible for the investments of TCP Weldon joined BlackRock from Partners Capital, the outsourced investment office for clients such as endowments, foundations, and ultrawealthy families, where she was the global head of ESG and impact investing. Institutional investors and hedge funds own 28.63% of the company's stock. Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. US asset management giant BlackRock is set to purchase Los Angeles-based boutique Tennenbaum Capital Partners, focused on middle market performing credit and special. "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 deal, whose financial terms were not divulged, was first announced in April 2018. View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara globally. need when planning for their most important goals. NEW YORK (Reuters) - BlackRock Inc BLK.N, the world's largest asset manager, on Tuesday said it will buy investment manager Tennenbaum Capital Partners LLC . asset manager and advances its goal of providing clients with a diverse He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. Meet BlackRock's Alternative-Investments Execs Driving Growth in . BlackRock Asset . The transaction adds around $9bn in assets to BlackRocks books. 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. Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. 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. The combined platform will merge TCPs significant experience in private Global Credit platform presents a unique and compelling opportunity to 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. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. private credit with a combined platform of more than 200 employees Shares of NASDAQ TCPC opened at $11.72 on Wednesday. Private markets represent more than half of the firm's overall performance fees, Rob Kapito, the president of BlackRock, recently said during an industry conference. 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. its high-quality team, excellent long-term track record across multiple "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.". 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. Lomas sits on the firm's global operating committee and the alternatives executive committee. The asset management industry has become the lender of choice," Conway said. He was named global head of BlackRock Alternatives in April 2019 when the alternatives business was restructured in a way executives hoped would improve growth, according to reports at the time. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . 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. expand our combined resources. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. 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. August 1, 2018, 12:43 PM UTC. We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. need when planning for their most important goals. acquire TCP, a leading manager focused on middle market performing Sep 21, 2022, 9:12 AM. BlackRocks Global Credit team now manages more than $90 billion in So-called alternatives, those assets such as infrastructure and private equity meant for sophisticated investors, make up just 3% of the nearly $9 trillion of assets that BlackRock manages. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor "It's not to say that the private credit market is easy to manage talent. BlackRock bought Merrill Lynch Investment Management in 2006. 2018, is subject to customary regulatory and closing conditions. "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. It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. He joined BlackRock in 2019 from the Abu Dhabi Investment Authority, the sovereign wealth fund giant, where he was head of private equities for the Americas. Chouman is the former chief executive of eFront, the Paris software and solutions provider that BlackRock acquired in 2019 for $1.3 billion to improve its alternatives technology tools. 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. As the story goes, the janitor responded: "I'm helping put a man on the moon. strong long-term track record to the BlackRock global credit platform. The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. 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. private credit with a combined platform of more than 200 employees Giordano reports to Anne Valentine Andrews. provide TCPC with increased resources, scale, and market access to "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. 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") today announced a definitive agreement under which BlackRock will acquire TCP, a leading manager focused on middle market performing . BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum clients with private credit solutions across a range of risk level, Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC (TCP) NEW YORK--(BUSINESS WIRE)-- 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. | Twitter: @blackrock A key element of the transaction is the continuity of TCPs successful senior management team, including all five partners (Lee Landrum, Michael Leitner, Howard Levkowitz, Philip Tseng, and Rajneesh Vig). The unit will work with portfolio managers and BCM, the firm's capital markets group, to source and back transition-related investments across asset classes around the world, Edwin Conway told employees in October in a memo viewed by Insider. 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. contact.us@blackrock.com, Computershare Investor Services 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. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. 480 Washington Boulevard Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. 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. strong long-term track record to the BlackRock global credit platform. View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor to our clients, we provide the investment and technology solutions they will be the premier business of its kind., We are focused on building a private credit business that seizes on Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com. You can sign up for additional alert options at any time. 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. Together, BlackRock and TCP expect to offer clients transaction, TCP is expected to become a wholly-owned subsidiary of pioneered nearly two decades ago. 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. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. The exits underscore the risks that come with smaller acquisitions that big traditional asset managers are going after as they seek out private-markets investment teams. Investors seeking to generate incremental returns and portfolio diversification are increasingly turning to private credit where both expertise and platform scale can drive returns, said Tim OHara, Global Co-Head of Credit at BlackRock. development company, TCP Capital Corp. (NASDAQ:TCPC). New York, NY 10055-0003 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. Advised by Tennenbaum Capital Partners ("TCP") with a 20-year historyof success Value-oriented investing focused on middle-market direct lending . 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. "They could just decide: 'We're going to start our own company.'". BlackRocks global credit team now oversees assets of over $90bn across multi-strategy credit, leveraged finance, as well as private credit and employs more than 200 people. (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. earnings. They contribute just 11% of base fees. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). plans and augments our position as a leading credit asset manager. The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ("TCP") today announced a definitive agreement under which . 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. 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. Raj Vig has more than 20 years of experience in the financial services industry. Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. 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.
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