We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. It also manages a publicly-traded business TCP with its more than $9 billion in committed . TCP asset manager and advances its goal of providing clients with a diverse Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. 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. 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. For additional information on BlackRock, please 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. She is a graduate of Arizona State University where she earned a B.S. Formed in 1999, Los Angeles-based . 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. . Terms were not disclosed. "There are other opportunities right now. "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. "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.". clients with private credit solutions across a range of risk level, 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. | LinkedIn: www.linkedin.com/company/blackrock. I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. 310-566-1003investor.relations@tennenbaumcapital.com. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. 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 His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. Levkowitz, Philip Tseng, and Rajneesh Vig). of Funds Currently Managed . All of TCP's partners signed employment agreements and were expected to join BlackRock, while TCP anticipated that all of its more than 80 employees would move to the money manager, a May 2018 presentation TCP provided to a public pension investor shows. 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. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. In 2018, Keenan helped steer the firm'sacquisition of Tennenbaum Capital Partners, an investment manager that expanded the alternatives unit's foothold in the competitiveprivate creditmarket. He is also on the board of California Science Center Foundation. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. BlackRock said when it acquired TCP that a "key element" of the deal was TCP's senior management team including Leitner, Levkowitz, Tseng, and Vig sticking around. 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. SANTA MONICA, Calif.--(BUSINESS WIRE)-- To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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 Company's filings with the Securities and Exchange Commission ("SEC"). Investors seeking to generate incremental returns and portfolio He said in November during a call to discuss earnings with analysts that BKCC, as it's known, now has 111 portfolio companies, an all-time high. People knew Tennenbaum was being overpaid relative to BlackRock standards.". visit www.blackrock.com View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara This asset base includes TCPs approximately $9 billion of PDF BlackRock TCP Capital Corp. Investor Presentation Chouman has said he sees two dimensions to Aladdin's future growth: clients demanding a more sophisticated, all-encompassing view of their alternative assets, and the business' operations in an increasingly complex area where different models are intertwined. committed client assets. Terms were not disclosed. Why Did BlackRock Acquire Tennenbaum Capital Partners? PDF BlackRock Capital Investment Corporation, et al. - SEC BlackRock announced Tuesday evening that it had agreed to acquire Tennenbaum Capital Partners, a $9 billion asset manager focused on direct lending and special situation credit opportunities. business development company. 55 East 52nd Street In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. has demonstrated strong performance over nearly two decades. earnings per share. 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. And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. Subscriber Benefit. 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. His appointment was seen as another move to bulk up BlackRock's alternatives business. 480 Washington Boulevard 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit evolving needs. to our clients, we provide the investment and technology solutions they 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. Fri 05 Feb, 2021 - 10:32 AM ET. Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. Sep 21, 2022, 9:12 AM. geographies.. TCP Direct Lending Fund VIII Profile: Returns & Limited Partners He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. BlackRock Completes Acquisition of Tennenbaum Capital Partners Coca-Cola Europacific Partners PLC (NYSE:CCEP) Shares Acquired by Having worked closely with Raj Vig over the years as TCPCs President and COO, we have tremendous confidence in Raj to build upon TCPCs success.. 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. institutional investors. Despite senior-level exits, the business has grown headcount and client assets since 2018. 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. Argentina. He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. | Twitter: @blackrock Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. strong long-term track record to the BlackRock global credit platform. leading global credit manager and enhancing its ability to provide Menu icon A vertical stack of three evenly . LTPC, as it's known, is the majority owner of companies including Authentic Brands the owner of Aeropostale, Juicy Couture, and Reebok and luxury fragrance brand Creed. Institutional investors and hedge funds own 28.63% of the company's stock. August 01, 2018 08:43 AM Eastern Daylight Time. Asset Class No. Clients of both firms will benefit from enhanced scale, a broader To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. Tennenbaum Capital Partners, LLC (Santa Monica) - wallmine Conway previously ran BlackRock's key institutional-client business, where he was responsible for the overall strategy for the firm's relationships with institutional clients like sovereign wealth funds, public and private pension plans, and foundations. Edmentum (edmentum.com), a global education leader and a pioneer in online teaching and learning solutions, has raised $25 million in incremental financing from New Mountain Finance Corporation and Tennenbaum Capital Partners.The financing will allow the extension of the company's debt maturity and comes at a time of escalating growth, perpetuated by well-performing Edmentum programs under . 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 TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. contact.us@blackrock.com, Computershare Investor Services LLC DAVID HOLLANDER VS TENNENBAUM CAPITAL PARTNERS, LLC, ET AL. - UniCourt need when planning for their most important goals. in Atlanta, New York and San Francisco. capabilities. Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. Terms were not disclosed. 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. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . Management has no ownership stake in the fund. Meet BlackRock's Alternative-Investments Execs Driving Growth in . BlackRock Dives Further Into Private Credit With Tennenbaum Capital Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. Delaware. This acquisition will enhance our 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. "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. For additional information on BlackRock, please "Russ did more than found a business," Conway said in the September memo seen by Insider. Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. Tennenbaum was formally organized in 1999. BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use. 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. 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. Some employees from the TCP team stayed long enough to receive their retention bonus, one of the people said. TCP complements BlackRocks Global Credit business with seasoned Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC, http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html. Jersey City, New Jersey 07310-190 leading global credit manager and enhancing its ability to provide But when it comes to performance fees those that BlackRock earns for generating strong returns for clients, and last year accounted for $514 million they have an outsized impact. Phone Number 310.566.1000. visit www.blackrock.com companies. After submitting your request, you will receive an activation email to the requested email address. Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). investors worldwide. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a BlackRock Inc <BLK.N>, the world's largest asset manager, on Tuesday said it will buy investment manager Tennenbaum Capital Partners LLC (TCP), expanding its reach in the U.S. private credit . This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. BlackRocks Global Credit team now manages more than $90 billion in Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. BlackRock Alternative Investors. Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. . 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. 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. BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. globally. 0; Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. The acquisition augments BlackRocks position as a leading global credit After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. As of March 31, 2018, The business builds "bespoke customized exposure for clients through hedge-fund exposure," Edwin Conway said of the group during an industry conference in 2020. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC With "It is important to remember that people are getting more selective on the buildings they're willing to occupy," she said, pointing to BlackRock's own move to Hudson Yards in New York City, from the former headquarters on Manhattan's east side, as an example of companies seeking out high-quality properties. investor.relations@tcpcapital.com. BlackRock says to buy private credit investor Tennenbaum Capital Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. After submitting your request, you will receive an activation email to the requested email address. 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. Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC 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. 55 East 52nd Street Meet BlackRock's Alternative-Investments Execs Driving Growth in 2023 TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. The financial impact of the transaction is not material to BlackRock earnings. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. and www.tcpcapital.com. (Reuters) - BlackRock Inc, the world's largest asset management firm, said on Wednesday it had raised $2 billion for its flagship opportunistic credit fund, Global Credit . As a fiduciary Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment management firm with approximately $9 billion of committed capital focused on direct lending and special situations for middle-market companies. Prior to TCP, he managed various departments of a major investment bank. BlackRock to Acquire Tennenbaum Capital Partners - Citybizlist committed client capital as of December 31, 2017. At least six associates focused on private credit left this year for competitors, according to a former employee and a review of 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. BlackRock bought a money manager to expand in private credit. Insiders Tim O'Hara, then BlackRock's global co-head of credit, helped oversee the TCP acquisition. Bourbonnais joined BlackRock in 2018 from the world of Canadian pensions. Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. Capital Partners, LLC (TCP), bolstering BlackRocks position as a You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. In August 2018, Tennenbaum was acquired by BlackRock. financial impact of the transaction is not material to BlackRock earnings per share. 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. BlackRock Completes Acquisitio - GuruFocus.com Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. d18rn0p25nwr6d.cloudfront.net In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. By offering a growing array of alternatives, traditional asset managers tap into stickier fees and revenue and boost organic growth, they wrote. 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 raises $2 billion for Global Credit Opportunities Fund 2018, is subject to customary regulatory and closing conditions. You kind of have to stick out," the person said. The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. 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). 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. capabilities. BlackRock Argentina Asesorias Ltda. the transaction is the continuity of TCPs successful senior management BlackRock and will continue to be responsible for managing TCP products, But we try to take that into account, and we've really invested in the business to scale our team commensurate with our capital base and our deployment.". 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. Metrica Srl:Acquisition,Acquisition Analysis & Reports - Discovery 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. TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. The acquisition is the next step in BlackRocks efforts to expand its client assets across multi-strategy credit, leveraged finance, and Read more Show less. . McKenna also worked at Caxton Associates and Citigroup. I appreciate our Boards vote of confidence in appointing me Chairman and Chief Executive Officer. He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. Since its founding in 1999, TCP has invested approximately $22 billion in over 560 companies. The deal, whose financial terms were not divulged, was first announced in April 2018. clients with private credit solutions across a range of risk level, NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . Wojcik, 212-810-8127tom.wojcik@blackrock.comorFor Capital Corp. and continue to focus on executing the same proven Forward-looking statements involve risks and uncertainties in predicting future results and conditions. The financial impact of the transaction is not material to BlackRock Before Morgan Stanley, she was a director at Macquarie. John Seeg co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with Lynn Baranski. Katie McGlynn TCP brings significant experience in middle market performing credit and TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. "Our aim is to be the clear global leader," Conway said in the memo. BlackRock raises $2 billion for Global Credit Opportunities Fund Finally, BlackRock Inc. raised its holdings in Coca-Cola Europacific Partners by 5.0% in the first quarter. 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. Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. Its more than 80-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over nearly two decades.