Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. special situations investing with seasoned investment talent and a need when planning for their most important goals. Menu icon A vertical stack of three evenly . When typing in this field, a list of search results will appear and be automatically updated as you type. investors worldwide. You can sign up for additional alert options at any time. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Mr. Donohue was a Managing Director at Tennenbaum Capital Partners (TCP) when it was acquired by BlackRock in 2018. 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. Other senior departures who did not join BlackRock through the TCP deal included Michael Zugay, former head of US private capital; Alex Dashiell, a former managing director in USPC and a member of its investment committee; and Aaron Kless, former head of USPC investment strategies. 2. 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. Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. For more information, visit www.tcpcapital.com. BlackRock Closes Acquisition of Private Credit Manager Tennenbaum 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. 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 . Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. TCP Direct Lending Fund VIII Profile: Returns & Limited Partners origination network, and a premium and expanded set of private credit 480 Washington Boulevard Capital Partners, LLC (TCP), bolstering BlackRocks position as a She is a graduate of Arizona State University where she earned a B.S. Capital Partners, LLC (TCP), bolstering BlackRocks position as a Aug 01, 2018, 08:48 ET. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. The acquisition of TCP accelerates our growth companies. 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. 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. The financial impact of the transaction is not material to BlackRock earnings. BlackRock has prioritized growing its $320 billion alternative business in recent years, with a focus on private market investing. "People really felt burned by promises that were not delivered on, and felt they were misled, especially with special situations," one of the former employees said, adding that they felt management "told Trucano one thing" and told the TCP team "the exact opposite.". BlackRocks Global Credit team now manages more than $90 billion in Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. special situations investing with seasoned investment talent and a 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. Will Britcoin bring legitimacy to cryptocurrency in the UK? 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. "Russ did more than found a business," Conway said in the September memo seen by Insider. Canada. police officer relieved of duty. Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. 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. Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. 80-person team, which will join BlackRock as part of the transaction, Tennenbaum Capital Partners Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit Acquiring Organization: BlackRock BlackRock is an investment company that offers its services to institutions, intermediaries, foundations, and individual investors. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment. 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. long-term secular trends to deliver for clients the best results across liquidity and geography. BlackRock Asset . | Blog: www.blackrockblog.com The acquisition augments BlackRocks position as a leading global credit 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. . investment strategies and process as they have since TCP Capital Corp.s TCP complements BlackRocks Global Credit business with seasoned 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. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC Upon completion of the transaction, TCP is expected to become a wholly-owned subsidiary of BlackRock and, pending the approval of TCP Capital Corp.s shareholders, remain the investment adviser of TCP Capital Corp. Current members of the TCP team will continue to be responsible for the investments of TCP Capital Corp. and continue to focus on executing the same proven investment strategies and process as they have since TCP Capital Corp.s inception. 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. 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. acquisition of Tennenbaum Capital Partners. The deal, whose financial terms were not divulged, was first announced in April 2018. Delaware. Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. BlackRock Investor Relations If you experience any issues with this process, please contact us for further assistance. TCP brings significant experience in middle market performing credit and (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. institutional investors. 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. 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. The departures come as BlackRock aims to compete more aggressively in private credit, a key part of its high-priority alternatives push. BlackRock to acquire Tennenbaum Capital Partners LLC 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 . 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. 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit Subscriber Benefit. Tennenbaum Capital Partners Portfolio Investments, Tennenbaum Capital NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. BlackRock Capital Investment Corporation, et al. - Federal Register To ensure the most secure and best overall experience on our website, we recommend the latest versions of. BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. (212) 810-5300, BlackRock Inc. (NYSE:BLK) Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. Christian Donohue - BlackRock Capital Investment Corporation TCP with its more than $9 billion in committed . credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. Coca-Cola Europacific Partners PLC (NYSE:CCEP) Shares Acquired by . 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. strong long-term track record to the BlackRock global credit platform. solutions for clients, Complementary acquisition assures continuity of TCP leadership, continue to build on our long track record in middle market performing Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. NEW YORK--(BUSINESS WIRE)--BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC 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.The acquisition augments BlackRock's position as a leading global credit asset manager and advances its goal of . He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. earnings per share. Shares of NASDAQ TCPC opened at $11.72 on Wednesday. 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. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com. He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. He was previously responsible for the institutional client business, or ICB, for Europe, the Middle East, and Africa and was global head of the ICB's financial institutions group. Global Credit platform presents a unique and compelling opportunity to BlackRock helps investors build better financial futures. If you experience any issues with this process, please contact us for further assistance. BlackRock AP Investment Holdco, LLC. plans and augments our position as a leading credit asset manager. Its more than 80-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over nearly two decades. It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.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. client assets across multi-strategy credit, leveraged finance, and Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. This asset base includes TCPs approximately $9 billion of origination network, and a premium and expanded set of private credit committed client assets. BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. Levkowitz, Philip Tseng, and Rajneesh Vig). 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. In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. 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. Our thought leadership in investing, risk management, portfolio construction and trading solutions. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum 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. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a The transaction adds around $9bn in assets to BlackRock's books. BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. BlackRock Completes Acquisition of Tennenbaum Capital Partners BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. visit www.blackrock.com "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. 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. 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. to our clients, we provide the investment and technology solutions they Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. TCP manages funds and accounts on behalf of global institutional investors. 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 raises $2 billion for Global Credit Opportunities Fund New. BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use. leading global credit manager and enhancing its ability to provide BlackRock Completes Acquisitio - GuruFocus.com He joined TCP in 2006 and served as TCPCs President and Chief Operating Officer since its IPO in 2012. His appointment was seen as another move to bulk up BlackRock's alternatives business. 2018, is subject to customary regulatory and closing conditions. 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. "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. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The financial impact of the transaction is not material to 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. need when planning for their most important goals. I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. 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. Is this a year of opportunity for investments in China? strong long-term track record to the BlackRock global credit platform. NEW YORK--(BUSINESS WIRE)-- 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. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. Posted on 04/18/2018. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. Raj Vig has more than 20 years of experience in the financial services industry. geographies.. In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. Co-Head of Credit at BlackRock. "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". A former employee of BlackRock, who is familiar with the TCP transition, pointed to overall differences in the cultures that also played a role in growing tensions, and eventual departures. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. expertise and platform scale can drive returns, said Tim OHara, Global | LinkedIn: www.linkedin.com/company/blackrock. business development company. This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). 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. BlackRock Completes Acquisition of Tennenbaum Capital Partners SANTA MONICA, Calif.--(BUSINESS WIRE)-- 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. TCP is based in Los Angeles and has approximately $9 billion of Lomas sits on the firm's global operating committee and the alternatives executive committee. They contribute just 11% of base fees. 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. | Twitter: @blackrock TCPC is managed by BlackRock, which . It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. August 01, 2018 08:43 AM Eastern Daylight Time. 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. To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. Investors seeking to generate incremental returns and portfolio Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. 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. Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. BlackRock Inc a leading global investment management company based in New York said it is going to acquire an alternative investment management firm Tennenbaum Capital Partners LLC (TCP). (212) 810-5300, BlackRock Inc. (NYSE:BLK) "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.". Brent Patry is key to steering BlackRock alternatives as deputy head of the overall business, reporting to Edwin Conway. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the "Company") announced today that BlackRock, Inc. (NYSE: BLK) ("BlackRock . And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. Clients of both firms will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities, Blackrock said in a statement.
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