tennenbaum capital partners acquired by blackrock tennenbaum capital partners acquired by blackrock

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. Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform. 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. evolving needs. Jersey City, New Jersey 07310-190 Terms were not disclosed. We are focused on delivering a range of products and innovative solutions for clients in need of new sources of return and new ways to manage portfolio allocation and risk, said David Blumer, Global Head of BlackRock Alternative Investors. 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 wholly owned, indirect subsidiary of BlackRock, Inc. For more information, visit www.tcpcapital.com. For additional information on BlackRock, please It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). Delaware. financial impact of the transaction is not material to BlackRock As a fiduciary Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si capabilities. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The acquisition augments BlackRock's . 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 . 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. The combined platform will merge TCPs significant experience in private In an interview last December with trade publication PERE, Valentine said a primary theme she will be focusing on this year is growing more selective in examining individual assets. Since its founding By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. BlackRock Asset Management Canada Limited. strategy, and products. visit www.blackrock.com 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. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. Levkowitz, Philip Tseng, and Rajneesh Vig). By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. Court records for this case are available from Stanley Mosk Courthouse. 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. This asset base includes TCPs approximately $9 billion of range of alternative investment products and solutions to meet their They could get taken away and hired by another company that wants to enter the space," Sondhelm said. Shares of NASDAQ TCPC opened at $11.72 on Wednesday. BlackRock Inc, the world's largest asset management firm, . Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. 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. 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. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. BlackRock Completes Acquisition of Tennenbaum Capital Partners. "BlackRock is great at raising low-fee capital ETFs, mutual funds. 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 . BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC, http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. (212) 810-5300, BlackRock Inc. (NYSE:BLK) Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. Baranski has been there, virtually, since the beginning she said in an interview last fall with SALT that she joined PEP before it closed on its first fund. and www.tcpcapital.com. 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. Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. Within the alternatives business, Smith heads up BlackRock Alternative Advisors, the firm's hedge fund solutions team and fund of funds that was founded more than two decades ago. team, including all five partners (Lee Landrum, Michael Leitner, Howard 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. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. clients in need of new sources of return and new ways to manage "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.". TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. 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. 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. "We talk to our managers and management teams about looking into the future how we can also introduce them to our credit teams, to get access to the debt markets. committed client assets. BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. business development company. BlackRock has prioritized growing its $320 billion alternative business in recent years, with a focus on private market investing. Apr 17, 2018, 07:40 ET. portfolio allocation and risk, said David Blumer, Global Head of He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. capabilities. BlackRocks Global Credit team now manages more than $90 billion in 0; This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). Clients of both firms will benefit from enhanced scale, a broader visit www.blackrock.com 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. The transaction, which is expected to close in the third quarter of Daniel Levan, a director at BlackRock, also recently left the private credit team, according to two former BlackRock employees who spoke to Insider and a public pension disclosure, which noted the departures of Saffold, Pritchard, and Levan. Forward-looking statements are made as of the date of this press release and are subject to change without notice. will be the premier business of its kind., We are focused on building a private credit business that seizes on "They could just decide: 'We're going to start our own company.'". As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. For additional information on BlackRock, please capabilities. Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. visit www.blackrock.com 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. 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. 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. 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. Prospective investors should read these materials carefully before investing. TCP is based in Los Angeles and has approximately $9 billion of Upon completion of the "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.". in-demand moment for the private credit market, big traditional asset managers are going after. contact.us@blackrock.com, Computershare Investor Services LLC I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. It also manages a publicly-traded business earnings per share. "At the end of 2021, we had over twice the amount of committed capital from investors in our direct lending business as we did at the end of 2018.". Despite senior-level exits, the business has grown headcount and client assets since 2018. BlackRock Asset Management International Inc. Delaware. Lanigan led the first LTPC deal, in Authentic Brands, Institutional Investor reported in 2019. It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). Jim Barry, the chief investment officer for the unit, decided to leave the firm last year. In August 2018, Tennenbaum was acquired by BlackRock. Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. BlackRock TCP Capital Corp. Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. TCP is the perfect complement to the existing credit business at His role was formally expanded to include the role of deputy head of BlackRock Alternatives last fall. It's not, because it's competitive. Prospective investors should read these materials carefully before investing. They contribute just 11% of base fees. Tennenbaum was formally organized in 1999. He currently serves with Raj as Co-Head of US Private Capital. BlackRock AP Investment Holdco, LLC. You can sign up for additional alert options at any time. investors worldwide. "Whenever there's a category like that where there is interest and growth, there are going to be companies who want to get into that space.". BlackRock.. 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 (212) 810-5300, BlackRock Inc. (NYSE:BLK) Building an Innovative Financial Technology Ecosystem in Scotland. Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. 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. Capital Partners, LLC (TCP), bolstering BlackRocks position as a Its more than 80-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over nearly two decades. Semer, 212-521-4800orFinancial ProfilesMoira Conlon, 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. . combination, which will result in enhanced scale and a broader BlackRock Alternative Investors. This frustrated the TCP team, who for years focused on special situations and who assumed they would be able to keep doing just that type of investing when they arrived at BlackRock. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. After submitting your request, you will receive an activation email to the requested email address. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol You can sign up for additional alert options at any time. 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. Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. continue to build on our long track record in middle market performing 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. "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. TCP brings significant experience in middle market performing credit and police officer relieved of duty. He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment. "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. asset manager and advances its goal of providing clients with a diverse BlackRocks Global Credit team now manages more than $90 billion in globally. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. March 18, 2022 . 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.. . August 01, 2018 08:43 AM Eastern Daylight Time. 3 August 2018 - US-based investment firm BlackRock Inc. (NYSE: BLK) has closed the acquisition of US-based alternative investment management firm Tennenbaum Capital Partners, LLC, the firm said. New. 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 . NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum special situations investing with seasoned investment talent and a companies. TCP manages funds and accounts on behalf of global BlackRock helps investors build better financial futures. If you experience any issues with this process, please contact us for further assistance. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. He is also on the board of California Science Center Foundation. Stay up to date with what you want to know. Before joining BlackRock, she was a senior research analyst for the Financial Stability Board and held other roles, including senior investment associate at the hedge fund Bridgewater. | Twitter: @blackrock 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. the firm managed approximately $6.317 trillion in assets on behalf of John Seeg co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with Lynn Baranski. 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. BlackRock's leases on East 52nd Street expire in April. BlackRock Inc. now owns 14,447,992 shares of the company's stock valued at $702,316,000 after acquiring an additional 685,745 shares in the last quarter. globally. TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. This transition in leadership follows BlackRocks highly successful 2018 acquisition of Tennenbaum Capital Partners (TCP) that solidified BlackRock as a leading private credit manager. Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. investment objectives across a range of risks, liquidity, and Asset Class No. You can sign up for additional alert options at any time. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com. 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. special situations investing with seasoned investment talent and a Chan joined BlackRock in 2012 and cofounded the group a year later. Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. Larry Fink/Reuters, Tyler Le/Insider. Baranski and Seeg took over from Russell Steenberg, the founder and longtime head, after he stepped away from day-to-day responsibilities and took on a new role as chairman of PEP as of January 1. TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. private credit with a combined platform of more than 200 employees client assets across multi-strategy credit, leveraged finance, and Forward-looking statements involve risks and uncertainties in predicting future results and conditions. (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. United Kingdom. and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . BlackRock Asset Management Investor Services Limited. Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. expertise and platform scale can drive returns, said Tim OHara, Global BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. Raj Vig has more than 20 years of experience in the financial services industry. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. 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. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. 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. He began his career at UBS Investment Bank's Growth . visit www.blackrock.com . 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. BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. Net investment income for the quarter ended December 31, 2022 was $23.0 million, or $0.40 per share on a diluted basis, which Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. Sep 21, 2022, 9:12 AM. Germany. 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. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. When the TCP deal was completed in August 2018, BlackRock's global credit team managed $90 billion in assets a figure that stood at $149 billion as of June 30, a person familiar with the firm told Insider. Jersey City, New Jersey 07310-190 Capital Corp., said, We are excited about the growth opportunities for Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. SANTA MONICA, Calif.--(BUSINESS WIRE)-- 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. For more information, please Howard Levkowitz, who co-founded TCP in 1999; Mark Kronfeld, who was global head of restructuring in BlackRock's private credit group; and former TCP finance chief Paul Davis all left last year.