For more information, visit www.tcpcapital.com. long-term secular trends to deliver for clients the best results across has demonstrated strong performance over nearly two decades. US asset management giant BlackRock is set to purchase Los Angeles-based boutique Tennenbaum Capital Partners, focused on middle market performing credit and special. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. Brent Patry is key to steering BlackRock alternatives as deputy head of the overall business, reporting to Edwin Conway. Read more Show less. "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. strategy, and products. 2. need when planning for their most important goals. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. Diorio is the head of product for BlackRock's crucial US wealth advisory business, which links the firm's vast menu of funds with the large forces of financial advisors, private bankers, and others in the wealth management industry who invest in products like exchange-traded funds and alternative funds. 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, [email protected]. Media:Farrell Denby, [email protected] 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). This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. origination network, and a premium and expanded set of private credit He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment. Raj Vig has more than 20 years of experience in the financial services industry. Howard, Raj and Phil led the successful integration of TCP to develop BlackRocks US Private Capital team, which today is a leader in private credit. Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol If you experience any issues with this process, please contact us for further assistance. He joined TCP in 2006 and served as TCPCs President and Chief Operating Officer since its IPO in 2012. It's not, because it's competitive. Katie McGlynn Presently, Philip M. Tseng occupies the position of President & Chief Operating Officer of Blackrock TCP Capital Corp., Managing Director at Tennenbaum Capital Partners LLC and Managing Partner at Tennenbaum Capital Partners (Private Equity). "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. You must click the activation link in order to complete your subscription. The business builds "bespoke customized exposure for clients through hedge-fund exposure," Edwin Conway said of the group during an industry conference in 2020. inception. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. He also sits on BlackRock's global executive committee and chairs BA's executive committee. Fri 05 Feb, 2021 - 10:32 AM ET. capabilities. Phil Tseng, who co-heads US private capital with Vig and who also joined BlackRock through the TCP acquisition, said managing investment talent well goes hand-in-hand with driving returns for clients. origination network, and a premium and expanded set of private credit earnings. Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. That is the ultimate validation, or not, of success performance and fundraising," Vig said. BlackRock Alternative Investors. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. investors worldwide. 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. After submitting your request, you will receive an activation email to the requested email address. After submitting your request, you will receive an activation email to the requested email address. 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. 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 declined to comment on the former employees' assertion. The acquisition augments BlackRocks position as a leading global credit Lanigan led the first LTPC deal, in Authentic Brands, Institutional Investor reported in 2019. The combined platform will merge TCPs significant experience in private TCP complements BlackRocks Global Credit business with seasoned investment talent and a strong long-term track record at a time when clients are increasingly turning to private credit as a higher-yielding alternative to traditional fixed income allocations. Media:Farrell Denby, [email protected] client assets across multi-strategy credit, leveraged finance, and Global Mergers and Acquisitions (M&A) Deals in the In UK IFAs, Investment Managers, & Platforms, Craven Street Wealth snaps up London-based Bernard Barrett Associates, Credit Suisse targets rich Asian clients with higher deposit rates. visit www.blackrock.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. TCPC is managed by BlackRock, which . 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. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". expertise and platform scale can drive returns, said Tim OHara, Global Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC (TCP) 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. Mahmoud joined BlackRock in 2014. For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. Menu icon A vertical stack of three evenly . Despite senior-level exits, the business has grown headcount and client assets since 2018. There is a lot more capital coming into this space," Tseng told Insider. and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. special situations investing with seasoned investment talent and a BlackRock's $318 billion alternative-investments business is key to the money manager's future. focused on delivering a range of products and innovative solutions for Together, BlackRock and TCP expect to offer clients need when planning for their most important goals. The acquisition augments BlackRocks position as a leading global credit asset manager and advances its goal of providing clients with a diverse range of alternative investment products and solutions to meet their evolving needs. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP | LinkedIn: www.linkedin.com/company/blackrock. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products 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 . Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team . strong long-term track record to the BlackRock global credit platform. BlackRock had an existing special situations fund in the US, run by David Trucano, a dynamic that spurred internal conflict, the person added. BlackRock helps investors build better financial futures. For BlackRock Media: Tara McDonnell (212) 810-5337 [email protected], Investors:Tom Wojcik (212) 810-8127 [email protected], For Tennenbaum Capital PartnersMedia: Mark Semer Kekst (212) 521-4800, Moira Conlon Financial Profiles(310) 622-8220, Investors:Katie McGlynn (310) 566-1003 [email protected], BlackRocks purpose is to help more and more people experience financial well-being. "I was on the academic track, applying for faculty positions and transition grants for my life in academia. in 1999, TCP has invested approximately $22 billion in over 560 BlackRocks Global Credit team now manages more than $90 billion in 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. Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. 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. BlackRock Argentina Asesorias Ltda. BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. TCP manages funds and accounts on behalf of global He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. 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. Tennenbaum was formally organized in 1999. The transaction will not have a material impact on BlackRocks earnings. 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. 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 . The business now has $34 billion of dry powder to invest. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . 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. 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. 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.