Wojcik, 212-810-8127tom.wojcik@blackrock.comorFor After submitting your request, you will receive an activation email to the requested email address. BlackRock helps investors build better financial futures. 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. REUTERS/Brendan McDermid/File Photo. 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. client assets across multi-strategy credit, leveraged finance, and Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. 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. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You must click the activation link in order to complete your subscription. He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. Behind the firm's push: already-low fees under pressure in BlackRock's core fund business, the fast-expanding private markets, and demand from clients. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. TCP is based in Los Angeles and has approximately $9 billion of BlackRock Asset Management Investor Services Limited. 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. BlackRock Asset Management Canada Limited. Chan joined BlackRock in 2012 and cofounded the group a year later. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. 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. BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. The transaction adds around $9bn in assets to BlackRock's books. Terms of the deal were not . SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. Cision Distribution 888-776-0942 With its high-quality team, excellent long-term track record across multiple market cycles, diverse expertise, and proven origination capabilities, TCP is the perfect complement to the existing credit business at BlackRock.. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. 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. Stay up to date with what you want to know. 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. He cofounded McKinsey's efforts around clean technologies and worked as a reservoir engineer in the oil and gas industry. For additional information on BlackRock, please 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. His role was formally expanded to include the role of deputy head of BlackRock Alternatives last fall. | Twitter: @blackrock Business Insider BlackRock Completes Acquisition of Tennenbaum Capital Partners. 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. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? Forward-looking statements involve risks and uncertainties in predicting future results and conditions. BlackRock Alternative Investors. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. committed client assets. Under Steenberg, BlackRock acquired Swiss Re Private Equity Partners, the private equity and infrastructure fund of funds under the insurance giant Swiss Re, in 2012. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. globally. "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. companies. The asset management industry has become the lender of choice," Conway said. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. 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. visit www.blackrock.com globally. 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. 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). The money manager has been on a mission to grow its $318 billion alternatives business. 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. about the opportunity to be a part of building what we are confident earnings per share. 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 . 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. BlackRock Inc, the world's largest asset management firm, . Terms were not disclosed. New. BlackRock helps investors build better financial futures. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. the transaction is the continuity of TCPs successful senior management and www.tcpcapital.com. New York, NY 10055-0003 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. BlackRock has prioritized growing its $320 billion alternative business in recent years, with a focus on private market investing. "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. leading global credit manager and enhancing its ability to provide today announced a definitive agreement under which BlackRock will a premium and expanded set of private credit investment opportunities. BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. globally. About us. 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. Phone Number 310.566.1000. visit www.blackrock.com She was previously the global head of investments for PEP. Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC (TCP) 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. When the TCP deal was announced in April 2018, the Los Angeles-based manager had $9 billion in committed client capital and more than 80 employees, a release from BlackRock said. "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. clients in need of new sources of return and new ways to manage 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. For additional information on BlackRock, please visitwww.blackrock.com/corporate. 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. "Investors vote with their wallets. 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. 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 BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. 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. Asset Class No. Investors seeking to generate incremental returns and portfolio BlackRocks Global Credit team now manages more than $90 billion in As a fiduciary TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. . He worked there for 23 years and was a partner. "BlackRock is great at raising low-fee capital ETFs, mutual funds. Menu icon A vertical stack of three evenly . Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. Management has no ownership stake in the fund. Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. 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. People knew Tennenbaum was being overpaid relative to BlackRock standards.". Tennenbaum Capital Partners, LLC ("TCP") is a leading alternative investment management firm founded in 1999 (its predecessor entity commenced operations in 1996) with a proven track . BlackRock Inc. and Tennenbaum Capital Partners, LLC (TCP) announced a definitive agreement under which BlackRock will acquire TCP, a manager focused on middle market performing credit and special situation credit opportunities. 310-622-8220orInvestors:Katie McGlynn, BlackRock and, pending the approval of TCP Capital Corp.s shareholders, He began his career at UBS Investment Bank's Growth . special situations investing with seasoned investment talent and a 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). The leadership team steering the alternatives business has changed recently. origination network, and a premium and expanded set of private credit 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. New York, NY 10055-0003 Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. private credit with a combined platform of more than 200 employees This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Credit at BlackRock. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. Another person said: "BlackRock doesn't pay that well. As Chinas financial markets open up, the risks and rewards are huge for wealth managers, Rootstock Investment Management acquired by Stonehage Fleming, Schroders annual operating profit dips 14% to 723m, Julius Baer launches global AI journey with NEXT initiative, Whos saying what? BlackRock Affiliation Beneficial: Fitch Ratings believes that BlackRock Capital Investment Corporation's (BKCC) affiliation with BlackRock, Inc. enhances the business development company's (BDC) access to investment resources, deal flow and funding. credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. TCP with its more than $9 billion in committed . Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP . Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. 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. Finally, BlackRock Inc. raised its holdings in Coca-Cola Europacific Partners by 5.0% in the first quarter. its high-quality team, excellent long-term track record across multiple 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. "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. 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. Sign up for notifications from Insider! Prospective investors should read these materials carefully before investing. in Atlanta, New York and San Francisco. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. 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. Before Morgan Stanley, she was a director at Macquarie. Prior to TCP, he managed various departments of a major investment bank. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. 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 Inc. to send you the requested Investor Email Alert updates. | Blog: www.blackrockblog.com Brent Patry is key to steering BlackRock alternatives as deputy head of the overall business, reporting to Edwin Conway. Fri 05 Feb, 2021 - 10:32 AM ET. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. You can sign up for additional alert options at any time. McKenna also worked at Caxton Associates and Citigroup. capabilities. NEW YORK--(BUSINESS WIRE)-- Weldon is based in London. "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. TCPs nearly 90-person team has joined The transaction, which is expected to close in the third quarter of Terms were not disclosed. origination network, and a premium and expanded set of private credit earnings per share. He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. 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. 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. 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. has demonstrated strong performance over nearly two decades. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. 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. Steenberg had founded the business in 1999. 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. global scale, industry expertise, and portfolio and risk management currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: focused on direct lending and special situations for middle-market NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . 55 East 52nd Street Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. Seeg was previously PEP's global head of client solutions and strategy. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. police officer relieved of duty. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. 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 need when planning for their most important goals. inception. the firm managed approximately $6.3 trillion in assets on behalf of This transition in leadership follows BlackRocks highly successful 2018 acquisition of Tennenbaum Capital Partners (TCP) that solidified BlackRock as a leading private credit manager. The merger of the two companies will boost each other's offerings. BlackRock Asset Management Deutschland AG. Its more than from 8 AM - 9 PM ET. 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. to our clients, we provide the investment and technology solutions they Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use. capabilities and impact of its alternatives business globally. 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. He is an investment professional focused on the direct lending and special situations credit strategies. | Blog: www.blackrockblog.com market cycles, diverse expertise, and proven origination capabilities, business development company. to our clients, we provide the investment and technology solutions they The transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. Edwin Conway announced to employees last September that Steenberg would start handing off his day-to-day responsibilities to the longtime executives Lynn Baranski and John Seeg, who officially started to co-lead the business as of January 1. Levkowitz, Philip Tseng, and Rajneesh Vig). business development company. 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 . Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. plans and augments our position as a leading credit asset manager. For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. continue to build on our long track record in middle market performing Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform. It's not, because it's competitive. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. "All we do is enable someone to go to the moon. The transaction will not have a material impact on BlackRocks earnings. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. of Funds Currently Managed . 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 . Llc Blackrock Capital Investment Advisors: Member: 1 Aug 2018: 75% - 100%: 290336: Lee Robert Landrum: Managing director: 1 . Upon completion of the Karyn L. Williams Named Independent Director of BlackRock TCP Capital Corp. 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. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. With Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. Global Credit platform presents a unique and compelling opportunity to
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