tennenbaum capital partners acquired by blackrock

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. The acquisition of TCP accelerates our growth 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). TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. "So we understand that there could be normative attrition and churn. Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. The acquisition is the next step in BlackRocks efforts to expand its The acquisition is the next step in BlackRocks efforts to expand its capabilities and impact of its alternatives business globally. The financial impact of the transaction is not material to BlackRock Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. "BlackRock is great at raising low-fee capital ETFs, mutual funds. | LinkedIn: www.linkedin.com/company/blackrock. 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. Steenberg had founded the business in 1999. As a fiduciary Global Credit platform presents a unique and compelling opportunity to pioneered nearly two decades ago. 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. United Kingdom. to our clients, we provide the investment and technology solutions they 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 View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor Our combination with BlackRock will the firm managed approximately $6.3 trillion in assets on behalf of Prospective investors should read these materials carefully before investing. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . globally. strong long-term track record to the BlackRock global credit platform. Chan joined BlackRock in 2012 and cofounded the group a year later. The financial impact of the transaction is not material to BlackRock That is the ultimate validation, or not, of success performance and fundraising," Vig said. BlackRock Asset Management International Inc. Delaware. Jim Barry, the chief investment officer for the unit, decided to leave the firm last year. BlackRock Capital Investment Corporation, et al. In August 2018, Tennenbaum was acquired by BlackRock. The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. acquisition of Tennenbaum Capital Partners. Mahmoud joined BlackRock in 2014. Howard is a leader in the industry and was a key architect in building the US Private Capital business. Canada. 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. For more information, visit www.tcpcapital.com. After submitting your request, you will receive an activation email to the requested email address. acquire TCP, a leading manager focused on middle market performing On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. the firm managed approximately $6.317 trillion in assets on behalf of Sep 21, 2022, 9:12 AM. 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 . SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the "Company") announced today that BlackRock, Inc. (NYSE: BLK) ("BlackRock . alternative to traditional fixed income allocations. Institutional investors and hedge funds own 28.63% of the company's stock. At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. market cycles, diverse expertise, and proven origination capabilities, It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. For more information, please Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. The combined platform will merge TCPs significant experience in private team, including all five partners (Lee Landrum, Michael Leitner, Howard We are also excited If you experience any issues with this process, please contact us for further assistance. 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. need when planning for their most important goals. Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. 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. visit www.blackrock.com Prospective investors should read these materials carefully before investing. Delaware. John Seeg co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with Lynn Baranski. For additional information on BlackRock, please NEW YORK--(BUSINESS WIRE)-- The business oversaw $30 billion as of December. "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.". "With the growth of our client assets, it's been a significant investment over the last several years, " Jim Keenan, BlackRock's chief investment officer and global head of credit, who helped steer the TCP acquisition, said in an interview with Insider. 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. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. 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. Terms were not disclosed. 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. business development company. If you experience any issues with this process, please contact us for further assistance. 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. "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". 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. TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. TCPs nearly 90-person team has joined The acquisition will help both the companies to expand their offerings to their clients. BlackRock Asset . To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. Karyn L. Williams Named Independent Director of BlackRock TCP Capital Corp. 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. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. The deal, whose financial terms were not divulged, was first announced in April 2018. BlackRock and will continue to be responsible for managing TCP products, The transaction adds around $9bn in assets to BlackRocks books. You can sign up for additional alert options at any time. He is an investment professional focused on the direct lending and special situations credit strategies. Business Insider BlackRock executives said in a memo announcing McKenna's appointment in 2014 that there were still many untapped opportunities in the hedge fund space, like event-driven investing, Bloomberg reported at the time. on June 20, 2019 [ 4] under sections 17 (d) and 57 (i) of the Act and rule 17d-1 under the Act, with the result that no person will continue to rely on the Prior Order if the . 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. Levkowitz, Philip Tseng, and Rajneesh Vig). View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. 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. Private markets are "a major strategic area of focus at BlackRock," Morgan Stanley analysts led by Betsy Graseck wrote in a research report in June. We are TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. about the opportunity to be a part of building what we are confident Asset Class No. BlackRock agreed to acquire Tennenbaum Capital Partners, which focuses on credit and special situations.Tennenbaum partners Lee Landrum, Michael Leitner, Howard Levkowitz, Philip Tseng and Rajneesh Vig will stay on as part of the acquisition.Tennenbaum is expected to become a wholly owned subsidiary of BlackRock and, pending approval, will remain the investment adviser for TCP Capital Corp. | LinkedIn: www.linkedin.com/company/blackrock. . Management has no ownership stake in the fund. The financial impact of the transaction is not material to BlackRock earnings. Terms were not disclosed. He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. 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. and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . Previously, she was Head of Client Solutions at Two Sigma Advisors. 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. Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. ", "When people ask me what I do I'm just a small piece," Smith said, noting the many product specialists, investors, technologists, and other colleagues she works with. 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