tennenbaum capital partners acquired by blackrock
Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. Raj Vig has more than 20 years of experience in the financial services industry. blk-ex211_12.htm - SEC If you experience any issues with this process, please contact us for further assistance. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. You must click the activation link in order to complete your subscription. He currently serves with Raj as Co-Head of US Private Capital. Copied. Tennenbaum was formally organized in 1999. That is the ultimate validation, or not, of success performance and fundraising," Vig said. 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? BlackRocks Global Credit team now manages more than $90 billion in Investors seeking to generate incremental returns and portfolio BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC August 01, 2018 08:43 AM Eastern Daylight Time. d18rn0p25nwr6d.cloudfront.net Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. Katie McGlynn 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. development company, TCP Capital Corp. (NASDAQ:TCPC). Stephanie Smith has been the chief operating officer of the alternatives business since 2021, when she joined from Goldman Sachs, where she worked for two decades and left as a partner and head of operations for Goldman's consumer and wealth management division. BlackRocks Global Credit team now manages more than $90 billion in Germany. Tennenbaum Capital Partners acquired by BlackRock - Crunchbase BlackRock AP Investment Holdco, LLC. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. | Blog: www.blackrockblog.com "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.". 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. clients with private credit solutions across a range of risk level, Wojcik, 212-810-8127tom.wojcik@blackrock.comorFor Steenberg had founded the business in 1999. 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 alternative . Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. | Twitter: @blackrock Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. Find the latest BlackRock TCP Capital Corp. (TCPC) stock quote, history, news and other vital information to help you with your stock trading and investing. investment strategies and process as they have since TCP Capital Corp.s Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. 480 Washington Boulevard Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. in Atlanta, New York and San Francisco. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. 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. contact.us@blackrock.com, Computershare Investor Services LLC performing credit and special situations investing with BlackRocks 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. the firm managed approximately $6.317 trillion in assets on behalf of It also manages a publicly-traded business Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. | Blog: www.blackrockblog.com To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. investment objectives across a range of risks, liquidity, and You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. New York, NY 10055-0003 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. globally. The fund is located in Santa Monica, California and invests in the United States. It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. Strengthens BlackRocks credit platform to provide more diverse range of including the investments of TCP Capital Corp. (NASDAQ: TCPC), a It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). "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.". 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. Prior to TCP, he managed various departments of a major investment bank. If you experience any issues with this process, please contact us for further assistance. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. "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. 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). This acquisition will enhance our Florian reports to Anne Valentine Andrews. 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. In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. "You can see how important alternatives are going to be for the future of BlackRock," he said during the conference held by Bank of America on February 16. Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. 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. Chouman is the former chief executive of eFront, the Paris software and solutions provider that BlackRock acquired in 2019 for $1.3 billion to improve its alternatives technology tools. committed client assets. Weldon is based in London. Tennenbaum Capital Partners Fund Manager Profile | Preqin Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. The asset management industry has become the lender of choice," Conway said. 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. 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. Meanwhile last year BlackRock fired the former co-heads of secondaries and liquidity solutions, along with a third managing director, after they said they planned to leave for Apollo Global Management together, Bloomberg reported. Why Did BlackRock Acquire Tennenbaum Capital Partners? BlackRock Alternative Investors. Mr. Levkowitz was also Chairman and CEO of . People knew Tennenbaum was being overpaid relative to BlackRock standards.". TCP brings significant experience in middle market performing credit and special situations . today announced a definitive agreement under which BlackRock will Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. Building an Innovative Financial Technology Ecosystem in Scotland. His appointment was seen as another move to bulk up BlackRock's alternatives business. Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. For additional information on BlackRock, please visitwww.blackrock.com/corporate. strong long-term track record to the BlackRock global credit platform. Global Credit platform presents a unique and compelling opportunity to This is TCP's third CLO issuance in the past 12 months. business development company. 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . Argentina. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. 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. need when planning for their most important goals. "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. BlackRock TCP Capital Corp. Announces Leadership Transitions "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.". 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 . TCP manages funds and accounts on behalf of global institutional investors. Institutional investors and hedge funds own 28.63% of the company's stock. Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. Capital Partners, LLC (TCP), bolstering BlackRocks position as a The combined platform will merge TCPs significant experience in private performing credit and special situations investing with BlackRocks global scale, industry expertise, and portfolio and risk management capabilities. capabilities. TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. You can sign up for additional alert options at any time. "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.". BlackRock to buy Tennenbaum Capital; five partners to stay on board 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, investor.relations@tcpcapital.com. BlackRock had an existing special situations fund in the US, run by David Trucano, a dynamic that spurred internal conflict, the person added. 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. 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. 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. The financial impact of the transaction is not material to BlackRock earnings. investors worldwide. It's not, because it's competitive. inception. 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. TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. globally. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? TCPs nearly 90-person team has joined 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. Florian recently oversaw a significant fund closing. The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. You can sign up for additional alert options at any time. Posted on 04/18/2018. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. 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. Still, in recent years management has made it clear that its private investment capabilities need to be an important engine of growth. We are also excited Tennenbaum Capital PartnersMedia:KekstMark Date acquired Ownership Employer ID; Howard Marshall Levkowitz: Managing partner: 1 May 1999: Other: 4404130: Llc Tennenbaum & Co. . global scale, industry expertise, and portfolio and risk management Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. The transaction will not have a material impact on BlackRocks earnings. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Around 90 TCP employees will migrate to BlackRock as part of the deal and retain management of TCP products, including the investments of business development company TCP Capital. The stakes are high. Jersey City, New Jersey 07310-190 The acquisition of TCP accelerates our growth Clients of both firms will benefit from enhanced scale, a broader | LinkedIn: www.linkedin.com/company/blackrock. "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. Semer, 212-521-4800orFinancial ProfilesMoira Conlon, McKenna is responsible for managing BlackRock's event-driven investing efforts that is, the investment strategy used to profit from price action around a specific event and oversees $7.8 billion in the Event Driven Equity Fund. origination network. our business as we continue to employ the successful strategy we 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. REUTERS/Brendan McDermid/File Photo. globally. (Reuters) - BlackRock Inc, the world's largest asset management firm, said on Wednesday it had raised $2 billion for its flagship opportunistic credit fund, Global Credit . You kind of have to stick out," the person said. of Funds Currently Managed . TCP is headquartered in Los Angeles with additional offices Our combination with BlackRock will provide TCPC with increased resources, scale, and market access to continue to build on our long track record in middle market performing credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks Global Credit platform presents a unique and compelling opportunity to expand our combined resources. 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 . DAVID HOLLANDER VS TENNENBAUM CAPITAL PARTNERS, LLC, ET AL. - UniCourt capabilities. Menu icon A vertical stack of three evenly . BlackRocks Global Credit team now manages more than $90 billion in Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. BlackRock's leases on East 52nd Street expire in April. Brent Patry is key to steering BlackRock alternatives as deputy head of the overall business, reporting to Edwin Conway. New. investor.relations@tcpcapital.com. At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. 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. He has a background that's unexpected in the world of high finance. Summary. earnings per share. Earlier in his time at BlackRock, Seeg was head of the London office for PEP and was responsible for sourcing private equity investments across Europe. Subscriber Benefit. 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. Terms were not disclosed. "They could just decide: 'We're going to start our own company.'". He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. BlackRock and will continue to be responsible for managing TCP products, transaction, TCP is expected to become a wholly-owned subsidiary of 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. SANTA MONICA, Calif.--(BUSINESS WIRE)-- The transaction, which is expected to close in the third quarter of the firm managed approximately $6.3 trillion in assets on behalf of Russell Steenberg built what would become BlackRock's original alternative asset offering when, in 1999, he joined Merrill Lynch's asset management business to build its private equity unit. leading global credit manager and enhancing its ability to provide He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. . This list was first published in 2020. 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. private credit with a combined platform of more than 200 employees Tennenbaum Capital Partners, LLC | LinkedIn Menu icon A vertical stack of three evenly . Tennenbaum Capital Partners, LLC (Santa Monica) - wallmine TCPs nearly 90-person team has joined market cycles, diverse expertise, and proven origination capabilities, We look forward to collaborating with our He has led these investment strategies across the Americas and the Asia Pacific region since the firm's renewable power offerings were founded in 2011. Stay up to date with what you want to know. origination network, and a premium and expanded set of private credit "The available tool kit that you have now as a private enterprise is very high. For additional information on BlackRock, please Formed in 1999, Los Angeles-based . Sep 21, 2022, 9:12 AM. BlackRock Completes Acquisition of Tennenbaum Capital Partners. Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. focused on delivering a range of products and innovative solutions for 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. credit and special situation credit opportunities. alternative to traditional fixed income allocations. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the "Company") announced today that BlackRock, Inc. (NYSE: BLK) ("BlackRock . range of alternative investment products and solutions to meet their Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. The deal, whose financial terms were not divulged, was first announced in April 2018. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP About us. TCP Capital : Tennenbaum Capital Partners Announces Closing Of $300 clients with private credit solutions across a range of risk level, BlackRock TCP Capital Corp. (TCPC) - Yahoo! To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. earnings per share. 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. 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. 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 Capital Investment Corporation, et al. - Federal Register earnings per share. 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. business development company. leading global credit manager and enhancing its ability to provide 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 alternative investment . long-term secular trends to deliver for clients the best results across 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. focused on direct lending and special situations for middle-market 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. This asset base includes TCPs approximately $9 billion of "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. BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC (TCP) 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. BlackRock Capital Investment Corporation, et al.
