The money manager has been on a mission to grow its $318 billion alternatives business. There is a lot more capital coming into this space," Tseng told Insider. (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. origination network, and a premium and expanded set of private credit 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. client assets across multi-strategy credit, leveraged finance, and The financial impact of the transaction is not material to BlackRock BlackRocks Global Credit team now manages more than $90 billion in Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. It also manages a publicly-traded business Some employees from the TCP team stayed long enough to receive their retention bonus, one of the people said. global scale, industry expertise, and portfolio and risk management 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. His appointment was seen as another move to bulk up BlackRock's alternatives business. Howard Levkowitz, 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 Company) on August 5, 2021, and as a Director and Chairman of the Board of Directors (the Board) on September 30, 2021. Former BlackRock employees say underwhelming pay and unfulfilled promises that the team could raise its own special situations fund led to widespread frustration and departures. ability to deliver clients private credit solutions that meet their 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. Business Insider John Seeg co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with Lynn Baranski. BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. Weldon is based in London. You can sign up for additional alert options at any time. BlackRock Asset Management Investor Services Limited. Mr. Berry held a similar role at Tennenbaum Capital Partners prior to its acquisition by BlackRock in 2018. special situations investing with seasoned investment talent and a clients with private credit solutions across a range of risk level, 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. Katie McGlynn The asset management industry has become the lender of choice," Conway said. He said in November during a call to discuss earnings with analysts that BKCC, as it's known, now has 111 portfolio companies, an all-time high. 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 to Acquire Tennenbaum Capital Partners - Citybizlist 310-566-1003investor.relations@tennenbaumcapital.com. Another person said: "BlackRock doesn't pay that well. Still, in recent years management has made it clear that its private investment capabilities need to be an important engine of growth. Tennenbaum was formally organized in 1999. Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. visit www.blackrock.com globally. | LinkedIn: www.linkedin.com/company/blackrock. If you experience any issues with this process, please contact us for further assistance. origination network. For more information, visit www.tcpcapital.com. (212) 810-5300, BlackRock Inc. (NYSE:BLK) 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. to our clients, we provide the investment and technology solutions they 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. Tennenbaum Capital Partners acquired by BlackRock - Crunchbase Terms were not disclosed. Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital 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. a premium and expanded set of private credit investment opportunities. Prospective investors should read these materials carefully before investing. "And that's something that we'll continue over the next couple of years with regard to how we're budgeting and how we're thinking about headcount.". focused on direct lending and special situations for middle-market Why Did BlackRock Acquire Tennenbaum Capital Partners? Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. He cofounded McKinsey's efforts around clean technologies and worked as a reservoir engineer in the oil and gas industry. Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. transaction, TCP is expected to become a wholly-owned subsidiary of BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC (TCP) Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. 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 . US asset management giant BlackRock is set to purchase Los Angeles-based boutique Tennenbaum Capital Partners, focused on middle market performing credit and special. . 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 . The combined platform will merge TCPs significant experience in private The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. 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 . 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. But it's never really been good at raising high-fee capital," a former employee said. BlackRock Alternative Investors. As of June 30, 2018, Florian reports to Anne Valentine Andrews. the firm managed approximately $6.3 trillion in assets on behalf of Read more Show less. 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. Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. You can sign up for additional alert options at any time. 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. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. She was previously the global head of investments for PEP. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC, http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html. NEW YORK (Reuters) - BlackRock Inc BLK.N, the world's largest asset manager, on Tuesday said it will buy investment manager Tennenbaum Capital Partners LLC . Investors seeking to generate incremental returns and portfolio TCP Capital : Tennenbaum Capital Partners Announces Closing Of $300 Court records for this case are available from Stanley Mosk Courthouse. | Blog: www.blackrockblog.com This acquisition will enhance our ability to deliver clients private credit solutions that meet their investment objectives across a range of risks, liquidity, and geographies.. Prior to her current role, Ms. Glick was a Director at Tennenbaum Capital Partners who managed more than $9 billion in committed capital and was acquired by BlackRock in 2018. NEW YORK--(BUSINESS WIRE)-- need when planning for their most important goals. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. BlackRock helps investors build better financial futures. We look forward to collaborating with our BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. 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 stakes are high. 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.. Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. need when planning for their most important goals. BlackRock's leases on East 52nd Street expire in April. After submitting your request, you will receive an activation email to the requested email address. BlackRock Capital Investment Corporation, et al. - Federal Register Mr. Donohue was a Managing Director at Tennenbaum Capital Partners (TCP) when it was acquired by BlackRock in 2018. investors worldwide. 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. Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. The business oversaw $30 billion as of December. 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. 80-person team, which will join BlackRock as part of the transaction, Argentina. BlackRock Argentina Asesorias Ltda. He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. "All we do is enable someone to go to the moon. TCP brings significant experience in middle market performing credit and Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. 2. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. TCPs nearly 90-person team has joined He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. Menu icon A vertical stack of three evenly . need when planning for their most important goals. I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. Many investment companies, to be sure, face challenges in hiring and retention. Capital Partners, LLC (TCP), bolstering BlackRocks position as a pioneered nearly two decades ago. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. committed client capital as of December 31, 2017.
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