capabilities. 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 . TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. 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 . Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. Conway said in an interview with Institutional Investor last December that the slowdown in initial public offerings underscores how important private financing has become. 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. Clients of both firms will benefit from enhanced scale, a broader Baranski and Seeg took over from Russell Steenberg, the founder and longtime head, after he stepped away from day-to-day responsibilities and took on a new role as chairman of PEP as of January 1. committed client capital as of December 31, 2017. 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. Germany. Tennenbaum Capital Partners, LLC (Santa Monica) - wallmine Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. combination, which will result in enhanced scale and a broader "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.". 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. 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. "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.". This asset base includes TCPs approximately $9 billion of ", "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. For additional information on BlackRock, please Apr 17, 2018, 07:40 ET. investor.relations@tcpcapital.com. 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. It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). As of June 30, 2018, In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP . This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). liquidity and geography. To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. Since its founding in 1999, TCP has invested approximately $22 billion in over 560 companies. Tarek Mahmoud runs multi-alternative solutions where BlackRock advises clients investing in various types of alternative assets and chairs the Europe, Middle East, and Africa region for BlackRock Alternatives. Larry Fink/Reuters, Tyler Le/Insider. 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. (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 . NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . BlackRock Asset Management Deutschland AG. credit and special situation credit opportunities. 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. "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. BlackRock Completes Acquisition of Tennenbaum Capital Partners Mr. Berry held a similar role at Tennenbaum Capital Partners prior to its acquisition by BlackRock in 2018. 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. Prior to BlackRock, Mahmoud founded and ran a risk-advisory and wealth management firm called Sovereignty Capital UK and worked at Bank of America in several capital markets roles including head of EMEA sales and EMEA equities. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ("TCP") today announced a definitive agreement under which . Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. BlackRocks Global Credit team now manages more than $90 billion in financial impact of the transaction is not material to BlackRock NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum He was named global head of BlackRock Alternatives in April 2019 when the alternatives business was restructured in a way executives hoped would improve growth, according to reports at the time. 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. She is a graduate of Arizona State University where she earned a B.S. Its headcount has grown 70%, to some 60 investment staff since its acquisition of TCP, according to a person familiar with the firm. 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 . TCPC is managed by BlackRock, which . 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. His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. If you experience any issues with this process, please contact us for further assistance. origination network, and a premium and expanded set of private credit 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. But we try to take that into account, and we've really invested in the business to scale our team commensurate with our capital base and our deployment.". Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. Levkowitz, Philip Tseng, and Rajneesh Vig). 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. David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. DAVID HOLLANDER VS TENNENBAUM CAPITAL PARTNERS, LLC, ET AL. - UniCourt Aug 01, 2018, 08:48 ET. TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. Gift this article. TCP is headquartered in Los Angeles with additional offices Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. Metrica Srl:Acquisition,Acquisition Analysis & Reports - Discovery including the investments of TCP Capital Corp. (NASDAQ: TCPC), a "The office of the COO is where we crystallize our strategy and how we execute day-to-day and in the longer term," Conway said in a memo to staff announcing Smith's appointment in 2021, Insider previously reported. BlackRock to acquire Tennenbaum Capital Partners LLC He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. TCP manages funds and accounts on behalf of global institutional investors. Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. BlackRock's leases on East 52nd Street expire in April. Our thought leadership in investing, risk management, portfolio construction and trading solutions. 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. 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. As a fiduciary The acquisition augments BlackRock's . BlackRock Dives Further Into Private Credit With Tennenbaum Capital Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. March 18, 2022 . "So we understand that there could be normative attrition and churn. 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 recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. TCPs nearly 90-person team has joined 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. visit www.blackrock.com Together, BlackRock and TCP expect to offer clients BlackRock TCP Capital: 9% Yield, Get Your Marshmallow Now - SeekingAlpha By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. market cycles, diverse expertise, and proven origination capabilities, BlackRock to buy Tennenbaum Capital; five partners to stay on board When typing in this field, a list of search results will appear and be automatically updated as you type. All of TCP's partners signed employment agreements and were expected to join BlackRock, while TCP anticipated that all of its more than 80 employees would move to the money manager, a May 2018 presentation TCP provided to a public pension investor shows. BlackRock TCP Capital (NASDAQ:TCPC) Price Target Cut to $11.00 By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. development company, TCP Capital Corp. (NASDAQ:TCPC). 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. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals. The transaction adds around $9bn in assets to BlackRocks books. In connection with the transaction, the Company's name was changed from TCP . d18rn0p25nwr6d.cloudfront.net BlackRock says to buy private credit investor Tennenbaum Capital Sean Berry - BlackRock Capital Investment Corporation We are | Twitter: @blackrock Before she became the investment chief of the group, she served as a senior portfolio manager and primary deputy to the group's former investment boss. Tim O'Hara, then BlackRock's global co-head of credit, helped oversee the TCP acquisition. Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. 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. TCP was acquired by BlackRock, Inc. in August of 2018. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. Some employees from the TCP team stayed long enough to receive their retention bonus, one of the people said. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May.

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