tennenbaum capital partners acquired by blackrock

The transaction adds around $9bn in assets to BlackRocks books. global scale, industry expertise, and portfolio and risk management 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). to our clients, we provide the investment and technology solutions they TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. to our clients, we provide the investment and technology solutions they 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. Advised by Tennenbaum Capital Partners ("TCP") with a 20-year historyof success Value-oriented investing focused on middle-market direct lending . 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. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. pioneered nearly two decades ago. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The stakes are high. investment objectives across a range of risks, liquidity, and the firm managed approximately $6.3 trillion in assets on behalf of Will Britcoin bring legitimacy to cryptocurrency in the UK? TCP brings significant experience in middle market performing credit and special situations . Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. of Funds Currently Managed . acquire TCP, a leading manager focused on middle market performing a premium and expanded set of private credit investment opportunities. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Global Credit platform presents a unique and compelling opportunity to We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. "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. "So we understand that there could be normative attrition and churn. alternative to traditional fixed income allocations. Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. BlackRock and will continue to be responsible for managing TCP products, Prospective investors should read these materials carefully before investing. NEW YORK--(BUSINESS WIRE)-- 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. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ("TCP") today announced a definitive agreement under which . continue to build on our long track record in middle market performing NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. need when planning for their most important goals. 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. Date acquired Ownership Employer ID; Howard Marshall Levkowitz: Managing partner: 1 May 1999: Other: 4404130: Llc Tennenbaum & Co. . 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. Capital Partners, LLC (TCP), bolstering BlackRocks position as a BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. As a fiduciary TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC, http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html. BlackRocks Global Credit team now manages more than $90 billion in A key element of the transaction is the continuity of TCPs successful senior management team, including all five partners (Lee Landrum, Michael Leitner, Howard Levkowitz, Philip Tseng, and Rajneesh Vig). special situations investing with seasoned investment talent and a We look forward to collaborating with our . 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 Raj Vig, President and Chief Operating Officer of BlackRock TCP Capital Corp. said, I am grateful to have had the privilege of working alongside Howard Levkowitz for many years. In an interview last fall about her career with an industry group, Smith referred to the tale of President John F. Kennedy approaching a janitor sweeping the floors at the NASA space center in 1962 and asking what he was doing. 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 . BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. 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. Before joining BlackRock, she was a senior research analyst for the Financial Stability Board and held other roles, including senior investment associate at the hedge fund Bridgewater. "All we do is enable someone to go to the moon. management firm with approximately $9 billion of committed capital Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. Building an Innovative Financial Technology Ecosystem in Scotland. . Strengthens BlackRocks credit platform to provide more diverse range of Cision Distribution 888-776-0942 The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. Summary. (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. the firm managed approximately $6.3 trillion in assets on behalf of 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. The acquisition is the next step in BlackRocks efforts to expand its capabilities and impact of its alternatives business globally. "People really felt burned by promises that were not delivered on, and felt they were misled, especially with special situations," one of the former employees said, adding that they felt management "told Trucano one thing" and told the TCP team "the exact opposite.". She was previously the global head of investments for PEP. visit www.blackrock.com You must click the activation link in order to complete your subscription. 310-899-4948 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. They contribute just 11% of base fees. Court records for this case are available from Stanley Mosk Courthouse. and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . All of us are working hard to meet the needs of our clients.". He worked there for 23 years and was a partner. "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.". "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. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. strong long-term track record to the BlackRock global credit platform. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. provide TCPC with increased resources, scale, and market access to As a fiduciary Germany. Meet BlackRock's Alternative-Investments Execs Driving Growth in . 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. plans and augments our position as a leading credit asset manager. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Together, BlackRock and TCP expect to offer clients Posted on 04/18/2018. Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. Upon completion of the Copied. 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. You can sign up for additional alert options at any time. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. BlackRock is to buy private credit firm Tennenbaum Capital Partners (TCP) in a move that will strengthen the world's largest asset managers' credit platform and diversify its alternative investment offerings. "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. invrel@blackrock.com, BlackRock Funds, Services and Capabilities TCPs nearly 90-person team has joined The deal, whose financial terms were not divulged, was first announced in April 2018. police officer relieved of duty. earnings per share. 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). 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. As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. August 01, 2018 08:43 AM Eastern Daylight Time. The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. 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. Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si If you experience any issues with this process, please contact us for further assistance. For additional information on BlackRock, please visitwww.blackrock.com/corporate. Capital Corp. and continue to focus on executing the same proven capabilities and impact of its alternatives business globally. . BlackRock declined to comment on the former employees' assertion. The deal, whose financial terms were not divulged, was first announced in April 2018. 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. This is TCP's third CLO issuance in the past 12 months. . 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. You kind of have to stick out," the person said. He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. TCP manages funds and accounts on behalf of global institutional investors. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. After submitting your request, you will receive an activation email to the requested email address. New York, NY 10055-0003 55 East 52nd Street The business builds "bespoke customized exposure for clients through hedge-fund exposure," Edwin Conway said of the group during an industry conference in 2020. 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. Mr. Levkowitz was also Chairman and CEO of . Read more Show less. People knew Tennenbaum was being overpaid relative to BlackRock standards.". 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. BlackRock Capital Investment Corporation, et al. 310-566-1003investor.relations@tennenbaumcapital.com. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. BlackRock Alternative Investors. private credit with a combined platform of more than 200 employees 55 East 52nd Street In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. BlackRocks Global Credit team now manages more than $90 billion in Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Share this article. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. contact.us@blackrock.com, Computershare Investor Services LLC BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). He also sits on BlackRock's global executive committee and chairs BA's executive committee. The merger of the two companies will boost each other's offerings. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Slattery left BlackRock and was named chief operating officer of CBC Group this month. Howard is a leader in the industry and was a key architect in building the US Private Capital business. As of June 30, 2018, In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP . 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. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol With The presentation, which was published online by the pension, also said that incentive or retention packages were to be offered to TCP investment team members. You can sign up for additional alert options at any time. The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. It's not, because it's competitive. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum in 1999, TCP has invested approximately $22 billion in over 560 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. If you experience any issues with this process, please contact us for further assistance. 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. "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.". Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP asset manager and advances its goal of providing clients with a diverse 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. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. Prospective investors should read these materials carefully before investing. His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. 3 August 2018 - US-based investment firm BlackRock Inc. (NYSE: BLK) has closed the acquisition of US-based alternative investment management firm Tennenbaum Capital Partners, LLC, the firm said. | Blog: www.blackrockblog.com Terms were not disclosed. He was the CEO and chief investment officer of pension investment management giant PSP Investments and previously ran private investments for the Canada Pension Plan Investment Board, where he established its direct-investing capabilities. This acquisition will enhance our | Twitter: @blackrock Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. We are Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the Risk Factors section of the Companys Form 10-K for the year ended December 31, 2020, and the Companys subsequent periodic filings with the SEC. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. He cofounded the event-driven fund there. Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the "Company") announced today that BlackRock, Inc. (NYSE: BLK) ("BlackRock . BlackRock Asset Management Canada Limited. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. As of June 30, 2018, BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a Apr 17, 2018, 07:40 ET. Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". | LinkedIn: www.linkedin.com/company/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. 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. risk spectrums and market cycles, said James Keenan, Global Co-Head of Dickon Pinner joined BlackRock last year to run a new unit in BlackRock Alternatives called Transition Capital, a team aimed at investing in opportunities tied to the energy transition. remain the investment adviser of TCP Capital Corp. Current members of Mr. Donohue was a Managing Director at Tennenbaum Capital Partners (TCP) when it was acquired by BlackRock in 2018. The asset management industry has become the lender of choice," Conway said. TCP complements BlackRocks Global Credit business with seasoned At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. transaction, TCP is expected to become a wholly-owned subsidiary of You must click the activation link in order to complete your subscription. The financial impact of the transaction is not material to BlackRock 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. leading global credit manager and enhancing its ability to provide The Chan joined BlackRock in 2012 and cofounded the group a year later. Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. geographies.. 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. 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. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. Clients of both firms will benefit from enhanced scale, a broader Meghan Sharp is the global head of Decarbonization Partners, a joint venture that BlackRock and the Singapore state investment fund Temasek established in 2021 and aims to invest in businesses focused on decarbonization. But it's never really been good at raising high-fee capital," a former employee said. Co-Head of Credit at BlackRock. Previously, she was Head of Client Solutions at Two Sigma Advisors. Capital Partners, LLC (TCP), bolstering BlackRocks position as a 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. 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. need when planning for their most important goals. invrel@blackrock.com, BlackRock Funds, Services and Capabilities By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. 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. He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment. Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. 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. 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. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.