tennenbaum capital partners acquired by blackrock

private credit with a combined platform of more than 200 employees For additional information on BlackRock, please visitwww.blackrock.com/corporate. BlackRock helps investors build better financial futures. Summary. | Blog: www.blackrockblog.com The leadership team steering the alternatives business has changed recently. Description. origination network, and a premium and expanded set of private credit He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. In 2018, Keenan helped steer the firm's acquisition of Tennenbaum Capital Partners, an investment manager that expanded the alternatives unit's foothold in the competitive private credit market. client assets across multi-strategy credit, leveraged finance, and August 1, 2018, 12:43 PM UTC. Previously, she was Head of Client Solutions at Two Sigma Advisors. This acquisition will enhance our Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. BlackRocks Global Credit team now manages more than $90 billion in Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol strong long-term track record to the BlackRock global credit platform. But when it comes to performance fees those that BlackRock earns for generating strong returns for clients, and last year accounted for $514 million they have an outsized impact. 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. 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. Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. BlackRock Asset Management Canada Limited. Global Mergers and Acquisitions (M&A) Deals in the In UK IFAs, Investment Managers, & Platforms, Craven Street Wealth snaps up London-based Bernard Barrett Associates, Credit Suisse targets rich Asian clients with higher deposit rates. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor special situations investing with seasoned investment talent and a In connection with the transaction, the Company's name was changed from TCP . 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. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. BlackRock's $318 billion alternative-investments business is key to the money manager's future. BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. management firm with approximately $9 billion of committed capital about the opportunity to be a part of building what we are confident About us. Business Insider The unit will work with portfolio managers and BCM, the firm's capital markets group, to source and back transition-related investments across asset classes around the world, Edwin Conway told employees in October in a memo viewed by Insider. BlackRock announced it will acquire private credit manager Tennenbaum Capital Partners in a deal that strengthens the $6.3 trillion money manager's credit platform. As of March 31, 2018, Florian recently oversaw a significant fund closing. Argentina. Weldon joined BlackRock from Partners Capital, the outsourced investment office for clients such as endowments, foundations, and ultrawealthy families, where she was the global head of ESG and impact investing. Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com. As a fiduciary US asset management giant BlackRock is set to purchase Los Angeles-based boutique Tennenbaum Capital Partners, focused on middle market performing credit and special. 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. BlackRock Capital Investment Corporation, et al. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. Steenberg had founded the business in 1999. to our clients, we provide the investment and technology solutions they . BlackRock announced Tuesday evening that it had agreed to acquire Tennenbaum Capital Partners, a $9 billion asset manager focused on direct lending and special situation credit opportunities. expand our combined resources. The transaction will not have a material impact on BlackRocks earnings. visit www.blackrock.com Capital Partners, LLC (TCP), bolstering BlackRocks position as a currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: He joined TCP in 2006 and served as TCPCs President and Chief Operating Officer since its IPO in 2012. | LinkedIn: www.linkedin.com/company/blackrock. The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. Prospective investors should read these materials carefully before investing. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). The financial impact of the transaction is not material to BlackRock including the investments of TCP Capital Corp. (NASDAQ: TCPC), a As a fiduciary If you experience any issues with this process, please contact us for further assistance. the firm managed approximately $6.3 trillion in assets on behalf of the firm managed approximately $6.317 trillion in assets on behalf of TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. 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. geographies.. New York, NY 10055-0003 After submitting your request, you will receive an activation email to the requested email address. Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. Cision Distribution 888-776-0942 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. In August 2018, Tennenbaum was acquired by BlackRock. 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. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. 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 . By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. Mr. Levkowitz was also Chairman and CEO of . ability to deliver clients private credit solutions that meet their Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. (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 . BlackRock Investor Relations 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. Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. the transaction is the continuity of TCPs successful senior management 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? 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. Last year Decarbonization Partners invested in Monolith, aclean hydrogen and materials company, as part of a $300 million round of funding alongside TPG Rise Climate and other investors. Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. focused on direct lending and special situations for middle-market to our clients, we provide the investment and technology solutions they 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. Apr 17, 2018, 07:40 ET. 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. 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. 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. Clashes between investment teams, deflated hopes of a fund launch, and pay disputes have contributed to a years-long wave of departures from BlackRock's private credit investing team, former employees tell Insider. Sophisticated investors who are focused on "special situations," as the style is broadly known, seize on major corporate events like bankruptcies, acquisitions, or litigation, which impact the price of an asset. special situations investing with seasoned investment talent and a They could get taken away and hired by another company that wants to enter the space," Sondhelm said. evolving needs. committed client assets. 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. Read more Show less. BlackRock AP Investment Holdco, LLC. View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara With The deal, whose financial terms were not divulged, was first announced in April 2018. 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). 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. 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 began his career at UBS Investment Bank's Growth . Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. 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. Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. Our combination with BlackRock will The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. liquidity and geography. Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. Meet BlackRock's Alternative-Investments Execs Driving Growth in . He is also on the board of California Science Center Foundation. In a joint interview, BlackRock executives said they were confident in the team's growth and performance. 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. 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. 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 . 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. ", "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. Sep 21, 2022, 9:12 AM. Jersey City, New Jersey 07310-190 Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. . 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. . long-term secular trends to deliver for clients the best results across He currently serves with Raj as Co-Head of US Private Capital. BlackRock Asset Management Deutschland AG. BlackRock had an existing special situations fund in the US, run by David Trucano, a dynamic that spurred internal conflict, the person added. 55 East 52nd Street 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. Investors seeking to generate incremental returns and portfolio globally. new colleagues and leveraging BlackRocks unparalleled resources to TCP is based in Los Angeles and has approximately $9 billion of Diorio is the head of product for BlackRock's crucial US wealth advisory business, which links the firm's vast menu of funds with the large forces of financial advisors, private bankers, and others in the wealth management industry who invest in products like exchange-traded funds and alternative funds. | Twitter: @blackrock 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. 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 wholly owned, indirect subsidiary of BlackRock, Inc. For more information, visit www.tcpcapital.com. 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. NEW YORK--(BUSINESS WIRE)-- Net investment income for the quarter ended December 31, 2022 was $23.0 million, or $0.40 per share on a diluted basis, which Chan joined BlackRock in 2012 and cofounded the group a year later. She is a graduate of Arizona State University where she earned a B.S. For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. . At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. "Russ did more than found a business," Conway said in the September memo seen by Insider. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Delaware. Our thought leadership in investing, risk management, portfolio construction and trading solutions. Baranski has been there, virtually, since the beginning she said in an interview last fall with SALT that she joined PEP before it closed on its first fund. The transaction adds around $9bn in assets to BlackRocks books. investment strategies and process as they have since TCP Capital Corp.s need when planning for their most important goals. 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. Howard, Raj and Phil led the successful integration of TCP to develop BlackRocks US Private Capital team, which today is a leader in private credit. TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017.

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