need when planning for their most important goals. | Twitter: @blackrock By Jennifer Ablan. "Somebody with her kind of background is like a dream hire, because, obviously, she understands the investing side from having invested in fund of funds for so long," a London-based recruiter told Insider last year for a story on ESG leaders across the industry. Other senior departures who did not join BlackRock through the TCP deal included Michael Zugay, former head of US private capital; Alex Dashiell, a former managing director in USPC and a member of its investment committee; and Aaron Kless, former head of USPC investment strategies. 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 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. 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. Meet BlackRock's Alternative-Investments Execs Driving Growth in . New York, NY 10055-0003 Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a 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. 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. 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. Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. BlackRock bought Merrill Lynch Investment Management in 2006. Tennenbaum was formally organized in 1999. TCP Mr. Levkowitz was also Chairman and CEO of . financial impact of the transaction is not material to BlackRock 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-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . 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. Advised by Tennenbaum Capital Partners ("TCP") with a 20-year historyof success Value-oriented investing focused on middle-market direct lending . NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. committed client capital as of December 31, 2017. Howard is a leader in the industry and was a key architect in building the US Private Capital business. Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. inception. 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. Upon completion of the client assets across multi-strategy credit, leveraged finance, and "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. We look forward to collaborating with our in-demand moment for the private credit market, big traditional asset managers are going after. 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 of both firms will benefit from this powerful Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. Fri 05 Feb, 2021 - 10:32 AM ET. REUTERS/Brendan McDermid/File Photo. BlackRock Alternative Investors. She is a graduate of Arizona State University where she earned a B.S. BlackRock Investor Relations The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. 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. Since its founding The transaction will not have a material impact on BlackRocks earnings. . Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . "I was on the academic track, applying for faculty positions and transition grants for my life in academia. The leadership team steering the alternatives business has changed recently. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC, http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html. diversification are increasingly turning to private credit where both (212) 810-5300, BlackRock Inc. (NYSE:BLK) expand our combined resources. companies. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. 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. 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. 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. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. focused on delivering a range of products and innovative solutions for 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. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. The transaction adds around $9bn in assets to BlackRock's books. BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum 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. capabilities and impact of its alternatives business globally. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. the firm managed approximately $6.317 trillion in assets on behalf of BlackRock Completes Acquisition of Tennenbaum Capital Partners. People knew Tennenbaum was being overpaid relative to BlackRock standards.". 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit "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. Business Insider Will Britcoin bring legitimacy to cryptocurrency in the UK? Credit at BlackRock. Together, BlackRock and TCP expect to offer clients Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. "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. As a fiduciary Sep 21, 2022, 9:12 AM. 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. origination network. 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 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. 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. SANTA MONICA, Calif., Jan. 25, 2018 /PRNewswire/ -- Tennenbaum Capital Partners, LLC ("TCP" or the "Firm"), a leading alternative investment management firm, announced today the closing of its $300 million TCP Rainier CLO. BlackRock Asset Management Investor Services Limited. In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. 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. Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. 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. the firm managed approximately $6.3 trillion in assets on behalf of That is the ultimate validation, or not, of success performance and fundraising," Vig said. I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. For additional information on BlackRock, please She also held several roles at Goldman Sachs. 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. He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment. BlackRock TCP Capital Price Performance. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. 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. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. Subscriber Benefit. 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. Investors seeking to generate incremental returns and portfolio Brent Patry is key to steering BlackRock alternatives as deputy head of the overall business, reporting to Edwin Conway. 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. Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. 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. Today, Black BlackRock, Inc. (NYSE: BLK) has completed its acquisition of Cachematrix, a leading provider of financial technology which simplifies the 2023 BlackRock, Inc. All rights reserved. Wojcik, 212-810-8127tom.wojcik@blackrock.comorFor 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 complements BlackRocks Global Credit business with seasoned investment talent and a strong long-term track record at a time when clients are increasingly turning to private credit as a higher-yielding alternative to traditional fixed income allocations. Previously, she was Head of Client Solutions at Two Sigma Advisors. He worked there for 23 years and was a partner. Managing director Kenneth Saffold, an investor well-known in the Atlanta community, left and cofounded the investment firm o15 Capital Partners with former Invesco and BankUnited executives, Insider reported in June. He is an investment professional focused on the direct lending and special situations credit strategies. Tennenbaum Capital Partners, LLC ("TCP") is a leading alternative investment management firm founded in 1999 (its predecessor entity commenced operations in 1996) with a proven track . 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. 55 East 52nd Street Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. 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. Despite senior-level exits, the business has grown headcount and client assets since 2018. investors worldwide. The departures come as BlackRock aims to compete more aggressively in private credit, a key part of its high-priority alternatives push. Steenberg had founded the business in 1999. 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. BlackRock helps investors build better financial futures. 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. "We are seeing an increasing blurring of what used to be clearly distinct business models, whether this is a convergence between asset and wealth management, LPs becoming direct investors, asset and liability pools moving fluidly between insurers, and pension funds or asset servicers looking to integrate ever closer with their clients," he told Insider in 2020. Previously, she was Head of Client Solutions at Two Sigma Advisors. McDonnell, 212-810-5337tara.mcdonnell@blackrock.comorInvestors:Tom This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. "When you join a big company like BlackRock, it's just a lot more political. New York, NY 10055-0003 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.
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