tennenbaum capital partners acquired by blackrock

BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use. 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. 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. "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". range of alternative investment products and solutions to meet their BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. | Blog: www.blackrockblog.com Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. TCP brings significant experience in middle market performing credit and special situations investing with seasoned investment talent and a strong long-term track record to the BlackRock global credit platform. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. 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. in Economics and a Ph.D. in Finance. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Earlier in her career she spent 13 years at Blackstone, where she was a cohead of the firm's London office for hedge-fund solutions. Prospective investors should read these materials carefully before investing. 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.. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ('TCP') today announced a definitive agre. BlackRock TCP Capital Price Performance. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. In connection with the transaction, the Company's name was changed from TCP . Investors seeking to generate incremental returns and portfolio diversification are increasingly turning to private credit where both expertise and platform scale can drive returns, said Tim OHara, Global Co-Head of Credit at BlackRock. 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. The transaction, which is expected to close in the third quarter of 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 is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. 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. development company, TCP Capital Corp. (NASDAQ:TCPC). . Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. BlackRock Capital Investment Corporation, et al. Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. the TCP team will continue to be responsible for the investments of TCP investors worldwide. To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. 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 . Shares of NASDAQ TCPC opened at $11.72 on Wednesday. His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. contact.us@blackrock.com, Computershare Investor Services LLC This is TCP's third CLO issuance in the past 12 months. BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. TCPs nearly 90-person team has joined To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. "When you join a big company like BlackRock, it's just a lot more political. Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. capabilities and impact of its alternatives business globally. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? "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. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Chouman has said he sees two dimensions to Aladdin's future growth: clients demanding a more sophisticated, all-encompassing view of their alternative assets, and the business' operations in an increasingly complex area where different models are intertwined. 480 Washington Boulevard "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ("TCP") today announced a definitive agreement under which . "They could just decide: 'We're going to start our own company.'". TCP brings significant experience in middle market performing credit and special situations . (212) 810-5300, BlackRock Inc. (NYSE:BLK) Forward-looking statements are made as of the date of this press release and are subject to change without notice. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The merger of the two companies will boost each other's offerings. 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. Mr. Donohue was a Managing Director at Tennenbaum Capital Partners (TCP) when it was acquired by BlackRock in 2018. Wojcik, 212-810-8127tom.wojcik@blackrock.comorFor I appreciate our Boards vote of confidence in appointing me Chairman and Chief Executive Officer. 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. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). Previously, she was Head of Client Solutions at Two Sigma Advisors. Raj Vig has more than 20 years of experience in the financial services industry. 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 financial impact of the transaction is not material to BlackRock Finally, BlackRock Inc. raised its holdings in Coca-Cola Europacific Partners by 5.0% in the first quarter. The leadership team steering the alternatives business has changed recently. "All we do is enable someone to go to the moon. Conway previously ran BlackRock's key institutional-client business, where he was responsible for the overall strategy for the firm's relationships with institutional clients like sovereign wealth funds, public and private pension plans, and foundations. 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. Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. 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. will be the premier business of its kind., We are focused on building a private credit business that seizes on Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. 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. to our clients, we provide the investment and technology solutions they market cycles, diverse expertise, and proven origination capabilities, 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. 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. 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. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum 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. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. investment objectives across a range of risks, liquidity, and TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Insider has pinpointed its leaders across teams, from private equity and credit to sustainability. risk spectrums and market cycles, said James Keenan, Global Co-Head of 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. Seeg was previously PEP's global head of client solutions and strategy. 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. He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. The financial impact of the transaction is not material to BlackRock origination network, and a premium and expanded set of private credit 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.. 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. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. investment talent and a strong long-term track record at a time when When typing in this field, a list of search results will appear and be automatically updated as you type. Capital Partners, LLC (TCP), bolstering BlackRocks position as a asset manager and advances its goal of providing clients with a diverse | Twitter: @blackrock Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. | Blog: www.blackrockblog.com committed client assets. For more information, please from 8 AM - 9 PM ET. Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. "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. Delaware. long-term secular trends to deliver for clients the best results across Indeed, the string of exits and tensions within the private credit business grew so untenable that BlackRock president and cofounder Rob Kapito stepped in to try to smooth over frustrations in the group and stem the outflow of talent, said four former BlackRock employees, who spoke to Insider under the condition of anonymity. continue to build on our long track record in middle market performing Upon completion of the transaction, TCP is expected to become a wholly-owned subsidiary of BlackRock and, pending the approval of TCP Capital Corp.s shareholders, remain the investment adviser of TCP Capital Corp. Current members of the TCP team will continue to be responsible for the investments of TCP Capital Corp. and continue to focus on executing the same proven investment strategies and process as they have since TCP Capital Corp.s inception. TCP brings significant experience in middle market performing credit and 310-899-4948 Business Insider 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 asset management industry has become the lender of choice," Conway said. Since its founding including the investments of TCP Capital Corp. (NASDAQ: TCPC), a committed client capital as of December 31, 2017. 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. 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 . BlackRocks Global Credit team now manages more than $90 billion in

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