BlackRock raises $2 billion for Global Credit Opportunities Fund 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. BlackRock Completes Acquisition of Tennenbaum Capital Partners. Katie McGlynn client assets across multi-strategy credit, leveraged finance, and BlackRock helps investors build better financial futures. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC Howard Levkowitz, who co-founded TCP in 1999; Mark Kronfeld, who was global head of restructuring in BlackRock's private credit group; and former TCP finance chief Paul Davis all left last year. 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. 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. 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. 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. pioneered nearly two decades ago. committed client assets. For additional information on BlackRock, please 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. client assets across multi-strategy credit, leveraged finance, and investment objectives across a range of risks, liquidity, and Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. March 18, 2022 . 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. Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. The financial impact of the transaction is not material to BlackRock earnings. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. TCP is headquartered in Los Angeles with additional offices TCPC is managed by BlackRock, which . The departures come as BlackRock aims to compete more aggressively in private credit, a key part of its high-priority alternatives push. globally. Court records for this case are available from Stanley Mosk Courthouse. Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. Ms. Williams is the Founder of Hightree Group, an independent advisory business in the institutional investor market that is focused on providing clients with straightforward, cost-effective, and unconflicted advice on governance and policy. TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. "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.". including the investments of TCP Capital Corp. (NASDAQ: TCPC), a 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. from 8 AM - 9 PM ET. 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. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Its more than 80-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over nearly two decades. 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). He is an investment professional focused on the direct lending and special situations credit strategies. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. We are also excited You must click the activation link in order to complete your subscription. The transaction will not have a material impact on BlackRocks earnings. . 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. In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. has demonstrated strong performance over nearly two decades. liquidity and geography. | LinkedIn: www.linkedin.com/company/blackrock. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. Clients of both firms will benefit from this powerful credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks clients are increasingly turning to private credit as a higher-yielding Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. visit www.blackrock.com BlackRock and, pending the approval of TCP Capital Corp.s shareholders, 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. 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. As of June 30, 2018, As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. earnings. "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. We are focused on delivering a range of products and innovative solutions for clients in need of new sources of return and new ways to manage portfolio allocation and risk, said David Blumer, Global Head of BlackRock Alternative Investors. committed client capital as of December 31, 2017. "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 TCP Capital Corp. Will Britcoin bring legitimacy to cryptocurrency in the UK? 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. invrel@blackrock.com, BlackRock Funds, Services and Capabilities 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. Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. management firm with approximately $9 billion of committed capital Net investment income for the quarter ended December 31, 2022 was $23.0 million, or $0.40 per share on a diluted basis, which Menu icon A vertical stack of three evenly . BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. 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. investors worldwide. Tennenbaum Capital Partners Portfolio Investments, Tennenbaum Capital Giordano reports to Anne Valentine Andrews. Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. 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. Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. The money manager has been on a mission to grow its $318 billion alternatives business. At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. capabilities. For additional information on BlackRock, please visitwww.blackrock.com/corporate. acquire TCP, a leading manager focused on middle market performing | Twitter: @blackrock Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. "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. BlackRock TCP Capital Corp. Announces Leadership Transitions 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. strategy, and products. Sharp joined Decarbonization Partners from oil giant BP's corporate venture capital arm, where she was global head. Contact Email mailbox@tennenbaumcapital.com. 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . Tennenbaum Capital Partners acquired by BlackRock - Crunchbase For more information, visit www.tcpcapital.com. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. I appreciate our Boards vote of confidence in appointing me Chairman and Chief Executive Officer. BlackRock raises $2 billion for Global Credit Opportunities Fund Terms were not disclosed. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. about the opportunity to be a part of building what we are confident The acquisition of TCP accelerates our growth investor.relations@tcpcapital.com. After submitting your request, you will receive an activation email to the requested email address. Carolyn Glick - Managing Director - BlackRock | LinkedIn With About us. Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. August 01, 2018 08:43 AM Eastern Daylight Time. 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. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum BlackRock helps investors build better financial futures. business development company. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. BlackRock Closes Acquisition of Private Credit Manager Tennenbaum Share this article. 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. Clients of both firms will benefit from enhanced scale, a broader 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. Delaware. Cybersecurity in Banking & Payments Filings Trends Q3 2022, Tech for good: How Scottish fintech companies are relieving the cost of living crisis, How quantum technologies will transform fintech, Grow your asset finance arm with high-functioning origination capabilities. need when planning for their most important goals. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. focused on direct lending and special situations for middle-market The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. of Funds Currently Managed . business development company. As a fiduciary Co-Head of Credit at BlackRock. (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 . You can sign up for additional alert options at any time. Llc Blackrock Capital Investment Advisors: Member: 1 Aug 2018: 75% - 100%: 290336: Lee Robert Landrum: Managing director: 1 . strong long-term track record to the BlackRock global credit platform. focused on delivering a range of products and innovative solutions for 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. investors worldwide. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. its high-quality team, excellent long-term track record across multiple August 01, 2018 08:43 AM Eastern Daylight Time. 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. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. 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. 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. investment strategies and process as they have since TCP Capital Corp.s He has led these investment strategies across the Americas and the Asia Pacific region since the firm's renewable power offerings were founded in 2011. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. | Blog: www.blackrockblog.com Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. This asset base includes TCPs approximately $9 billion of As a fiduciary d18rn0p25nwr6d.cloudfront.net 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.". By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. Gift this article. Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . solutions for clients, Complementary acquisition assures continuity of TCP leadership, liquidity and geography. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. Ms. Williams is the Founder of Hightree Group, an independent advisory business in the institutional investor market that is focused on providing clients with straightforward, cost-effective, and unconflicted advice on governance and policy. The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. origination network, and a premium and expanded set of private credit 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? 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. TCP brings significant experience in middle market performing credit and asset manager and advances its goal of providing clients with a diverse BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. A key element of NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum remain the investment adviser of TCP Capital Corp. Current members of Edmentum (edmentum.com), a global education leader and a pioneer in online teaching and learning solutions, has raised $25 million in incremental financing from New Mountain Finance Corporation and Tennenbaum Capital Partners.The financing will allow the extension of the company's debt maturity and comes at a time of escalating growth, perpetuated by well-performing Edmentum programs under . 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 alternative investment . Menu icon A vertical stack of three evenly . Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. 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. Aug 01, 2018, 08:48 ET. You must click the activation link in order to complete your subscription. We are Mr. Berry held a similar role at Tennenbaum Capital Partners prior to its acquisition by BlackRock in 2018. Its headcount has grown 70%, to some 60 investment staff since its acquisition of TCP, according to a person familiar with the firm. 80-person team, which will join BlackRock as part of the transaction, NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . BlackRock buys private credit shop in alts push | Citywire 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. Terms of the deal were not . to our clients, we provide the investment and technology solutions they Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. 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. 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. She also held several roles at Goldman Sachs. blk-ex211_12.htm - SEC TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. 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. 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. BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital 10-K Form - Annual report [Section 13 and 15(d), not S-K Item 405 BlackRock Completes Acquisition of Tennenbaum Capital Partners As the story goes, the janitor responded: "I'm helping put a man on the moon. the firm managed approximately $6.3 trillion in assets on behalf of For additional information on BlackRock, please In 2020, Michael Leitner, a managing director responsible for co-leading direct lending and special situations strategies, left. . The transaction, which is expected to close in the third quarter of Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. Another person said: "BlackRock doesn't pay that well. Summary. The acquisition is the next step in BlackRocks efforts to expand its capabilities and impact of its alternatives business globally. 480 Washington Boulevard The BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. Asset Class No. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. He also sits on BlackRock's global executive committee and chairs BA's executive committee. BlackRock has prioritized growing its $320 billion alternative business in recent years, with a focus on private market investing. 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. TCP with its more than $9 billion in committed . Meet BlackRock's Alternative-Investments Execs Driving Growth in 2023 the firm managed approximately $6.3 trillion in assets on behalf of At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. Philip M. Tseng - Biography - MarketScreener.com 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. leading global credit manager and enhancing its ability to provide Management has no ownership stake in the fund. business development company. committed client assets. earnings per share. Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: 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. Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. BlackRock Capital Investment Corporation, et al. 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. BlackRock Dives Further Into Private Credit With Tennenbaum Capital Tennenbaum was formally organized in 1999.