Private markets are "a major strategic area of focus at BlackRock," Morgan Stanley analysts led by Betsy Graseck wrote in a research report in June. 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 to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. But it's never really been good at raising high-fee capital," a former employee said. portfolio allocation and risk, said David Blumer, Global Head of Building an Innovative Financial Technology Ecosystem in Scotland. | Twitter: @blackrock 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. continue to build on our long track record in middle market performing 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. Clients of both firms will benefit from enhanced scale, a broader "Russ did more than found a business," Conway said in the September memo seen by Insider. Chan joined BlackRock in 2012 and cofounded the group a year later. BlackRock Inc, the world's largest asset management firm, . | Blog: www.blackrockblog.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. https://www.businesswire.com/news/home/20210601006057/en/, BlackRock TCP Capital Corp. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum 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 BlackRock Capital Investment Corporation, et al. Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. 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 . Prospective investors should read these materials carefully before investing. Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. need when planning for their most important goals. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. US asset management giant BlackRock is set to purchase Los Angeles-based boutique Tennenbaum Capital Partners, focused on middle market performing credit and special. evolving needs. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. After submitting your request, you will receive an activation email to the requested email address. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. You must click the activation link in order to complete your subscription. TCP brings significant experience in middle market performing credit and "The available tool kit that you have now as a private enterprise is very high. special situations investing with seasoned investment talent and a ability to deliver clients private credit solutions that meet their business development company. | Twitter: @blackrock . Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. 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. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. Previously, she was Head of Client Solutions at Two Sigma Advisors. committed client assets. View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor Florian reports to Anne Valentine Andrews. If you experience any issues with this process, please contact us for further assistance. 55 East 52nd Street Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. The transaction adds around $9bn in assets to BlackRock's books. clients with private credit solutions across a range of risk level, Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. In August 2018, Tennenbaum was acquired by BlackRock. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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? BlackRock Argentina Asesorias Ltda. BlackRock Asset . View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara Giordano reports to Anne Valentine Andrews. Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. BlackRock TCP Capital Price Performance. Lanigan led the first LTPC deal, in Authentic Brands, Institutional Investor reported in 2019. "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. on June 20, 2019 [ 4] under sections 17 (d) and 57 (i) of the Act and rule 17d-1 under the Act, with the result that no person will continue to rely on the Prior Order if the . 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. Capital Corp. and continue to focus on executing the same proven 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. BlackRock's leases on East 52nd Street expire in April. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. Menu icon A vertical stack of three evenly . strong long-term track record to the BlackRock global credit platform. 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. 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. Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. 480 Washington Boulevard New York, NY 10055-0003 New. If you experience any issues with this process, please contact us for further assistance. Tennenbaum Capital Partners Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit Acquiring Organization: BlackRock BlackRock is an investment company that offers its services to institutions, intermediaries, foundations, and individual investors. investors worldwide. Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). BlackRock Inc. now owns 14,447,992 shares of the company's stock valued at $702,316,000 after acquiring an additional 685,745 shares in the last quarter. In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. business development company. | Blog: www.blackrockblog.com He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. If you experience any issues with this process, please contact us for further assistance. Howard Levkowitz, Chairman and CEO of BlackRock TCP Capital Corp. said, Im pleased to announce the well-deserved promotion of Raj Vig and appointment of Phil Tseng. Andr Bourbonnais heads up BlackRock's Long Term Private Capital, a direct private equity strategy that focuses on control investments in companies in North America and Europe. BlackRock helps investors build better financial futures. Copied. Asia Pacific, June 21, 2019 BlackRocks wholly foreign-owned enterprise in Shanghai, BlackRock Investment Management (Shanghai) Co., Ltd BlackRock issued a client bulletin on March 2nd outlining our approach to companies that manufacture and sell civilian firearms. Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. After submitting your request, you will receive an activation email to the requested email address. Contact Email mailbox@tennenbaumcapital.com. In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. origination network, and a premium and expanded set of private credit 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. investors worldwide. to our clients, we provide the investment and technology solutions they He worked there for 23 years and was a partner. BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum diversification are increasingly turning to private credit where both People knew Tennenbaum was being overpaid relative to BlackRock standards.". Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. Llc Blackrock Capital Investment Advisors: Member: 1 Aug 2018: 75% - 100%: 290336: Lee Robert Landrum: Managing director: 1 . Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. (212) 810-5300, BlackRock Inc. (NYSE:BLK) 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. Patry joined BlackRock in 2017 from Credit Suisse, where he worked for nearly two decades and held roles including head of leveraged finance capital markets. This asset base includes TCPs approximately $9 billion of inception. . BlackRock said when it acquired TCP that a "key element" of the deal was TCP's senior management team including Leitner, Levkowitz, Tseng, and Vig sticking around. Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. 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. Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . 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. 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. 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. All of us are working hard to meet the needs of our clients.". globally. 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. BlackRock helps investors build better financial futures. the firm managed approximately $6.3 trillion in assets on behalf of BlackRock has prioritized growing its $320 billion alternative business in recent years, with a focus on private market investing. 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. He is an investment professional focused on the direct lending and special situations credit strategies. TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. investment strategies and process as they have since TCP Capital Corp.s Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. asset manager and advances its goal of providing clients with a diverse and www.tcpcapital.com. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a Terms were not disclosed. The merger of the two companies will boost each other's offerings. Apr 17, 2018, 07:40 ET. clients in need of new sources of return and new ways to manage The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. need when planning for their most important goals. Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. 2018, is subject to customary regulatory and closing conditions. Mr. Berry held a similar role at Tennenbaum Capital Partners prior to its acquisition by BlackRock in 2018. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Upon completion of the TCP was acquired by BlackRock, Inc. in August of 2018. 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. financial impact of the transaction is not material to BlackRock Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. Meet BlackRock's Alternative-Investments Execs Driving Growth in . 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. We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. 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. 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. Posted on 04/18/2018. 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. today announced a definitive agreement under which BlackRock will 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. market cycles, diverse expertise, and proven origination capabilities, 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. McKenna also worked at Caxton Associates and Citigroup.