tennenbaum capital partners acquired by blackrock

For additional information on BlackRock, please 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. Steenberg had founded the business in 1999. You can sign up for additional alert options at any time. 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. | LinkedIn: www.linkedin.com/company/blackrock. 2. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. investment talent and a strong long-term track record at a time when David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. 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. He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. The acquisition augments BlackRocks position as a leading global credit including the investments of TCP Capital Corp. (NASDAQ: TCPC), a 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 Investor Relations To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. origination network, and a premium and expanded set of private credit Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. Tennenbaum was formally organized in 1999. (212) 810-5300, BlackRock Inc. (NYSE:BLK) Sign up for notifications from Insider! BlackRock Asset Management Investor Services Limited. "So we understand that there could be normative attrition and churn. 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 . business development company. Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. the firm managed approximately $6.3 trillion in assets on behalf of The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. "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. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. The financial impact of the transaction is not material to BlackRock Despite senior-level exits, the business has grown headcount and client assets since 2018. TCP brings significant experience in middle market performing credit and "You can see how important alternatives are going to be for the future of BlackRock," he said during the conference held by Bank of America on February 16. The merger of the two companies will boost each other's offerings. BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. Aug 01, 2018, 08:48 ET. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. institutional investors. 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. leading global credit manager and enhancing its ability to provide We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the "Risks" section of the Company's shelf registration statement declared effective on June 15, 2018, and the Company's subsequent periodic filings with the SEC. This acquisition will enhance our 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. Posted on 04/18/2018. Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. 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. in-demand moment for the private credit market, big traditional asset managers are going after. "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. and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . 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. Some employees from the TCP team stayed long enough to receive their retention bonus, one of the people said. But it's never really been good at raising high-fee capital," a former employee said. August 01, 2018 08:43 AM Eastern Daylight Time. Levkowitz, Philip Tseng, and Rajneesh Vig). 55 East 52nd Street Clients of both firms will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities, Blackrock said in a statement. Global Credit platform presents a unique and compelling opportunity to 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 Capital Investment Corporation, et al. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com. clients with private credit solutions across a range of risk level, He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. You must click the activation link in order to complete your subscription. Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. 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. special situations investing with seasoned investment talent and a TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017. . Slattery left BlackRock and was named chief operating officer of CBC Group this month. 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. The deal, whose financial terms were not divulged, was first announced in April 2018. Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. visit www.blackrock.com You can sign up for additional alert options at any time. For additional information on BlackRock, please This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. All of us are working hard to meet the needs of our clients.". Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. If you experience any issues with this process, please contact us for further assistance. His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. origination network, and a premium and expanded set of private credit Fri 05 Feb, 2021 - 10:32 AM ET. TCPs nearly 90-person team has joined View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor Forward-looking statements are made as of the date of this press release and are subject to change without notice. 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. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor BlackRock and will continue to be responsible for managing TCP products, Co-Head of Credit at BlackRock. clients with private credit solutions across a range of risk level, 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. Share this article. Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. "Russ did more than found a business," Conway said in the September memo seen by Insider. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. "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.". In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. liquidity and geography. Within months of the TCP deal closing, Kapito flew to Los Angeles to meet with the investment team, one of the former employees said, noting that the group had already lost multiple managing directors by then. The transaction adds around $9bn in assets to BlackRock's books. BlackRock Inc. and Tennenbaum Capital Partners, LLC announced a definitive agreement under which BlackRock will acquire TCP, a leading manager focused on middle market performing credit and special situation credit opportunities. BlackRock Asset Management International Inc. Delaware. The Order sought by the application would supersede the Prior Order (as defined below) issued by the Commission to BlackRock Capital Investment Corporation, et al. BlackRock Argentina Asesorias Ltda. 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. Katie McGlynn will be the premier business of its kind., We are focused on building a private credit business that seizes on clients are increasingly turning to private credit as a higher-yielding 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. TCP is headquartered in Los Angeles with additional offices The transaction adds around $9bn in assets to BlackRocks books. and www.tcpcapital.com. clients with private credit solutions across a range of risk level, business development company. Mr. Berry held a similar role at Tennenbaum Capital Partners prior to its acquisition by BlackRock in 2018. The acquisition will help both the companies to expand their offerings to their clients. US asset management giant BlackRock is set to purchase Los Angeles-based boutique Tennenbaum Capital Partners, focused on middle market performing credit and special. 55 East 52nd Street plans and augments our position as a leading credit asset manager. Since then, however, more than a dozen professionals have left the 35-person investment team that joined from Los Angeles-based TCP, Insider has learned. 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 Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. As of June 30, 2018, "It is important to remember that people are getting more selective on the buildings they're willing to occupy," she said, pointing to BlackRock's own move to Hudson Yards in New York City, from the former headquarters on Manhattan's east side, as an example of companies seeking out high-quality properties. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the Risk Factors section of the Companys Form 10-K for the year ended December 31, 2020, and the Companys subsequent periodic filings with the SEC. The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. earnings per share. Argentina. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Since the firms founding in 1999, TCP has invested approximately $9 billion in over 170 portfolio companies through . Seeg was previously PEP's global head of client solutions and strategy. BlackRock helps investors build better financial futures. Behind the firm's push: already-low fees under pressure in BlackRock's core fund business, the fast-expanding private markets, and demand from clients. Prior to TCP, he managed various departments of a major investment bank. "With the growth of our client assets, it's been a significant investment over the last several years, " Jim Keenan, BlackRock's chief investment officer and global head of credit, who helped steer the TCP acquisition, said in an interview with Insider. 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. "People really felt burned by promises that were not delivered on, and felt they were misled, especially with special situations," one of the former employees said, adding that they felt management "told Trucano one thing" and told the TCP team "the exact opposite.". Prospective investors should read these materials carefully before investing. Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment The deal, whose financial terms were not divulged, was first announced in April 2018. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. 480 Washington Boulevard Clients of both firms will benefit from enhanced scale, a broader client assets across multi-strategy credit, leveraged finance, and Jim Barry, the chief investment officer for the unit, decided to leave the firm last year. He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. earnings per share. clients in need of new sources of return and new ways to manage He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment. Terms were not disclosed. . BlackRock Investor Relations BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC, http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html. He began his career at UBS Investment Bank's Growth . strong long-term track record to the BlackRock global credit platform. Terms were not disclosed. Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. 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 . Mr. Levkowitz was also Chairman and CEO of . 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. | Twitter: @blackrock Date acquired Ownership Employer ID; Howard Marshall Levkowitz: Managing partner: 1 May 1999: Other: 4404130: Llc Tennenbaum & Co. . New. Formed in 1999, Los Angeles-based . This list was first published in 2020. We are BlackRock Completes Acquisition of Tennenbaum Capital Partners. It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. in 1999, TCP has invested approximately $22 billion in over 560 pioneered nearly two decades ago. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. capabilities. 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. Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. A key element of Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. Delaware. Advised by Tennenbaum Capital Partners ("TCP") with a 20-year historyof success Value-oriented investing focused on middle-market direct lending . Net investment income for the quarter ended December 31, 2022 was $23.0 million, or $0.40 per share on a diluted basis, which TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. Larry Fink/Reuters, Tyler Le/Insider. Former employees said they believed that BlackRock management had told Trucano, who runs BlackRock's opportunistic credit platform and works on special situations and distressed investing, that TCP would not encroach on Trucano's business. TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products 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 . "We are pleased to welcome Karyn to our board of directors," said Howard Levkowitz, Chairman and CEO of BlackRock TCP Capital Corp. "Karyn has established an impressive track record and we look forward to leveraging her deep experience to advance our long-standing commitment to delivering superior risk adjusted returns to our shareholders.". special situations investing with seasoned investment talent and a | Twitter: @blackrock Our combination with BlackRock will The combined platform will merge TCPs significant experience in private The money manager has been on a mission to grow its $318 billion alternatives business. I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. Weldon is based in London. NEW YORK--(BUSINESS WIRE)--BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC 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.The acquisition augments BlackRock's position as a leading global credit asset manager and advances its goal of . When typing in this field, a list of search results will appear and be automatically updated as you type. risk spectrums and market cycles, said James Keenan, Global Co-Head of BlackRock's leases on East 52nd Street expire in April. Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. 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. Upon completion of the Semer, 212-521-4800orFinancial ProfilesMoira Conlon, Terms of the deal were not . This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). Canada. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. inception. Insider has pinpointed the key people responsible for the alternatives business today. of Funds Currently Managed . August 1, 2018, 12:43 PM UTC. BlackRock TCP Capital Price Performance. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The asset management industry has become the lender of choice," Conway said. Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. Earlier in his time at BlackRock, Seeg was head of the London office for PEP and was responsible for sourcing private equity investments across Europe. globally. Gift this article. After submitting your request, you will receive an activation email to the requested email address. 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.