Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. its high-quality team, excellent long-term track record across multiple continue to build on our long track record in middle market performing He cofounded McKinsey's efforts around clean technologies and worked as a reservoir engineer in the oil and gas industry. committed client capital as of December 31, 2017. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. "All we do is enable someone to go to the moon. 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 . BlackRock had an existing special situations fund in the US, run by David Trucano, a dynamic that spurred internal conflict, the person added. BlackRock Asset Management International Inc. Delaware. TCP 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. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. Is this a year of opportunity for investments in China? companies. 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. Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. 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. You can sign up for additional alert options at any time. in Economics and a Ph.D. in Finance. currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: Business Insider risk spectrums and market cycles, said James Keenan, Global Co-Head of Private credit has been "a pretty strong asset class for several years now," Sondhelm added, noting that investors are in search of higher levels of income that aren't strongly correlated to the volatility of stocks. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. Capital Partners, LLC (TCP), bolstering BlackRocks position as a "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. We look forward to collaborating with our But it's never really been good at raising high-fee capital," a former employee said. 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. BlackRock Asset Management Canada Limited. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Levkowitz, Philip Tseng, and Rajneesh Vig). Mr. Levkowitz was also Chairman and CEO of . Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. Around 90 TCP employees will migrate to BlackRock as part of the deal and retain management of TCP products, including the investments of business development company TCP Capital. In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. 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. . "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. Longtime BlackRock executive David Giordano leads the alternatives unit's investments in climate-related infrastructure globally, with responsibility for investment strategy and managing the organization. "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.". 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. Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. The money manager has been on a mission to grow its $318 billion alternatives business. the transaction is the continuity of TCPs successful senior management Before she became the investment chief of the group, she served as a senior portfolio manager and primary deputy to the group's former investment boss. BlackRock and, pending the approval of TCP Capital Corp.s shareholders, Forward-looking statements are made as of the date of this press release, and are subject to change without notice. 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 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. capabilities. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. Chan joined BlackRock in 2012 and cofounded the group a year later. Previously, she was Head of Client Solutions at Two Sigma Advisors. Jim Barry, the chief investment officer for the unit, decided to leave the firm last year. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a Investors seeking to generate incremental returns and portfolio BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. We are special situations investing with seasoned investment talent and a 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 . Conway, as Institutional Investor noted, grew up in a dairy farming community in Ireland. After submitting your request, you will receive an activation email to the requested email address. United Kingdom. Many investment companies, to be sure, face challenges in hiring and retention. Capital Partners, LLC (TCP), bolstering BlackRocks position as a Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. . Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. 80-person team, which will join BlackRock as part of the transaction, Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC 55 East 52nd Street TCP manages funds and accounts on behalf of global Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. new colleagues and leveraging BlackRocks unparalleled resources to in Economics and a Ph.D. in Finance. liquidity and geography. Copied. 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. private credit with a combined platform of more than 200 employees It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. For BlackRock Media: Tara McDonnell (212) 810-5337 tara.mcdonnell@blackrock.com, Investors:Tom Wojcik (212) 810-8127 tom.wojcik@blackrock.com, For Tennenbaum Capital PartnersMedia: Mark Semer Kekst (212) 521-4800, Moira Conlon Financial Profiles(310) 622-8220, Investors:Katie McGlynn (310) 566-1003 investor.relations@tennenbaumcapital.com, BlackRocks purpose is to help more and more people experience financial well-being. 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. BlackRock.. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. This asset base includes TCPs approximately $9 billion of 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. to our clients, we provide the investment and technology solutions they About us. expand our combined resources. Tarek Mahmoud runs multi-alternative solutions where BlackRock advises clients investing in various types of alternative assets and chairs the Europe, Middle East, and Africa region for BlackRock Alternatives. leading global credit manager and enhancing its ability to provide Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. investment objectives across a range of risks, liquidity, and committed client assets. 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.". After submitting your request, you will receive an activation email to the requested email address. earnings per share. Menu icon A vertical stack of three evenly . . He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. BlackRock Capital Investment Corporation, et al. 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. strong long-term track record to the BlackRock global credit platform. When typing in this field, a list of search results will appear and be automatically updated as you type. Before Morgan Stanley, she was a director at Macquarie. 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. management firm with approximately $9 billion of committed capital In 2020, Michael Leitner, a managing director responsible for co-leading direct lending and special situations strategies, left. REUTERS/Brendan McDermid/File Photo. BlackRock Asset . BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering BlackRock's position as a leading global credit manager and enhancing its ability to provide clients with private credit solutions across a range of risk level, liquidity and geography. "And that's something that we'll continue over the next couple of years with regard to how we're budgeting and how we're thinking about headcount.". special situations investing with seasoned investment talent and a BlackRock's leases on East 52nd Street expire in April. The deal, whose financial terms were not divulged, was first announced in April 2018. | Blog: www.blackrockblog.com "Russ did more than found a business," Conway said in the September memo seen by Insider. 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. It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. She was previously the global head of investments for PEP. Description. 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. Terms were not disclosed. He currently serves with Raj as Co-Head of US Private Capital. Russell Steenberg built what would become BlackRock's original alternative asset offering when, in 1999, he joined Merrill Lynch's asset management business to build its private equity unit. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. | Twitter: @blackrock Despite senior-level exits, the business has grown headcount and client assets since 2018. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. 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. In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. TCP brings significant experience in middle market performing credit and He is an investment professional focused on the direct lending and special situations credit strategies. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP .

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