You can sign up for additional alert options at any time. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP His appointment was seen as another move to bulk up BlackRock's alternatives business. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. TCPC), a business development company. New York, NY 10055-0003 Subscriber Benefit. For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. "All we do is enable someone to go to the moon. Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. committed client assets. 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. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. Our combination with BlackRock will You can sign up for additional alert options at any time. BlackRock Asset Management Canada Limited. 55 East 52nd Street 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. He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. Cision Distribution 888-776-0942 Conway, as Institutional Investor noted, grew up in a dairy farming community in Ireland. 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. Formed in 1999, Los Angeles-based . biogen senior engineer ii salary. The presentation, which was published online by the pension, also said that incentive or retention packages were to be offered to TCP investment team members. 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? Daniel Levan, a director at BlackRock, also recently left the private credit team, according to two former BlackRock employees who spoke to Insider and a public pension disclosure, which noted the departures of Saffold, Pritchard, and Levan. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. BlackRock helps investors build better financial futures. August 1, 2018, 12:43 PM UTC. McKenna also worked at Caxton Associates and Citigroup. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. This acquisition will enhance our Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. He began his career at UBS Investment Bank's Growth . 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. continue to build on our long track record in middle market performing The acquisition of TCP accelerates our growth Wojcik, 212-810-8127tom.wojcik@blackrock.comorFor Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si in Atlanta, New York and San Francisco. has demonstrated strong performance over nearly two decades. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. Jersey City, New Jersey 07310-190 John Seeg co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with Lynn Baranski. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . (212) 810-5300, BlackRock Inc. (NYSE:BLK) client assets across multi-strategy credit, leveraged finance, and 480 Washington Boulevard Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. 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 . Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. client assets across multi-strategy credit, leveraged finance, and It also manages a publicly-traded business Terms were not disclosed. 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. 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. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. She also held several roles at Goldman Sachs. You can sign up for additional alert options at any time. The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Bourbonnais joined BlackRock in 2018 from the world of Canadian pensions. New. alternative to traditional fixed income allocations. acquisition of Tennenbaum Capital Partners. the firm managed approximately $6.3 trillion in assets on behalf of As a fiduciary Prior to TCP, he managed various departments of a major investment bank. BlackRock and will continue to be responsible for managing TCP products, 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. The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. Management has no ownership stake in the fund. We are also excited August 01, 2018 08:43 AM Eastern Daylight Time. If you experience any issues with this process, please contact us for further assistance. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. capabilities. In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. Menu icon A vertical stack of three evenly . credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks 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. About us. Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. 480 Washington Boulevard range of alternative investment products and solutions to meet their origination network, and a premium and expanded set of private credit People knew Tennenbaum was being overpaid relative to BlackRock standards.". 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. 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. One major point of contention within the group was whether employees from the TCP team would be able to launch their own special situations fund at BlackRock which never came to fruition, people familiar with the matter said. "Whenever there's a category like that where there is interest and growth, there are going to be companies who want to get into that space.". | Blog: www.blackrockblog.com The acquisition is the next step in BlackRocks efforts to expand its On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. 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 . Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. View source version on businesswire.com: BlackRock helps investors build better financial futures. 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 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. 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. I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. "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.". "They could just decide: 'We're going to start our own company.'". 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. leading global credit manager and enhancing its ability to provide Global Credit platform presents a unique and compelling opportunity to "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. The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. Read more Show less. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. special situations investing with seasoned investment talent and a This list was first published in 2020. The leadership team steering the alternatives business has changed recently. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. Investors seeking to generate incremental returns and portfolio enhance our ability to serve clients and borrowers. BlackRock Completes Acquisition of Tennenbaum Capital Partners. 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. As of June 30, 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 . Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. institutional investors. investors worldwide. Its more than 80-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over nearly two decades. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option.