As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. It also manages a publicly-traded business At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. But it's never really been good at raising high-fee capital," a former employee said. Presently, Philip M. Tseng occupies the position of President & Chief Operating Officer of Blackrock TCP Capital Corp., Managing Director at Tennenbaum Capital Partners LLC and Managing Partner at Tennenbaum Capital Partners (Private Equity). origination network, and a premium and expanded set of private credit BlackRocks Global Credit team now manages more than $90 billion in Contact Email mailbox@tennenbaumcapital.com. This asset base includes TCPs approximately $9 billion of 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 helps investors build better financial futures. I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? TCP with its more than $9 billion in committed . He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. He worked there for 23 years and was a partner. After submitting your request, you will receive an activation email to the requested email address. Summary. investors worldwide. The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. risk spectrums and market cycles, said James Keenan, Global Co-Head of Capital Corp., said, We are excited about the growth opportunities for Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. 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. David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. Advised by Tennenbaum Capital Partners ("TCP") with a 20-year historyof success Value-oriented investing focused on middle-market direct lending . For more information, visit www.tcpcapital.com. Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. clients are increasingly turning to private credit as a higher-yielding You must click the activation link in order to complete your subscription. TCPC lends primarily to companies with established market positions, strong regional or national operations, differentiated products and services and sustainable competitive advantages, investing across industries in which it has significant knowledge and expertise. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. 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. Terms of the deal were not . LTPC, as it's known, is the majority owner of companies including Authentic Brands the owner of Aeropostale, Juicy Couture, and Reebok and luxury fragrance brand Creed. Mahmoud joined BlackRock in 2014. The acquisition is the next step in BlackRocks efforts to expand its capabilities and impact of its alternatives business globally. Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. solutions for clients, Complementary acquisition assures continuity of TCP leadership, . 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. 80-person team, which will join BlackRock as part of the transaction, Posted on 04/18/2018. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. investment talent and a strong long-term track record at a time when BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. "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.". August 01, 2018 08:43 AM Eastern Daylight Time. 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. Tennenbaum was formally organized in 1999. As a fiduciary . Raj Vig, the co-head of US private capital at BlackRock who was a longtime TCP executive, said 2021 was a record year of capital deployment. Court records for this case are available from Stanley Mosk Courthouse. about the opportunity to be a part of building what we are confident a premium and expanded set of private credit investment opportunities. Our thought leadership in investing, risk management, portfolio construction and trading solutions. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. 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. Menu icon A vertical stack of three evenly . in Economics and a Ph.D. in Finance. has demonstrated strong performance over nearly two decades. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . to our clients, we provide the investment and technology solutions they At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. Some employees from the TCP team stayed long enough to receive their retention bonus, one of the people said. police officer relieved of duty. Slattery left BlackRock and was named chief operating officer of CBC Group this month. As of March 31, 2018, strong long-term track record to the BlackRock global credit platform. Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. This acquisition will enhance our ability to deliver clients private credit solutions that meet their investment objectives across a range of risks, liquidity, and geographies.. The transaction adds around $9bn in assets to BlackRocks books. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. | Blog: www.blackrockblog.com I appreciate our Boards vote of confidence in appointing me Chairman and Chief Executive Officer. investment objectives across a range of risks, liquidity, and Forward-looking statements are made as of the date of this press release and are subject to change without notice. clients in need of new sources of return and new ways to manage The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. 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. 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. 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. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. BlackRock.. TCPC is managed by BlackRock, which . BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. | Twitter: @blackrock All of us are working hard to meet the needs of our clients.". The money manager has been on a mission to grow its $318 billion alternatives business. . In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . "We talk to our managers and management teams about looking into the future how we can also introduce them to our credit teams, to get access to the debt markets. McKenna is responsible for managing BlackRock's event-driven investing efforts that is, the investment strategy used to profit from price action around a specific event and oversees $7.8 billion in the Event Driven Equity Fund. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ('TCP') today announced a definitive agre. Chan joined BlackRock in 2012 and cofounded the group a year later. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. leading global credit manager and enhancing its ability to provide Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. McKenna also worked at Caxton Associates and Citigroup. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ("TCP") today announced a definitive agreement under which . For additional information on BlackRock, please visitwww.blackrock.com/corporate. The business now has $34 billion of dry powder to invest. 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. range of alternative investment products and solutions to meet their focused on direct lending and special situations for middle-market 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. We are also excited He said in November during a call to discuss earnings with analysts that BKCC, as it's known, now has 111 portfolio companies, an all-time high. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. 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. Conway, as Institutional Investor noted, grew up in a dairy farming community in Ireland. BlackRock helps investors build better financial futures. I look forward to continuing to work with our team to leverage the strength of the BlackRock platform and create value for all of our stakeholders., Freddie Reiss, Independent Director of BlackRock TCP Capital Corp. said, On behalf of our entire Board of Directors, I want to thank Howard Levkowitz for his leadership and vision as well as his many contributions to the company over the years. committed client capital as of December 31, 2017. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . 480 Washington Boulevard earnings per share. TCP is based in Los Angeles and has approximately $9 billion of BlackRock Asset Management Deutschland AG. The business builds "bespoke customized exposure for clients through hedge-fund exposure," Edwin Conway said of the group during an industry conference in 2020.

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