tennenbaum capital partners acquired by blackrock

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 . 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. Lanigan led the first LTPC deal, in Authentic Brands, Institutional Investor reported in 2019. investors worldwide. This transition in leadership follows BlackRock's highly successful 2018 acquisition of Tennenbaum Capital Partners ("TCP") that solidified BlackRock as a leading private credit manager. Bourbonnais joined BlackRock in 2018 from the world of Canadian pensions. 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.". . BlackRock AP Investment Holdco, LLC. "Investors vote with their wallets. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. TCPC), a business development company. Capital Partners, LLC (TCP), bolstering BlackRocks position as a Global Credit platform presents a unique and compelling opportunity to | Blog: www.blackrockblog.com US asset management giant BlackRock is set to purchase Los Angeles-based boutique Tennenbaum Capital Partners, focused on middle market performing credit and special. 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. "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.". Investors seeking to generate incremental returns and portfolio Read more Show less. Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. August 01, 2018 08:43 AM Eastern Daylight Time. Contact Email mailbox@tennenbaumcapital.com. It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. Upon completion of the transaction, TCP is expected to become a wholly-owned subsidiary of BlackRock and, pending the approval of TCP Capital Corp.s shareholders, remain the investment adviser of TCP Capital Corp. Current members of the TCP team will continue to be responsible for the investments of TCP Capital Corp. and continue to focus on executing the same proven investment strategies and process as they have since TCP Capital Corp.s inception. For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. a premium and expanded set of private credit investment opportunities. Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. BlackRock Asset Management Investor Services Limited. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. It's not, because it's competitive. TCP brings significant experience in middle market performing credit and 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. Conway said in an interview with Institutional Investor last December that the slowdown in initial public offerings underscores how important private financing has become. His appointment was seen as another move to bulk up BlackRock's alternatives business. Clients of both firms will benefit from enhanced scale, a broader (212) 810-5300, BlackRock Inc. (NYSE:BLK) BlackRock declined to comment on the former employees' assertion. Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. 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. 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. currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: the TCP team will continue to be responsible for the investments of TCP visit www.blackrock.com It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". Clashes between investment teams, deflated hopes of a fund launch, and pay disputes have contributed to a years-long wave of departures from BlackRock's private credit investing team, former employees tell Insider. Terms were not disclosed. Jersey City, New Jersey 07310-190 business development company. 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. Institutional investors and hedge funds own 28.63% of the company's stock. When typing in this field, a list of search results will appear and be automatically updated as you type. And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. You must click the activation link in order to complete your subscription. 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. Forward-looking statements are made as of the date of this press release and are subject to change without notice. Tennenbaum Capital PartnersMedia:KekstMark To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. business development company. contact.us@blackrock.com, Computershare Investor Services LLC He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . Having worked closely with Raj Vig over the years as TCPCs President and COO, we have tremendous confidence in Raj to build upon TCPCs success.. 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. Florian reports to Anne Valentine Andrews. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team . Mr. Levkowitz was also Chairman and CEO of . 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. Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. These are two important areas to BlackRock, particularly because of the firm's view that the Inflation Reduction Act in the US is expected to increase investments in infrastructure-related projects and real estate investors will find new opportunities amid shifting office and work-from-home dynamics. 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . invrel@blackrock.com, BlackRock Funds, Services and Capabilities TCP is the perfect complement to the existing credit business at It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). origination network, and a premium and expanded set of private credit Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. financial impact of the transaction is not material to BlackRock "BlackRock is great at raising low-fee capital ETFs, mutual funds. 480 Washington Boulevard Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. "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. clients with private credit solutions across a range of risk level, Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. BlackRock TCP Capital Corp. Capital Corp., said, We are excited about the growth opportunities for solutions for clients, Complementary acquisition assures continuity of TCP leadership, With its high-quality team, excellent long-term track record across multiple market cycles, diverse expertise, and proven origination capabilities, TCP is the perfect complement to the existing credit business at BlackRock.. He also sits on BlackRock's global executive committee and chairs BA's executive committee. As a fiduciary Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. committed client assets. This asset base includes TCPs approximately $9 billion of 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. 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. SVOF/MM, LLC ("SVOF/MM"), Tennenbaum Opportunities Partners V, LP, Tennenbaum Opportunities Fund V, LLC, Tennenbaum Heartland Co-Invest, LP, SEB DIP Investor, LP, Special Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. 55 East 52nd Street TCP is headquartered in Los Angeles with additional offices Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. 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. "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. A key element of the transaction is the continuity of TCPs successful senior management team, including all five partners (Lee Landrum, Michael Leitner, Howard Levkowitz, Philip Tseng, and Rajneesh Vig). "It's not to say that the private credit market is easy to manage talent. private credit with a combined platform of more than 200 employees New York, NY 10055-0003 Terms were not disclosed. "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. 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.. liquidity and geography. Share this article. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. BlackRock Asset Management Canada Limited. invrel@blackrock.com, BlackRock Funds, Services and Capabilities Weldon joined BlackRock from Partners Capital, the outsourced investment office for clients such as endowments, foundations, and ultrawealthy families, where she was the global head of ESG and impact investing. You can sign up for additional alert options at any time. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. TCP was acquired by BlackRock, Inc. in August of 2018. 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. By Jennifer Ablan. Co-Head of Credit at BlackRock. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. acquire TCP, a leading manager focused on middle market performing Earlier in her career she spent 13 years at Blackstone, where she was a cohead of the firm's London office for hedge-fund solutions. John Seeg co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with Lynn Baranski. BlackRocks Global Credit team now manages more than $90 billion in Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. 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. TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. private credit with a combined platform of more than 200 employees The deal, whose financial terms were not divulged, was first announced in April 2018. 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. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ('TCP') today announced a definitive agre. Business Insider globally. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. origination network. BlackRock's leases on East 52nd Street expire in April. in-demand moment for the private credit market, big traditional asset managers are going after. Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. He joined BlackRock in 2019 from the Abu Dhabi Investment Authority, the sovereign wealth fund giant, where he was head of private equities for the Americas. "Russ did more than found a business," Conway said in the September memo seen by Insider. Giordano reports to Anne Valentine Andrews. The acquisition of TCP accelerates our growth New York, NY 10055-0003 Summary. capabilities. 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. 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. 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. BlackRock Asset . The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. 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 . Raj and Phil have been instrumental in the growth of the US Private Capital team at BlackRock and are well equipped to continue to build on TCPCs successful track record of delivering strong results for shareholders. The transaction adds around $9bn in assets to BlackRocks books. Its more than 80-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over nearly two decades. client assets across multi-strategy credit, leveraged finance, and Tennenbaum Capital Partners ("TCP") is a California-based private investment company investing in both performing credit and special situations, primarily in North American middle-market companies. 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. 80-person team, which will join BlackRock as part of the transaction, 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. . The unit will work with portfolio managers and BCM, the firm's capital markets group, to source and back transition-related investments across asset classes around the world, Edwin Conway told employees in October in a memo viewed by Insider. Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. Tennenbaum Capital Partners, LLC ("TCP") is a leading alternative investment management firm founded in 1999 (its predecessor entity commenced operations in 1996) with a proven track . TCP brings significant experience in middle market performing credit and special situations investing with seasoned investment talent and a strong long-term track record to the BlackRock global credit platform. 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. We are also excited Mr. Berry held a similar role at Tennenbaum Capital Partners prior to its acquisition by BlackRock in 2018. This asset base includes TCPs approximately $9 billion of team, including all five partners (Lee Landrum, Michael Leitner, Howard 310-899-4948 He was responsible for the unit, called Private Equity Partners, until this year when he officially took on a new role as chairman of the business. 310-566-1003investor.relations@tennenbaumcapital.com. Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment management firm with approximately $9 billion of committed capital focused on direct lending and special situations for middle-market companies. In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. "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.". 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. need when planning for their most important goals. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. Since its founding in 1999, TCP has invested approximately $22 billion in over 560 companies. 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. Weldon is based in London. market cycles, diverse expertise, and proven origination capabilities, Florian recently oversaw a significant fund closing. credit and special situation credit opportunities. today announced a definitive agreement under which BlackRock will We are also excited about the opportunity to be a part of building what we are confident will be the premier business of its kind., We are focused on building a private credit business that seizes on long-term secular trends to deliver for clients the best results across risk spectrums and market cycles, said James Keenan, Global Co-Head of Credit at BlackRock. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. Stephanie Smith has been the chief operating officer of the alternatives business since 2021, when she joined from Goldman Sachs, where she worked for two decades and left as a partner and head of operations for Goldman's consumer and wealth management division. earnings per share. 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. 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. Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. leading global credit manager and enhancing its ability to provide 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. 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. The transaction, which is expected to close in the third quarter of Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. This list was first published in 2020. 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. | Twitter: @blackrock Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform. 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. 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. The transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. Prior to TCP, he managed various departments of a major investment bank. combination, which will result in enhanced scale and a broader Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor The financial impact of the transaction is not material to BlackRock When the TCP deal was announced in April 2018, the Los Angeles-based manager had $9 billion in committed client capital and more than 80 employees, a release from BlackRock said. Sep 21, 2022, 9:12 AM. As of June 30, 2018, "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.". In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP . management firm with approximately $9 billion of committed capital Semer, 212-521-4800orFinancial ProfilesMoira Conlon, 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. Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch.

Savage B Mag Bolt Parts, Jim Plunkett Parents Blind, Kiawah Island Jazz Festival 2022, Articles T