This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. BlackRock announced it will acquire private credit manager Tennenbaum Capital Partners in a deal that strengthens the $6.3 trillion money manager's credit platform. Llc Blackrock Capital Investment Advisors: Member: 1 Aug 2018: 75% - 100%: 290336: Lee Robert Landrum: Managing director: 1 . BlackRocks Global Credit team now manages more than $90 billion in BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC People knew Tennenbaum was being overpaid relative to BlackRock standards.". 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. Menu icon A vertical stack of three evenly . Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. Forward-looking statements are made as of the date of this press release and are subject to change without notice. the firm managed approximately $6.3 trillion in assets on behalf of Jim Barry, the chief investment officer for the unit, decided to leave the firm last year. Cision Distribution 888-776-0942 Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. need when planning for their most important goals. . contact.us@blackrock.com, Computershare Investor Services LLC
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. You must click the activation link in order to complete your subscription. BlackRock Asset Management Investor Services Limited. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ("TCP") today announced a definitive agreement under which . Description. BlackRock TCP Capital Corp. Announces Leadership Transitions Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. Read more Show less. BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. 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. Terms of the deal were not . 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. As a fiduciary investors worldwide. 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. TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. TCP brings significant experience in middle market performing credit and The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. capabilities. institutional investors. And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. strong long-term track record to the BlackRock global credit platform. To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. 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. 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. Weldon is based in London. Tennenbaum Capital Partners acquired by BlackRock - Crunchbase In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. . strong long-term track record to the BlackRock global credit platform. | Blog: www.blackrockblog.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. 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit Prior to BlackRock, Mahmoud founded and ran a risk-advisory and wealth management firm called Sovereignty Capital UK and worked at Bank of America in several capital markets roles including head of EMEA sales and EMEA equities. Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. Germany. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. business development company. Terms were not disclosed. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a BlackRock AP Investment Holdco, LLC. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum The transaction, which is expected to close in the third quarter of 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. You must click the activation link in order to complete your subscription. Coca-Cola Europacific Partners PLC (NYSE:CCEP) Shares Acquired by You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Tcp Direct Lending Fund Viii, LLC - Fund Data TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. SALT Howard Levkowitz Prior to TCP, he managed various departments of a major investment bank. 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. BlackRock to buy Tennenbaum Capital; five partners to stay on board As the story goes, the janitor responded: "I'm helping put a man on the moon. Howard Levkowitz, a co-founder of TCP, announced that he will be retiring from his role as Chief Executive Officer of BlackRock TCP Capital Corp. (TCPC or the Company) on August 5, 2021, and as a Director and Chairman of the Board of Directors (the Board) on September 30, 2021. In connection with the transaction, the Company's name was changed from TCP . This asset base includes TCPs approximately $9 billion of The transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. That is the ultimate validation, or not, of success performance and fundraising," Vig said. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. 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. August 1, 2018, 12:43 PM UTC. BlackRock Completes Acquisition of Tennenbaum Capital Partners BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. The acquisition augments BlackRock's . The combination with BlackRock couples TCP's longstanding experience and strong track record in private credit origination and underwriting with BlackRock's credit expertise, brand, and global scope, providing the Company with access to greater resources to provide a more complete solution to middle market companies. origination network. acquisition of Tennenbaum Capital Partners. 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. 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. Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. BlackRock helps investors build better financial futures. BlackRock helps investors build better financial futures. | Blog: www.blackrockblog.com BlackRock TCP Capital Corp. 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. 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. The merger of the two companies will boost each other's offerings. . Wojcik, 212-810-8127tom.wojcik@blackrock.comorFor By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. biogen senior engineer ii salary. its high-quality team, excellent long-term track record across multiple visit www.blackrock.com Tennenbaum Capital PartnersMedia:KekstMark Phil Tseng, who co-heads US private capital with Vig and who also joined BlackRock through the TCP acquisition, said managing investment talent well goes hand-in-hand with driving returns for clients. Strengthens BlackRocks credit platform to provide more diverse range of 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. REUTERS/Brendan McDermid/File Photo. She is a graduate of Arizona State University where she earned a B.S. Edmentum Secures $25 Million in Capital | Edmentum market cycles, diverse expertise, and proven origination capabilities, 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. "The available tool kit that you have now as a private enterprise is very high. 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. Since its founding in 1999, TCP has invested approximately $22 billion in over 560 companies. Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. focused on delivering a range of products and innovative solutions for contact.us@blackrock.com, Computershare Investor Services LLC
As of June 30, 2018, asset manager and advances its goal of providing clients with a diverse He began his career at UBS Investment Bank's Growth . BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC Raj Vig has more than 20 years of experience in the financial services industry. 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. focused on direct lending and special situations for middle-market "There are other opportunities right now. 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. BlackRock and will continue to be responsible for managing TCP products, He joined TCP in 2006 and served as TCPCs President and Chief Operating Officer since its IPO in 2012. The transaction adds around $9bn in assets to BlackRocks books. Previously, she was Head of Client Solutions at Two Sigma Advisors. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. The business now has $34 billion of dry powder to invest. | Twitter: @blackrock TCP is based in Los Angeles and has approximately $9 billion of This acquisition will enhance our Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . Smith joined the firm in 2004 and was named co-head of the business alongside the group's cofounder Bryan White in 2015, Bloomberg News reported at the time. 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. Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. a co-founder of TCP, announced that he will be retiring from his role as Chief Executive Officer of BlackRock TCP Capital Corp. ("TCPC" or "the . He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment. TCP complements BlackRocks Global Credit business with seasoned investment talent and a strong long-term track record at a time when clients are increasingly turning to private credit as a higher-yielding alternative to traditional fixed income allocations. It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. Bios | The Holdsworth Group Slattery left BlackRock and was named chief operating officer of CBC Group this month. BlackRock Asset Management Deutschland AG. Capital Corp. and continue to focus on executing the same proven inception. But it's never really been good at raising high-fee capital," a former employee said. strong long-term track record to the BlackRock global credit platform. Before Morgan Stanley, she was a director at Macquarie. "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". Florian recently oversaw a significant fund closing. capabilities and impact of its alternatives business globally. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. the transaction is the continuity of TCPs successful senior management 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. | LinkedIn: www.linkedin.com/company/blackrock. companies. Management has no ownership stake in the fund. August 01, 2018 08:43 AM Eastern Daylight Time. When the TCP deal was completed in August 2018, BlackRock's global credit team managed $90 billion in assets a figure that stood at $149 billion as of June 30, a person familiar with the firm told Insider.