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 . 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. BlackRock Inc a leading global investment management company based in New York said it is going to acquire an alternative investment management firm Tennenbaum Capital Partners LLC (TCP). 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. The transaction adds around $9bn in assets to BlackRock's books. For additional information on BlackRock, please Forward-looking statements are made as of the date of this press release and are subject to change without notice. market cycles, diverse expertise, and proven origination capabilities, special situations investing with seasoned investment talent and a August 1, 2018, 12:43 PM UTC. Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC 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.. In connection with the transaction, the Company's name was changed from TCP . For additional information on BlackRock, please need when planning for their most important goals. Another person said: "BlackRock doesn't pay that well. NEW YORK--(BUSINESS WIRE)-- origination network, and a premium and expanded set of private credit Meet BlackRock's Alternative-Investments Execs Driving Growth in . Previously, she was Head of Client Solutions at Two Sigma Advisors. His appointment was seen as another move to bulk up BlackRock's alternatives business. He currently serves with Raj as Co-Head of US Private Capital. a premium and expanded set of private credit investment opportunities. committed client capital as of December 31, 2017. financial impact of the transaction is not material to BlackRock I appreciate our Boards vote of confidence in appointing me Chairman and Chief Executive Officer. BlackRock had an existing special situations fund in the US, run by David Trucano, a dynamic that spurred internal conflict, the person added. 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. evolving needs. Mr. Donohue was a Managing Director at Tennenbaum Capital Partners (TCP) when it was acquired by BlackRock in 2018. 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. The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. BlackRock Asset . The transaction adds around $9bn in assets to BlackRocks books. provide TCPC with increased resources, scale, and market access to Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol "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. combination, which will result in enhanced scale and a broader 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. People knew Tennenbaum was being overpaid relative to BlackRock standards.". There is a lot more capital coming into this space," Tseng told Insider. will be the premier business of its kind., We are focused on building a private credit business that seizes on He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. the firm managed approximately $6.3 trillion in assets on behalf of 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. This asset base includes TCPs approximately $9 billion of Clients of both firms will benefit from this powerful Tennenbaum Capital PartnersMedia:KekstMark . Cision Distribution 888-776-0942 Senior-level members of the TCP investment team, at the principal level and above, were offered four- or five-year retention packages, one of the former BlackRock employees told Insider. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. "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. BlackRock has prioritized growing its $320 billion alternative business in recent years, with a focus on private market investing. BlackRock Capital Investment Corporation, et al. globally. "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. 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. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. 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. The transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. His role was formally expanded to include the role of deputy head of BlackRock Alternatives last fall. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. 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. Howard, Raj and Phil led the successful integration of TCP to develop BlackRocks US Private Capital team, which today is a leader in private credit. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. 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. United Kingdom. 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. 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 recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. We are Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. Howard Levkowitz, who co-founded TCP in 1999; Mark Kronfeld, who was global head of restructuring in BlackRock's private credit group; and former TCP finance chief Paul Davis all left last year. In an interview last December with trade publication PERE, Valentine said a primary theme she will be focusing on this year is growing more selective in examining individual assets. 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. The fund is located in Santa Monica, California and invests in the United States. He was previously responsible for the institutional client business, or ICB, for Europe, the Middle East, and Africa and was global head of the ICB's financial institutions group. Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. investors worldwide. (Reuters) - BlackRock Inc, the world's largest asset management firm, said on Wednesday it had raised $2 billion for its flagship opportunistic credit fund, Global Credit . NEW YORK (April 17, 2018) - 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 . BlackRocks global credit team now oversees assets of over $90bn across multi-strategy credit, leveraged finance, as well as private credit and employs more than 200 people. New York, NY 10055-0003 Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. 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. BlackRock declined to comment on the former employees' assertion. The acquisition of TCP accelerates our growth the firm managed approximately $6.3 trillion in assets on behalf of about the opportunity to be a part of building what we are confident Gift this article. 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. (212) 810-5300, BlackRock Inc. (NYSE:BLK) liquidity and geography. Terms were not disclosed. He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. investment objectives across a range of risks, liquidity, and to our clients, we provide the investment and technology solutions they BlackRock and will continue to be responsible for managing TCP products, Conway, as Institutional Investor noted, grew up in a dairy farming community in Ireland. has demonstrated strong performance over nearly two decades. visit: www.tennenbaumcapital.com Then, I just suddenly came to the realization that I didn't want to do that anymore; I actually wanted to be a VC," Sharp said in an interview in 2018. 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. 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. Former employees said they believed that BlackRock management had told Trucano, who runs BlackRock's opportunistic credit platform and works on special situations and distressed investing, that TCP would not encroach on Trucano's business. 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. For more information, please This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). private credit with a combined platform of more than 200 employees institutional investors. ability to deliver clients private credit solutions that meet their Weldon is based in London. In 2018, Keenan helped steer the firm'sacquisition of Tennenbaum Capital Partners, an investment manager that expanded the alternatives unit's foothold in the competitiveprivate creditmarket. She is a graduate of Arizona State University where she earned a B.S. 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 . Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. The acquisition augments BlackRock's . Our combination with BlackRock will He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. TCP Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. client assets across multi-strategy credit, leveraged finance, and management firm with approximately $9 billion of committed capital Clients of both firms will benefit from enhanced scale, a broader For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. capabilities. Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. We are also excited 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.. The financial impact of the transaction is not material to BlackRock About us. BlackRock Argentina Asesorias Ltda. She was previously the global head of investments for PEP. "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. You must click the activation link in order to complete your subscription. BlackRock formed its capital markets team in 2020 with Patry at the helm, bringing together the businesses for global capital markets and private capital markets, the industry news publication PE Hub reported. He was the CEO and chief investment officer of pension investment management giant PSP Investments and previously ran private investments for the Canada Pension Plan Investment Board, where he established its direct-investing capabilities. Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. Many investment companies, to be sure, face challenges in hiring and retention. geographies.. McKenna also worked at Caxton Associates and Citigroup. 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. He began his career at UBS Investment Bank's Growth . 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. 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. As the story goes, the janitor responded: "I'm helping put a man on the moon. remain the investment adviser of TCP Capital Corp. Current members of In a joint interview, BlackRock executives said they were confident in the team's growth and performance. Since the firms founding in 1999, TCP has invested approximately $9 billion in over 170 portfolio companies through . 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. diversification are increasingly turning to private credit where both BlackRock said when it acquired TCP that a "key element" of the deal was TCP's senior management team including Leitner, Levkowitz, Tseng, and Vig sticking around.
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