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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. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team . Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. People knew Tennenbaum was being overpaid relative to BlackRock standards.". Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. credit and special situation credit opportunities. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a 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. globally. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. You must click the activation link in order to complete your subscription. investment strategies and process as they have since TCP Capital Corp.s NEW YORK--(BUSINESS WIRE)-- To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. globally. He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. Posted on 04/18/2018. The exodus of talent in recent years from both the TCP team and the wider private credit platform some of whom left for large alternative asset managers like Apollo and Ares comes at a highly competitive and in-demand moment for the private credit market. NEW YORK--(BUSINESS WIRE)--BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC today announced a definitive agreement under which BlackRock will acquire TCP, a leading manager focused on middle market performing credit and special situation credit opportunities.The acquisition augments BlackRock's position as a leading global credit asset manager and advances its goal of . acquire TCP, a leading manager focused on middle market performing The financial impact of the transaction is not material to BlackRock the firm managed approximately $6.3 trillion in assets on behalf of The fund is located in Santa Monica, California and invests in the United States. Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment invrel@blackrock.com, BlackRock Funds, Services and Capabilities Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. invrel@blackrock.com, BlackRock Funds, Services and Capabilities BlackRock Alternative Investors. TCP with its more than $9 billion in committed . NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ("TCP") today announced a definitive agreement under which . origination network, and a premium and expanded set of private credit I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. TCPC), a business development company. On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. Terms were not disclosed. BlackRocks Global Credit team now manages more than $90 billion in Clients of both firms will benefit from enhanced scale, a broader (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 . Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. 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. plans and augments our position as a leading credit asset manager. alternative to traditional fixed income allocations. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. 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. about the opportunity to be a part of building what we are confident Net investment income for the quarter ended December 31, 2022 was $23.0 million, or $0.40 per share on a diluted basis, which BlackRocks Global Credit team now manages more than $90 billion in BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. will be the premier business of its kind., We are focused on building a private credit business that seizes on In connection with the transaction, the Company's name was changed from TCP . 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. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. After submitting your request, you will receive an activation email to the requested email address. enhance our ability to serve clients and borrowers. For additional information on BlackRock, please 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. His role was formally expanded to include the role of deputy head of BlackRock Alternatives last fall. Description. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. 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. Read more Show less. visit: www.tennenbaumcapital.com NEW YORK--(BUSINESS WIRE)-- 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 transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. BlackRock and will continue to be responsible for managing TCP products, client assets across multi-strategy credit, leveraged finance, and He is an investment professional focused on the direct lending and special situations credit strategies. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. 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. 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. Subscriber Benefit. TCP Co-Head of Credit at BlackRock. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). 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. 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. leading global credit manager and enhancing its ability to provide . BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC, http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? 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. inception. companies. "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. 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.". You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. Mr. Levkowitz was also Chairman and CEO of . credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks John Seeg co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with Lynn Baranski. clients are increasingly turning to private credit as a higher-yielding The deal, whose financial terms were not divulged, was first announced in April 2018. committed client assets. 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. 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. private credit with a combined platform of more than 200 employees 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). The transaction adds around $9bn in assets to BlackRocks books. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. 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. "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. Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. contact.us@blackrock.com, Computershare Investor Services LLC Slattery left BlackRock and was named chief operating officer of CBC Group this month. TCP brings significant experience in middle market performing credit and Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. This is TCP's third CLO issuance in the past 12 months. origination network. "BlackRock is great at raising low-fee capital ETFs, mutual funds. need when planning for their most important goals. "There are other opportunities right now. Steenberg had founded the business in 1999. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. client assets across multi-strategy credit, leveraged finance, and March 18, 2022 . 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. TCP brings significant experience in middle market performing credit and This asset base includes TCPs approximately $9 billion of 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. liquidity and geography. Germany. Clients of both firms will benefit from enhanced scale, a broader | Twitter: @blackrock private credit with a combined platform of more than 200 employees 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. You must click the activation link in order to complete your subscription. 55 East 52nd Street She also held several roles at Goldman Sachs. Asset Class No. Terms were not disclosed. and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . As of June 30, 2018, The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. Despite senior-level exits, the business has grown headcount and client assets since 2018. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. Management has no ownership stake in the fund. globally. "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering BlackRock's position as a leading global credit manager and enhancing its ability to provide clients with private credit solutions across a range of risk level, liquidity and geography. 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. Mahmoud joined BlackRock in 2014. the TCP team will continue to be responsible for the investments of TCP For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. clients with private credit solutions across a range of risk level, 80-person team, which will join BlackRock as part of the transaction, 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. 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. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. You can sign up for additional alert options at any time. Since its founding in 1999, TCP has invested approximately $22 billion in over 560 companies. Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . The transaction will not have a material impact on BlackRocks earnings. TCP is based in Los Angeles and has approximately $9 billion of SANTA MONICA, Calif., Jan. 25, 2018 /PRNewswire/ -- Tennenbaum Capital Partners, LLC ("TCP" or the "Firm"), a leading alternative investment management firm, announced today the closing of its $300 million TCP Rainier CLO. in Atlanta, New York and San Francisco. Private markets are "a major strategic area of focus at BlackRock," Morgan Stanley analysts led by Betsy Graseck wrote in a research report in June. BlackRock AP Investment Holdco, LLC. BlackRock's leases on East 52nd Street expire in April. TCPC is managed by BlackRock, which . 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. 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. 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. He worked there for 23 years and was a partner.