tennenbaum capital partners acquired by blackrock tennenbaum capital partners acquired by blackrock

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 financial impact of the transaction is not material to BlackRock BlackRock declined to comment on the former employees' assertion. investment talent and a strong long-term track record at a time when He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. Its more than Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. 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. People knew Tennenbaum was being overpaid relative to BlackRock standards.". The acquisition is the next step in BlackRocks efforts to expand its capabilities and impact of its alternatives business globally. 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. REUTERS/Brendan McDermid/File Photo. asset manager and advances its goal of providing clients with a diverse 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. He is an investment professional focused on the direct lending and special situations credit strategies. The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. 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. It also manages a publicly-traded business The acquisition of TCP accelerates our growth Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals. TCP is headquartered in Los Angeles with additional offices TCPs nearly 90-person team has joined This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). team, including all five partners (Lee Landrum, Michael Leitner, Howard As of March 31, 2018, 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. our business as we continue to employ the successful strategy we 480 Washington Boulevard 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. Mr. Levkowitz was also Chairman and CEO of . BlackRock Asset Management Canada Limited. | Twitter: @blackrock financial impact of the transaction is not material to BlackRock In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. 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. liquidity and geography. will be the premier business of its kind., We are focused on building a private credit business that seizes on BlackRock had an existing special situations fund in the US, run by David Trucano, a dynamic that spurred internal conflict, the person added. a premium and expanded set of private credit investment opportunities. Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. Contact Email mailbox@tennenbaumcapital.com. 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. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. BlackRock and, pending the approval of TCP Capital Corp.s shareholders, Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. "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. the firm managed approximately $6.3 trillion in assets on behalf of "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.". As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. Before she became the investment chief of the group, she served as a senior portfolio manager and primary deputy to the group's former investment boss. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. Credit at BlackRock. "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". market cycles, diverse expertise, and proven origination capabilities, visit www.blackrock.com BlackRock helps investors build better financial futures. Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. Before Morgan Stanley, she was a director at Macquarie. pioneered nearly two decades ago. "At the end of 2021, we had over twice the amount of committed capital from investors in our direct lending business as we did at the end of 2018.". Forward-looking statements involve risks and uncertainties in predicting future results and conditions. need when planning for their most important goals. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. Capital Partners, LLC (TCP), bolstering BlackRocks position as a As of June 30, 2018, TCP manages funds and accounts on behalf of global institutional investors. I appreciate our Boards vote of confidence in appointing me Chairman and Chief Executive Officer. We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. origination network. He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . Private markets represent more than half of the firm's overall performance fees, Rob Kapito, the president of BlackRock, recently said during an industry conference. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. Another person said: "BlackRock doesn't pay that well. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. Steenberg had founded the business in 1999. transaction, TCP is expected to become a wholly-owned subsidiary of In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. For additional information on BlackRock, please visitwww.blackrock.com/corporate. He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. performing credit and special situations investing with BlackRocks Insider has pinpointed the key people responsible for the alternatives business today. private credit with a combined platform of more than 200 employees BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. We are focused on delivering a range of products and innovative solutions for clients in need of new sources of return and new ways to manage portfolio allocation and risk, said David Blumer, Global Head of BlackRock Alternative Investors. | Blog: www.blackrockblog.com 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 Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. Tim O'Hara, then BlackRock's global co-head of credit, helped oversee the TCP acquisition. The departures come as BlackRock aims to compete more aggressively in private credit, a key part of its high-priority alternatives push. 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. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. Lomas sits on the firm's global operating committee and the alternatives executive committee. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. The business now has $34 billion of dry powder to invest. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. Stay up to date with what you want to know. She is a graduate of Arizona State University where she earned a B.S. continue to build on our long track record in middle market performing police officer relieved of duty. Our combination with BlackRock will provide TCPC with increased resources, scale, and market access to continue to build on our long track record in middle market performing credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks Global Credit platform presents a unique and compelling opportunity to expand our combined resources. Baranski and Seeg took over from Russell Steenberg, the founder and longtime head, after he stepped away from day-to-day responsibilities and took on a new role as chairman of PEP as of January 1. BlackRock TCP Capital Price Performance. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. Jersey City, New Jersey 07310-190 "So we understand that there could be normative attrition and churn. "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.". The leadership team steering the alternatives business has changed recently. 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. Delaware. You must click the activation link in order to complete your subscription. 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 on middle market performing credit and special situation credit opportunities. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. capabilities. 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit to our clients, we provide the investment and technology solutions they That is the ultimate validation, or not, of success performance and fundraising," Vig said. TCP is the perfect complement to the existing credit business at "Our aim is to be the clear global leader," Conway said in the memo. 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. The deal, whose financial terms were not divulged, was first announced in April 2018. visit www.blackrock.com View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. McDonnell, 212-810-5337tara.mcdonnell@blackrock.comorInvestors:Tom 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. Canada. globally. On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. He currently serves with Raj as Co-Head of US Private Capital. The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. Meet BlackRock's Alternative-Investments Execs Driving Growth in . Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. You can sign up for additional alert options at any time. After submitting your request, you will receive an activation email to the requested email address. https://www.businesswire.com/news/home/20210601006057/en/, BlackRock TCP Capital Corp. BlackRock helps investors build better financial futures. BlackRocks Global Credit team now manages more than $90 billion in This asset base includes TCPs approximately $9 billion of