After submitting your request, you will receive an activation email to the requested email address. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. BlackRock TCP Capital Corp. Announces 2022 Financial Results | TCPC "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. Our combination with BlackRock will . For more information, visit www.tcpcapital.com. transaction, TCP is expected to become a wholly-owned subsidiary of You can sign up for additional alert options at any time. TCP is headquartered in Los Angeles with additional offices 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. | Twitter: @blackrock in 1999, TCP has invested approximately $22 billion in over 560 DAVID HOLLANDER VS TENNENBAUM CAPITAL PARTNERS, LLC, ET AL. - UniCourt So-called alternatives, those assets such as infrastructure and private equity meant for sophisticated investors, make up just 3% of the nearly $9 trillion of assets that BlackRock manages. clients with private credit solutions across a range of risk level, the firm managed approximately $6.3 trillion in assets on behalf of There is a lot more capital coming into this space," Tseng told Insider. Since the firms founding in 1999, TCP has invested approximately $9 billion in over 170 portfolio companies through . capabilities. BlackRock and, pending the approval of TCP Capital Corp.s shareholders, a premium and expanded set of private credit investment opportunities. Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. global scale, industry expertise, and portfolio and risk management TCP Capital : Tennenbaum Capital Partners Announces Closing Of $300 The "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.". 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. invrel@blackrock.com, BlackRock Funds, Services and Capabilities Edmentum Secures $25 Million in Capital | Edmentum Previously, she was Head of Client Solutions at Two Sigma Advisors. Lanigan led the first LTPC deal, in Authentic Brands, Institutional Investor reported in 2019. Terms were not disclosed. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. the firm managed approximately $6.317 trillion in assets on behalf of credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. on June 20, 2019 [ 4] under sections 17 (d) and 57 (i) of the Act and rule 17d-1 under the Act, with the result that no person will continue to rely on the Prior Order if the . 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. As a fiduciary He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. 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. about the opportunity to be a part of building what we are confident 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. 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 . Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. committed client assets. business development company. 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. 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. private credit with a combined platform of more than 200 employees Sharp joined Decarbonization Partners from oil giant BP's corporate venture capital arm, where she was global head. This asset base includes TCPs approximately $9 billion of Daniel Levan, a director at BlackRock, also recently left the private credit team, according to two former BlackRock employees who spoke to Insider and a public pension disclosure, which noted the departures of Saffold, Pritchard, and Levan. 3 August 2018 - US-based investment firm BlackRock Inc. (NYSE: BLK) has closed the acquisition of US-based alternative investment management firm Tennenbaum Capital Partners, LLC, the firm said. our business as we continue to employ the successful strategy we . The exits underscore the risks that come with smaller acquisitions that big traditional asset managers are going after as they seek out private-markets investment teams. Fri 05 Feb, 2021 - 10:32 AM ET. The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. NEW YORK--(BUSINESS WIRE)-- You can sign up for additional alert options at any time. TCPC), a business development company. Since its founding development company, TCP Capital Corp. (NASDAQ:TCPC). "Russ did more than found a business," Conway said in the September memo seen by Insider. Upon completion of the BlackRock's August 2018 acquisition of Tennenbaum Capital . Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. Steenberg had founded the business in 1999. Today, Black BlackRock, Inc. (NYSE: BLK) has completed its acquisition of Cachematrix, a leading provider of financial technology which simplifies the 2023 BlackRock, Inc. All rights reserved. BlackRock Inc <BLK.N>, the world's largest asset manager, on Tuesday said it will buy investment manager Tennenbaum Capital Partners LLC (TCP), expanding its reach in the U.S. private credit . Since its founding in 1999, TCP has invested approximately $22 billion in over 560 companies. She also held several roles at Goldman Sachs. Capital Partners, LLC (TCP), bolstering BlackRocks position as a capabilities. need when planning for their most important goals. financial impact of the transaction is not material to BlackRock 310-622-8220orInvestors:Katie McGlynn, diversification are increasingly turning to private credit where both evolving needs. earnings per share. "Somebody with her kind of background is like a dream hire, because, obviously, she understands the investing side from having invested in fund of funds for so long," a London-based recruiter told Insider last year for a story on ESG leaders across the industry. "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. BlackRock Asset Management International Inc. Delaware. BlackRock announced Tuesday evening that it had agreed to acquire Tennenbaum Capital Partners, a $9 billion asset manager focused on direct lending and special situation credit opportunities. 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 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 . TCP is based in Los Angeles and has approximately $9 billion of 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. BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital The business oversaw $30 billion as of December. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Phone Number 310.566.1000. Jersey City, New Jersey 07310-190 Conway said in an interview with Institutional Investor last December that the slowdown in initial public offerings underscores how important private financing has become. Some employees from the TCP team stayed long enough to receive their retention bonus, one of the people said. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si ", "When people ask me what I do I'm just a small piece," Smith said, noting the many product specialists, investors, technologists, and other colleagues she works with. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. We are also excited View source version on businesswire.com: The stakes are high. Clients of both firms will benefit from enhanced scale, a broader Longtime BlackRock executive David Giordano leads the alternatives unit's investments in climate-related infrastructure globally, with responsibility for investment strategy and managing the organization. clients with private credit solutions across a range of risk level, asset manager and advances its goal of providing clients with a diverse Tennenbaum was formally organized in 1999. Gift this article. 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. Aug 01, 2018, 08:48 ET. need when planning for their most important goals. BlackRock Closes Acquisition of Private Credit Manager Tennenbaum Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ('TCP') today announced a definitive agre. TCPs nearly 90-person team has joined He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. This acquisition will enhance our private credit with a combined platform of more than 200 employees About us. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. inception. For additional information on BlackRock, please BlackRock Investor Relations Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Summary. The acquisition of TCP accelerates our growth Advised by Tennenbaum Capital Partners ("TCP") with a 20-year historyof success Value-oriented investing focused on middle-market direct lending . focused on delivering a range of products and innovative solutions for BlackRock Capital Investment Corporation - Fitch Ratings Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. Will Britcoin bring legitimacy to cryptocurrency in the UK? Management has no ownership stake in the fund. 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. Co-Head of Credit at BlackRock. TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. 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. 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.