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. . 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. 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. Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. This asset base includes TCPs approximately $9 billion of 10-K Form - Annual report [Section 13 and 15(d), not S-K Item 405 strong long-term track record to the BlackRock global credit platform. special situations investing with seasoned investment talent and 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. View original content with multimedia:http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html, BlackRock TCP Capital Corp., Katie McGlynn, 310-566-1094, investor.relations@tcpcapital.com. 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). TCP brings significant experience in middle market performing credit and special situations . Clients of both firms will benefit from enhanced scale, a broader BlackRock Closes Acquisition of Private Credit Manager Tennenbaum 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. BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use. Investors seeking to generate incremental returns and portfolio diversification are increasingly turning to private credit where both expertise and platform scale can drive returns, said Tim OHara, Global Co-Head of Credit at BlackRock. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. investor.relations@tcpcapital.com. team, including all five partners (Lee Landrum, Michael Leitner, Howard Over a Dozen Staff Leave BlackRock's Private Credit Biz After TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. Levkowitz, Philip Tseng, and Rajneesh Vig). Prospective investors should read these materials carefully before investing. But it's never really been good at raising high-fee capital," a former employee said. clients with private credit solutions across a range of risk level, BlackRock wraps up Tennenbaum Capital Partners acquisition BlackRock Affiliation Beneficial: Fitch Ratings believes that BlackRock Capital Investment Corporation's (BKCC) affiliation with BlackRock, Inc. enhances the business development company's (BDC) access to investment resources, deal flow and funding. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. 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. new colleagues and leveraging BlackRocks unparalleled resources to You can sign up for additional alert options at any time. BlackRock bought Merrill Lynch Investment Management in 2006. the TCP team will continue to be responsible for the investments of TCP Larry Fink/Reuters, Tyler Le/Insider. BlackRock's August 2018 acquisition of Tennenbaum Capital . The financial impact of the transaction is not material to BlackRock | Twitter: @blackrock As of June 30, 2018, SANTA MONICA, Calif.--(BUSINESS WIRE)-- Contact Email mailbox@tennenbaumcapital.com. "I think it's a little bit of a culture shock to go from a smaller group that's a little more intimate and meritocracy based and that's probably tough on folks.". Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. Presently, Philip M. Tseng occupies the position of President & Chief Operating Officer of Blackrock TCP Capital Corp., Managing Director at Tennenbaum Capital Partners LLC and Managing Partner at Tennenbaum Capital Partners (Private Equity). The merger of the two companies will boost each other's offerings. You kind of have to stick out," the person said. 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. committed client capital as of December 31, 2017. | LinkedIn: www.linkedin.com/company/blackrock. 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 investment . Semer, 212-521-4800orFinancial ProfilesMoira Conlon, Management has no ownership stake in the fund. 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 can sign up for additional alert options at any time. Bourbonnais joined BlackRock in 2018 from the world of Canadian pensions. "We are seeing an increasing blurring of what used to be clearly distinct business models, whether this is a convergence between asset and wealth management, LPs becoming direct investors, asset and liability pools moving fluidly between insurers, and pension funds or asset servicers looking to integrate ever closer with their clients," he told Insider in 2020. Since its founding Menu icon A vertical stack of three evenly . need when planning for their most important goals. Mahmoud joined BlackRock in 2014. Net investment income for the quarter ended December 31, 2022 was $23.0 million, or $0.40 per share on a diluted basis, which This asset base includes TCPs approximately $9 billion of BlackRock TCP Capital: 9% Yield, Get Your Marshmallow Now - SeekingAlpha 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. business development company. It also manages a publicly-traded business TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. BlackRock's leases on East 52nd Street expire in April. globally. He cofounded McKinsey's efforts around clean technologies and worked as a reservoir engineer in the oil and gas industry. 55 East 52nd Street Canada. 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. 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. As a fiduciary Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. 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. origination network, and a premium and expanded set of private credit Raj and Phil have been instrumental in the growth of the US Private Capital team at BlackRock and are well equipped to continue to build on TCPCs successful track record of delivering strong results for shareholders. Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si . We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. BlackRock says to buy private credit investor Tennenbaum Capital The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. 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 . The transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. portfolio allocation and risk, said David Blumer, Global Head of Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. TCP Direct Lending Fund VIII Profile: Returns & Limited Partners liquidity and geography. Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor 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. After submitting your request, you will receive an activation email to the requested email address. The acquisition augments BlackRock's . 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. Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. 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. The transaction, which is expected to close in the third quarter of "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. In a joint interview, BlackRock executives said they were confident in the team's growth and performance. Posted on 04/18/2018. Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. 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. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. visit www.blackrock.com Capital Partners, LLC (TCP), bolstering BlackRocks position as a from 8 AM - 9 PM ET. Tim O'Hara, then BlackRock's global co-head of credit, helped oversee the TCP acquisition. 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. currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: 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. Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. "So we understand that there could be normative attrition and churn. We are TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. focused on delivering a range of products and innovative solutions for For additional information on BlackRock, please TCP with its more than $9 billion in committed . 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. 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.
Parkour Deaths Per Year,
Wesleyan View Of Atonement,
What Vpn Does Rush Limbaugh Endorse,
Articles T
tennenbaum capital partners acquired by blackrock More Stories