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. strong long-term track record to the BlackRock global credit platform. Capital Corp., said, We are excited about the growth opportunities for "All we do is enable someone to go to the moon. You must click the activation link in order to complete your subscription. has demonstrated strong performance over nearly two decades. Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. | Twitter: @blackrock "Investors vote with their wallets. 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. He was named global head of BlackRock Alternatives in April 2019 when the alternatives business was restructured in a way executives hoped would improve growth, according to reports at the time. He joined TCP in 2006 and served as TCPCs President and Chief Operating Officer since its IPO in 2012. He also sits on BlackRock's global executive committee and chairs BA's executive committee. Meanwhile last year BlackRock fired the former co-heads of secondaries and liquidity solutions, along with a third managing director, after they said they planned to leave for Apollo Global Management together, Bloomberg reported. 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 . to our clients, we provide the investment and technology solutions they need when planning for their most important goals. Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. BlackRock has prioritized growing its $320 billion alternative business in recent years, with a focus on private market investing. continue to build on our long track record in middle market performing After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. If you experience any issues with this process, please contact us for further assistance. Phil Tseng, who co-heads US private capital with Vig and who also joined BlackRock through the TCP acquisition, said managing investment talent well goes hand-in-hand with driving returns for clients. client assets across multi-strategy credit, leveraged finance, and In 2020, Michael Leitner, a managing director responsible for co-leading direct lending and special situations strategies, left. | Twitter: @blackrock He has a background that's unexpected in the world of high finance. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. "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.". August 01, 2018 08:43 AM Eastern Daylight Time. | LinkedIn: www.linkedin.com/company/blackrock. Share this article. earnings. The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. TCP is the perfect complement to the existing credit business at Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. institutional investors. The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. 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. BlackRock Asset . NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ("TCP") today announced a definitive agreement under which . 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. BlackRock executives said in a memo announcing McKenna's appointment in 2014 that there were still many untapped opportunities in the hedge fund space, like event-driven investing, Bloomberg reported at the time. Canada. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team . All of TCP's partners signed employment agreements and were expected to join BlackRock, while TCP anticipated that all of its more than 80 employees would move to the money manager, a May 2018 presentation TCP provided to a public pension investor shows. Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. 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. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. McKenna is responsible for managing BlackRock's event-driven investing efforts that is, the investment strategy used to profit from price action around a specific event and oversees $7.8 billion in the Event Driven Equity Fund. Its headcount has grown 70%, to some 60 investment staff since its acquisition of TCP, according to a person familiar with the firm. Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. 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. Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. globally. Prior to TCP, he managed various departments of a major investment bank. 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. 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. liquidity and geography. 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. Lanigan led the first LTPC deal, in Authentic Brands, Institutional Investor reported in 2019. 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 wholly owned, indirect subsidiary of BlackRock, Inc. For more information, visit www.tcpcapital.com. The acquisition is the next step in BlackRocks efforts to expand its Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. That is the ultimate validation, or not, of success performance and fundraising," Vig said. "Russ did more than found a business," Conway said in the September memo seen by Insider. Steenberg had founded the business in 1999. 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. BlackRock Asset Management Investor Services Limited. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products 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 . The Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol Its more than 80-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over nearly two decades. 0; Mr. Berry held a similar role at Tennenbaum Capital Partners prior to its acquisition by BlackRock in 2018. Read more Show less. Since 2021 the business also hired a new chief operating officer, a new head of sustainability, and two additional top executives focused on sustainable investments. Court records for this case are available from Stanley Mosk Courthouse. His role was formally expanded to include the role of deputy head of BlackRock Alternatives last fall. currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: In connection with the transaction, the Company's name was changed from TCP . Our thought leadership in investing, risk management, portfolio construction and trading solutions. 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. companies. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the "Company") announced today that BlackRock, Inc. (NYSE: BLK) ("BlackRock . business development company. Germany. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). United Kingdom. Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. Some employees from the TCP team stayed long enough to receive their retention bonus, one of the people said. It also manages a publicly-traded business . earnings per share. Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. You can sign up for additional alert options at any time. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. Last year Decarbonization Partners invested in Monolith, aclean hydrogen and materials company, as part of a $300 million round of funding alongside TPG Rise Climate and other investors. BlackRock is to buy private credit firm Tennenbaum Capital Partners (TCP) in a move that will strengthen the world's largest asset managers' credit platform and diversify its alternative investment offerings. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. | LinkedIn: www.linkedin.com/company/blackrock. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC, http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html. 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. origination network, and a premium and expanded set of private credit | Blog: www.blackrockblog.com The acquisition of TCP accelerates our growth She also held several roles at Goldman Sachs. 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.". BlackRock helps investors build better financial futures. 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.. . "There are other opportunities right now. If you experience any issues with this process, please contact us for further assistance. provide TCPC with increased resources, scale, and market access to 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . 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. For more information, visit www.tcpcapital.com. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . TCP brings significant experience in middle market performing credit and about the opportunity to be a part of building what we are confident a premium and expanded set of private credit investment opportunities. BlackRocks Global Credit team now manages more than $90 billion in global scale, industry expertise, and portfolio and risk management This acquisition will enhance our ability to deliver clients private credit solutions that meet their investment objectives across a range of risks, liquidity, and geographies.. Florian reports to Anne Valentine Andrews. Institutional investors and hedge funds own 28.63% of the company's stock. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum evolving needs. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. When typing in this field, a list of search results will appear and be automatically updated as you type. market cycles, diverse expertise, and proven origination capabilities, Conway, as Institutional Investor noted, grew up in a dairy farming community in Ireland. . 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. Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. BlackRock Argentina Asesorias Ltda. All of us are working hard to meet the needs of our clients.". Tennenbaum Capital PartnersMedia:KekstMark clients with private credit solutions across a range of risk level, visit: www.tennenbaumcapital.com 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. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. plans and augments our position as a leading credit asset manager. Subscriber Benefit. 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.