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's leases on East 52nd Street expire in April. 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. client assets across multi-strategy credit, leveraged finance, and All of us are working hard to meet the needs of our clients.". strong long-term track record to the BlackRock global credit platform. TCPs nearly 90-person team has joined They contribute just 11% of base fees. Capital Corp. and continue to focus on executing the same proven Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. . strong long-term track record to the BlackRock global credit platform. 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. TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017. 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. Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. BlackRock Asset Management Deutschland AG. | LinkedIn: www.linkedin.com/company/blackrock. The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. 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. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC Edmentum (edmentum.com), a global education leader and a pioneer in online teaching and learning solutions, has raised $25 million in incremental financing from New Mountain Finance Corporation and Tennenbaum Capital Partners.The financing will allow the extension of the company's debt maturity and comes at a time of escalating growth, perpetuated by well-performing Edmentum programs under . "All we do is enable someone to go to the moon. Summary. When typing in this field, a list of search results will appear and be automatically updated as you type. 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. Tennenbaum Capital Partners, LLC ("TCP") is a leading alternative investment management firm founded in 1999 (its predecessor entity commenced operations in 1996) with a proven track . Investors seeking to generate incremental returns and portfolio currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: 10-K Form - Annual report [Section 13 and 15(d), not S-K Item 405 BlackRock wraps up Tennenbaum Capital Partners acquisition globally. In an interview last December with trade publication PERE, Valentine said a primary theme she will be focusing on this year is growing more selective in examining individual assets. NEW YORK--(BUSINESS WIRE)-- 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. BlackRock TCP Capital (NASDAQ:TCPC) Price Target Cut to $11.00 business development company. In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. 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. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. blackrock direct lending "Russ did more than found a business," Conway said in the September memo seen by Insider. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. focused on delivering a range of products and innovative solutions for . The acquisition of TCP accelerates our growth TCP brings significant experience in middle market performing credit and private credit with a combined platform of more than 200 employees Prior to her current role, Ms. Glick was a Director at Tennenbaum Capital Partners who managed more than $9 billion in committed capital and was acquired by BlackRock in 2018. Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. Katie McGlynn Building an Innovative Financial Technology Ecosystem in Scotland. She also held several roles at Goldman Sachs. But when it comes to performance fees those that BlackRock earns for generating strong returns for clients, and last year accounted for $514 million they have an outsized impact. New York, NY 10055-0003 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. 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 . You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. Upon completion of the transaction, TCP is expected to become a wholly-owned subsidiary of BlackRock and, pending the approval of TCP Capital Corp.s shareholders, remain the investment adviser of TCP Capital Corp. Current members of the TCP team will continue to be responsible for the investments of TCP Capital Corp. and continue to focus on executing the same proven investment strategies and process as they have since TCP Capital Corp.s inception. REUTERS/Brendan McDermid/File Photo. need when planning for their most important goals. In 2018, Keenan helped steer the firm's acquisition of Tennenbaum Capital Partners, an investment manager that expanded the alternatives unit's foothold in the competitive private credit market. capabilities. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor 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. Conway previously ran BlackRock's key institutional-client business, where he was responsible for the overall strategy for the firm's relationships with institutional clients like sovereign wealth funds, public and private pension plans, and foundations. Karyn L. Williams Named Independent Director of BlackRock TCP Capital Corp. 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. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. 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. It also manages a publicly-traded business Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. today announced a definitive agreement under which BlackRock will TCP TCP was acquired by BlackRock, Inc. in August of 2018. Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP Former BlackRock employees say underwhelming pay and unfulfilled promises that the team could raise its own special situations fund led to widespread frustration and departures. 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 . TCP complements BlackRocks Global Credit business with seasoned liquidity and geography. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. Before Morgan Stanley, she was a director at Macquarie. Private credit has been "a pretty strong asset class for several years now," Sondhelm added, noting that investors are in search of higher levels of income that aren't strongly correlated to the volatility of stocks. "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.". Tennenbaum Capital Partners, LLC (Santa Monica) - wallmine 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 . David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. capabilities and impact of its alternatives business globally. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . Terms were not disclosed. He is also on the board of California Science Center Foundation. 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.. 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 . Chan joined BlackRock in 2012 and cofounded the group a year later. "So we understand that there could be normative attrition and churn. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. BlackRock Completes Acquisition of Tennenbaum Capital Partners