tennenbaum capital partners acquired by blackrock
John Seeg co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with Lynn Baranski. committed client assets. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. 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. SANTA MONICA, Calif.--(BUSINESS WIRE)-- TCP TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. 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. BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. BlackRocks Global Credit team now manages more than $90 billion in Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. BlackRock Asset Management Deutschland AG. BlackRock Investor Relations 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. 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. Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. 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 . . The acquisition augments BlackRock's . In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. Management has no ownership stake in the fund. BlackRock.. has demonstrated strong performance over nearly two decades. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. You must click the activation link in order to complete your subscription. Its headcount has grown 70%, to some 60 investment staff since its acquisition of TCP, according to a person familiar with the firm. 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. TCP complements BlackRocks Global Credit business with seasoned Shares of NASDAQ TCPC opened at $11.72 on Wednesday. Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. BlackRock Argentina Asesorias Ltda. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. Co-Head of Credit at BlackRock. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment. investor.relations@tcpcapital.com. 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. Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. Read more Show less. contact.us@blackrock.com, Computershare Investor Services LLC Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. BlackRock's August 2018 acquisition of Tennenbaum Capital . BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . Raj Vig, President and Chief Operating Officer of BlackRock TCP Capital Corp. said, I am grateful to have had the privilege of working alongside Howard Levkowitz for many years. (Reuters) - BlackRock Inc, the world's largest asset management firm, said on Wednesday it had raised $2 billion for its flagship opportunistic credit fund, Global Credit . TCPs nearly 90-person team has joined As a fiduciary Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. In August 2018, Tennenbaum was acquired by BlackRock. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. . Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. Earlier in her career she spent 13 years at Blackstone, where she was a cohead of the firm's London office for hedge-fund solutions. TCP is the perfect complement to the existing credit business at TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. leading global credit manager and enhancing its ability to provide BlackRock Completes Acquisition of Tennenbaum Capital Partners. currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: We are Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. special situations investing with seasoned investment talent and a NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . The business now has $34 billion of dry powder to invest. Global Mergers and Acquisitions (M&A) Deals in the In UK IFAs, Investment Managers, & Platforms, Craven Street Wealth snaps up London-based Bernard Barrett Associates, Credit Suisse targets rich Asian clients with higher deposit rates. Our combination with BlackRock will Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. biogen senior engineer ii salary. Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol The transaction will not have a material impact on BlackRocks earnings. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. Building an Innovative Financial Technology Ecosystem in Scotland. Phone Number 310.566.1000. The acquisition is the next step in BlackRocks efforts to expand its capabilities and impact of its alternatives business globally. A key element of investors worldwide. TCPC), a business development company. By Jennifer Ablan. need when planning for their most important goals. 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. Wojcik, 212-810-8127tom.wojcik@blackrock.comorFor The acquisition augments BlackRocks position as a leading global credit asset manager and advances its goal of providing clients with a diverse range of alternative investment products and solutions to meet their evolving needs. acquire TCP, a leading manager focused on middle market performing today announced a definitive agreement under which BlackRock will 0; Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. Prior to Two Sigma, Ms. Williams was Chief Investment Officer and a member of the senior leadership team of Farmers Group, Inc. Before Farmers, Ms. Williams was a senior consultant at Wilshire Consulting, where she created a risk management advisory practice, following several years of experience developing and implementing risk policy and systems for institutional investors. This asset base includes TCPs approximately $9 billion of He also sits on BlackRock's global executive committee and chairs BA's executive committee. a premium and expanded set of private credit investment opportunities. 480 Washington Boulevard "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. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. "Over time, it became clear that BlackRock wanted Tennenbaum to only focus on direct lending, rather than distressed and special situations investing," one of the former employees told Insider. 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 . That is the ultimate validation, or not, of success performance and fundraising," Vig said. Clients of both firms will benefit from enhanced scale, a broader His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. visit www.blackrock.com Jersey City, New Jersey 07310-190 Clients of both firms will benefit from enhanced scale, a broader The presentation, which was published online by the pension, also said that incentive or retention packages were to be offered to TCP investment team members. 55 East 52nd Street You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Managing director Kenneth Saffold, an investor well-known in the Atlanta community, left and cofounded the investment firm o15 Capital Partners with former Invesco and BankUnited executives, Insider reported in June. BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. Edwin Conway announced to employees last September that Steenberg would start handing off his day-to-day responsibilities to the longtime executives Lynn Baranski and John Seeg, who officially started to co-lead the business as of January 1. solutions for clients, Complementary acquisition assures continuity of TCP leadership, Share this article. credit and special situation credit opportunities. 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. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. McDonnell, 212-810-5337tara.mcdonnell@blackrock.comorInvestors:Tom Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. Previously, she was Head of Client Solutions at Two Sigma Advisors. Terms of the deal were not . 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. Global Credit platform presents a unique and compelling opportunity to BlackRocks Global Credit team now manages more than $90 billion in "When you join a big company like BlackRock, it's just a lot more political. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. ability to deliver clients private credit solutions that meet their business development company. financial impact of the transaction is not material to BlackRock Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. 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. private credit with a combined platform of more than 200 employees In a joint interview, BlackRock executives said they were confident in the team's growth and performance. performing credit and special situations investing with BlackRocks Capital Corp., said, We are excited about the growth opportunities for long-term secular trends to deliver for clients the best results across Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. 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. special situations investing with seasoned investment talent and a | LinkedIn: www.linkedin.com/company/blackrock. New. View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara Chouman is the former chief executive of eFront, the Paris software and solutions provider that BlackRock acquired in 2019 for $1.3 billion to improve its alternatives technology tools. "With the growth of our client assets, it's been a significant investment over the last several years, " Jim Keenan, BlackRock's chief investment officer and global head of credit, who helped steer the TCP acquisition, said in an interview with Insider. When the TCP deal was announced in April 2018, the Los Angeles-based manager had $9 billion in committed client capital and more than 80 employees, a release from BlackRock said. After submitting your request, you will receive an activation email to the requested email address. Sep 21, 2022, 9:12 AM. For more information, please Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. 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. Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. Stay up to date with what you want to know. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP Capital Corp., said, We are excited about the growth opportunities for our business as we continue to employ the successful strategy we pioneered nearly two decades ago. The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. United Kingdom. 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 . BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering BlackRock's position as a leading global credit manager and enhancing its ability to provide clients with private credit solutions across a range of risk level, 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. BlackRock Asset . He said in November during a call to discuss earnings with analysts that BKCC, as it's known, now has 111 portfolio companies, an all-time high. BlackRock Inc, the world's largest asset management firm, . | Twitter: @blackrock Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Fri 05 Feb, 2021 - 10:32 AM ET. client assets across multi-strategy credit, leveraged finance, and NEW YORK--(BUSINESS WIRE)-- including the investments of TCP Capital Corp. (NASDAQ: TCPC), a She is a graduate of Arizona State University where she earned a B.S. 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 is TCP's third CLO issuance in the past 12 months. portfolio allocation and risk, said David Blumer, Global Head of | Twitter: @blackrock Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. BlackRock Capital Investment Corporation, et al. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. BlackRock's $318 billion alternative-investments business is key to the money manager's future. (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. Seeg was previously PEP's global head of client solutions and strategy. visit www.blackrock.com Tennenbaum Capital PartnersMedia:KekstMark clients with private credit solutions across a range of risk level, TCP manages funds and accounts on behalf of global Its more than 80-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over nearly two decades. 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. Terms were not disclosed. This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). 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. Tennenbaum was formally organized in 1999. 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. expertise and platform scale can drive returns, said Tim OHara, Global Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. our business as we continue to employ the successful strategy we Before joining BlackRock, she was a senior research analyst for the Financial Stability Board and held other roles, including senior investment associate at the hedge fund Bridgewater. 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 transaction adds around $9bn in assets to BlackRocks books. and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . Upon completion of the Stephanie Smith has been the chief operating officer of the alternatives business since 2021, when she joined from Goldman Sachs, where she worked for two decades and left as a partner and head of operations for Goldman's consumer and wealth management division. invrel@blackrock.com, BlackRock Funds, Services and Capabilities In connection with the transaction, the Company's name was changed from TCP . BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses.