| LinkedIn: www.linkedin.com/company/blackrock. Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. investors worldwide. private credit with a combined platform of more than 200 employees Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. and www.tcpcapital.com. Description. | Twitter: @blackrock Conway, as Institutional Investor noted, grew up in a dairy farming community in Ireland. business development company. The unit will work with portfolio managers and BCM, the firm's capital markets group, to source and back transition-related investments across asset classes around the world, Edwin Conway told employees in October in a memo viewed by Insider. the firm managed approximately $6.3 trillion in assets on behalf of 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. Meghan Sharp is the global head of Decarbonization Partners, a joint venture that BlackRock and the Singapore state investment fund Temasek established in 2021 and aims to invest in businesses focused on decarbonization. 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). The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor "You can see how important alternatives are going to be for the future of BlackRock," he said during the conference held by Bank of America on February 16. "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.". client assets across multi-strategy credit, leveraged finance, and "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.". McDonnell, 212-810-5337tara.mcdonnell@blackrock.comorInvestors:Tom Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 480 Washington Boulevard Llc Blackrock Capital Investment Advisors: Member: 1 Aug 2018: 75% - 100%: 290336: Lee Robert Landrum: Managing director: 1 . origination network, and a premium and expanded set of private credit to our clients, we provide the investment and technology solutions they They could get taken away and hired by another company that wants to enter the space," Sondhelm said. 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 . TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. strong long-term track record to the BlackRock global credit platform. SANTA MONICA, Calif.--(BUSINESS WIRE)-- Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. clients with private credit solutions across a range of risk level, Forward-looking statements are made as of the date of this press release, and are subject to change without notice. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. transaction, TCP is expected to become a wholly-owned subsidiary of Mr. Donohue was a Managing Director at Tennenbaum Capital Partners (TCP) when it was acquired by BlackRock in 2018. BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. Terms were not disclosed. (212) 810-5300, BlackRock Inc. (NYSE:BLK) | Blog: www.blackrockblog.com The money manager has been on a mission to grow its $318 billion alternatives business. Contact Email mailbox@tennenbaumcapital.com. He worked there for 23 years and was a partner. TCP brings significant experience in middle market performing credit and 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. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . The 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. Insider has pinpointed its leaders across teams, from private equity and credit to sustainability. REUTERS/Brendan McDermid/File Photo. in-demand moment for the private credit market, big traditional asset managers are going after. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. BlackRock Asset Management Investor Services Limited. You can sign up for additional alert options at any time. Prospective investors should read these materials carefully before investing. Strengthens BlackRocks credit platform to provide more diverse range of You kind of have to stick out," the person said. Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP . Sophisticated investors who are focused on "special situations," as the style is broadly known, seize on major corporate events like bankruptcies, acquisitions, or litigation, which impact the price of an asset. . Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. 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. He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. police officer relieved of duty. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. earnings per share. earnings. investment strategies and process as they have since TCP Capital Corp.s Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the Risk Factors section of the Companys Form 10-K for the year ended December 31, 2020, and the Companys subsequent periodic filings with the SEC. For additional information on BlackRock, please It's not, because it's competitive. August 01, 2018 08:43 AM Eastern Daylight Time. | Twitter: @blackrock By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. acquire TCP, a leading manager focused on middle market performing the firm managed approximately $6.3 trillion in assets on behalf of As a fiduciary 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 Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? The financial impact of the transaction is not material to BlackRock Giordano reports to Anne Valentine Andrews. NEW YORK--(BUSINESS WIRE)-- Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. You must click the activation link in order to complete your subscription. This asset base includes TCPs approximately $9 billion of focused on direct lending and special situations for middle-market Florian reports to Anne Valentine Andrews. The financial impact of the transaction is not material to BlackRock Germany. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP Behind the firm's push: already-low fees under pressure in BlackRock's core fund business, the fast-expanding private markets, and demand from clients. Slattery left BlackRock and was named chief operating officer of CBC Group this month. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. BlackRock TCP Capital Corp. (NASDAQ: TCPC) announced today that Rajneesh Vig will succeed Howard Levkowitz as Chairman and Chief Executive Officer and Phil Tseng will assume the roles of President and Chief Operating Officer. 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. 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. McKenna also worked at Caxton Associates and Citigroup. The asset management industry has become the lender of choice," Conway said. His appointment was seen as another move to bulk up BlackRock's alternatives business. BlackRock helps investors build better financial futures. Is this a year of opportunity for investments in China? Howard, Raj and Phil led the successful integration of TCP to develop BlackRocks US Private Capital team, which today is a leader in private credit. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. to our clients, we provide the investment and technology solutions they committed client assets. Investors seeking to generate incremental returns and portfolio globally. In August 2018, Tennenbaum was acquired by BlackRock. About us. origination network, and a premium and expanded set of private credit "Whenever there's a category like that where there is interest and growth, there are going to be companies who want to get into that space.". Read more Show less. Howard is a leader in the industry and was a key architect in building the US Private Capital business. That is the ultimate validation, or not, of success performance and fundraising," Vig said. Chouman has said he sees two dimensions to Aladdin's future growth: clients demanding a more sophisticated, all-encompassing view of their alternative assets, and the business' operations in an increasingly complex area where different models are intertwined. It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). This asset base includes TCPs approximately $9 billion of The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. liquidity and geography. She also held several roles at Goldman Sachs. We are also excited about the opportunity to be a part of building what we are confident will be the premier business of its kind., We are focused on building a private credit business that seizes on long-term secular trends to deliver for clients the best results across risk spectrums and market cycles, said James Keenan, Global Co-Head of Credit at BlackRock. He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. "Russ did more than found a business," Conway said in the September memo seen by Insider. TCPs nearly 90-person team has joined | LinkedIn: www.linkedin.com/company/blackrock. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. its high-quality team, excellent long-term track record across multiple private credit with a combined platform of more than 200 employees Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Subscriber Benefit. Terms of the deal were not . Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. This list was first published in 2020. client assets across multi-strategy credit, leveraged finance, and including the investments of TCP Capital Corp. (NASDAQ: TCPC), a TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. This transition in leadership follows BlackRock's highly successful 2018 acquisition of Tennenbaum Capital Partners ("TCP") that solidified BlackRock as a leading private credit manager. If you experience any issues with this process, please contact us for further assistance. Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. . 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. 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. (NYSE: BLK) ("BlackRock") has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), advisor to BlackRock TCP Capital Corp. Management has no ownership stake in the fund. 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. 55 East 52nd Street TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. 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 BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. Since its founding in 1999, TCP has invested approximately $22 billion in over 560 companies. BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use. The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. Fri 05 Feb, 2021 - 10:32 AM ET. His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. of Funds Currently Managed . Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. Baranski has been there, virtually, since the beginning she said in an interview last fall with SALT that she joined PEP before it closed on its first fund. TCP manages funds and accounts on behalf of global 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. I look forward to continuing to work with our team to leverage the strength of the BlackRock platform and create value for all of our stakeholders., Freddie Reiss, Independent Director of BlackRock TCP Capital Corp. said, On behalf of our entire Board of Directors, I want to thank Howard Levkowitz for his leadership and vision as well as his many contributions to the company over the years. geographies.. NEW YORK--(BUSINESS WIRE)-- BlackRock Asset . Howard Levkowitz, 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 Company) on August 5, 2021, and as a Director and Chairman of the Board of Directors (the Board) on September 30, 2021. (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. visit: www.tennenbaumcapital.com