The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. client assets across multi-strategy credit, leveraged finance, and Subscriber Benefit. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor need when planning for their most important goals. Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. BlackRock Asset Management Deutschland AG. 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. 55 East 52nd Street 2. The acquisition is the next step in BlackRocks efforts to expand its 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. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Sep 21, 2022, 9:12 AM. 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. Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. Management has no ownership stake in the fund. 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. Howard Levkowitz, who co-founded TCP in 1999; Mark Kronfeld, who was global head of restructuring in BlackRock's private credit group; and former TCP finance chief Paul Davis all left last year. In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. asset manager and advances its goal of providing clients with a diverse . You must click the activation link in order to complete your subscription. He has a background that's unexpected in the world of high finance. 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 . Cision Distribution 888-776-0942 With "There are other opportunities right now. This transition in leadership follows BlackRocks highly successful 2018 acquisition of Tennenbaum Capital Partners (TCP) that solidified BlackRock as a leading private credit manager. He was previously responsible for the institutional client business, or ICB, for Europe, the Middle East, and Africa and was global head of the ICB's financial institutions group. "It is important to remember that people are getting more selective on the buildings they're willing to occupy," she said, pointing to BlackRock's own move to Hudson Yards in New York City, from the former headquarters on Manhattan's east side, as an example of companies seeking out high-quality properties. 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. 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 . Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si As the story goes, the janitor responded: "I'm helping put a man on the moon. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. 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. Formed in 1999, Los Angeles-based . Court records for this case are available from Stanley Mosk Courthouse. 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. visit www.blackrock.com 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. Jersey City, New Jersey 07310-190 client assets across multi-strategy credit, leveraged finance, and 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. from 8 AM - 9 PM ET. His appointment was seen as another move to bulk up BlackRock's alternatives business. Howard is a leader in the industry and was a key architect in building the US Private Capital business. Phone Number 310.566.1000. in Atlanta, New York and San Francisco. Its more than You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Terms were not disclosed. This asset base includes TCPs approximately $9 billion of earnings per share. TCPs nearly 90-person team has joined Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks He has led these investment strategies across the Americas and the Asia Pacific region since the firm's renewable power offerings were founded in 2011. He cofounded the event-driven fund there. The deal, whose financial terms were not divulged, was first announced in April 2018. 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.. If you experience any issues with this process, please contact us for further assistance. investment strategies and process as they have since TCP Capital Corp.s Sign up for notifications from Insider! companies. 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. I appreciate our Boards vote of confidence in appointing me Chairman and Chief Executive Officer. Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC 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. committed client capital as of December 31, 2017. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. He was the CEO and chief investment officer of pension investment management giant PSP Investments and previously ran private investments for the Canada Pension Plan Investment Board, where he established its direct-investing capabilities. 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. . Levkowitz, Philip Tseng, and Rajneesh Vig). TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. Since then, however, more than a dozen professionals have left the 35-person investment team that joined from Los Angeles-based TCP, Insider has learned. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP . BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC, http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html. 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. private credit with a combined platform of more than 200 employees to our clients, we provide the investment and technology solutions they To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. leading global credit manager and enhancing its ability to provide Under Steenberg, BlackRock acquired Swiss Re Private Equity Partners, the private equity and infrastructure fund of funds under the insurance giant Swiss Re, in 2012. Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment management firm with approximately $9 billion of committed capital focused on direct lending and special situations for middle-market companies. Global Credit platform presents a unique and compelling opportunity to This list was first published in 2020. clients with private credit solutions across a range of risk level, The acquisition augments BlackRock's . After submitting your request, you will receive an activation email to the requested email address. contact.us@blackrock.com, Computershare Investor Services LLC BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. 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. visit www.blackrock.com 480 Washington Boulevard 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.". SANTA MONICA, Calif.--(BUSINESS WIRE)-- Capital Partners, LLC (TCP), bolstering BlackRocks position as a 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. TCPs nearly 90-person team has joined After submitting your request, you will receive an activation email to the requested email address. biogen senior engineer ii salary. Despite senior-level exits, the business has grown headcount and client assets since 2018. Our combination with BlackRock will 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. The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. 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 development company, TCP Capital Corp. (NASDAQ:TCPC). Since the firms founding in 1999, TCP has invested approximately $9 billion in over 170 portfolio companies through . BlackRock's leases on East 52nd Street expire in April. NEW YORK--(BUSINESS WIRE)-- 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. 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 . On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. Before Morgan Stanley, she was a director at Macquarie. Finally, BlackRock Inc. raised its holdings in Coca-Cola Europacific Partners by 5.0% in the first quarter. Terms of the deal were not . So-called alternatives, those assets such as infrastructure and private equity meant for sophisticated investors, make up just 3% of the nearly $9 trillion of assets that BlackRock manages.