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. You can sign up for additional alert options at any time. 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit Terms were not disclosed. Slattery left BlackRock and was named chief operating officer of CBC Group this month. This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). 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. 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. globally. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. BlackRock TCP Capital Corp. 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. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. 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. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. 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.. Its more than 80-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over nearly two decades. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Together, BlackRock and TCP expect to offer clients Date acquired Ownership Employer ID; Howard Marshall Levkowitz: Managing partner: 1 May 1999: Other: 4404130: Llc Tennenbaum & Co. . He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. Cybersecurity in Banking & Payments Filings Trends Q3 2022, Tech for good: How Scottish fintech companies are relieving the cost of living crisis, How quantum technologies will transform fintech, Grow your asset finance arm with high-functioning origination capabilities. TCP is based in Los Angeles and has approximately $9 billion of 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. BlackRock helps investors build better financial futures. LTPC, as it's known, is the majority owner of companies including Authentic Brands the owner of Aeropostale, Juicy Couture, and Reebok and luxury fragrance brand Creed. 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. His role was formally expanded to include the role of deputy head of BlackRock Alternatives last fall. Capital Partners, LLC (TCP), bolstering BlackRocks position as a BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. The acquisition augments BlackRocks position as a leading global credit The Order sought by the application would supersede the Prior Order (as defined below) issued by the Commission to BlackRock Capital Investment Corporation, et al. Patry joined BlackRock in 2017 from Credit Suisse, where he worked for nearly two decades and held roles including head of leveraged finance capital markets. strong long-term track record to the BlackRock global credit platform. clients with private credit solutions across a range of risk level, TCP with its more than $9 billion in committed . I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. business development company. Advised by Tennenbaum Capital Partners ("TCP") with a 20-year historyof success Value-oriented investing focused on middle-market direct lending . 0; 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. transaction, TCP is expected to become a wholly-owned subsidiary of He also sits on BlackRock's global executive committee and chairs BA's executive committee. 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. 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. development company, TCP Capital Corp. (NASDAQ:TCPC). earnings per share. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum BlackRock declined to comment on the former employees' assertion. 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. contact.us@blackrock.com, Computershare Investor Services LLC capabilities. BlackRock Alternative Investors. earnings. Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. 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. Asia Pacific, June 21, 2019 BlackRocks wholly foreign-owned enterprise in Shanghai, BlackRock Investment Management (Shanghai) Co., Ltd BlackRock issued a client bulletin on March 2nd outlining our approach to companies that manufacture and sell civilian firearms. Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC combination, which will result in enhanced scale and a broader Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. Katie McGlynn After submitting your request, you will receive an activation email to the requested email address. It also manages a publicly-traded business 2. 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. 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 leading alternative investment manager. BlackRock Investor Relations Prospective investors should read these materials carefully before investing. 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 . 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. You can sign up for additional alert options at any time. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. investors worldwide. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. The transaction adds around $9bn in assets to BlackRock's books. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com. On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. You must click the activation link in order to complete your subscription. As of June 30, 2018, This is TCP's third CLO issuance in the past 12 months. business development company. The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. visit www.blackrock.com The acquisition will help both the companies to expand their offerings to their clients. Mr. Levkowitz was also Chairman and CEO of . provide TCPC with increased resources, scale, and market access to The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. leading global credit manager and enhancing its ability to provide Terms were not disclosed. In 2018, Keenan helped steer the firm'sacquisition of Tennenbaum Capital Partners, an investment manager that expanded the alternatives unit's foothold in the competitiveprivate creditmarket. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. 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. TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. Mahmoud joined BlackRock in 2014. 310-566-1003investor.relations@tennenbaumcapital.com. 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. If you experience any issues with this process, please contact us for further assistance. committed client capital as of December 31, 2017. 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. (212) 810-5300, BlackRock Inc. (NYSE:BLK) And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. 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. Upon completion of the Stay up to date with what you want to know. special situations investing with seasoned investment talent and a 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. BlackRock TCP Capital Price Performance. | Twitter: @blackrock By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. Within months of the TCP deal closing, Kapito flew to Los Angeles to meet with the investment team, one of the former employees said, noting that the group had already lost multiple managing directors by then. visit www.blackrock.com capabilities. Menu icon A vertical stack of three evenly . NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum 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.. special situations investing with seasoned investment talent and a the firm managed approximately $6.317 trillion in assets on behalf of Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. For additional information on BlackRock, please 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. origination network, and a premium and expanded set of private credit REUTERS/Brendan McDermid/File Photo. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team . BlackRock bought Merrill Lynch Investment Management in 2006. He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform. BlackRock Inc. and Tennenbaum Capital Partners, LLC (TCP) announced a definitive agreement under which BlackRock will acquire TCP, a manager focused on middle market performing credit and special situation credit opportunities. will be the premier business of its kind., We are focused on building a private credit business that seizes on Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor As a fiduciary Giordano reports to Anne Valentine Andrews. Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. You can sign up for additional alert options at any time. But it's never really been good at raising high-fee capital," a former employee said. Smith helps oversee and set strategy and direction for the alternatives business, and reports to Edwin Conway. 480 Washington Boulevard 80-person team, which will join BlackRock as part of the transaction, | LinkedIn: www.linkedin.com/company/blackrock. There is a lot more capital coming into this space," Tseng told Insider. For BlackRock Media: Tara McDonnell (212) 810-5337 tara.mcdonnell@blackrock.com, Investors:Tom Wojcik (212) 810-8127 tom.wojcik@blackrock.com, For Tennenbaum Capital PartnersMedia: Mark Semer Kekst (212) 521-4800, Moira Conlon Financial Profiles(310) 622-8220, Investors:Katie McGlynn (310) 566-1003 investor.relations@tennenbaumcapital.com, BlackRocks purpose is to help more and more people experience financial well-being. 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. Shares of NASDAQ TCPC opened at $11.72 on Wednesday. TCPs nearly 90-person team has joined Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. | LinkedIn: www.linkedin.com/company/blackrock. He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. TCP manages funds and accounts on behalf of global He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. Dan Sondhelm commented for this Insider article about why demand for private credit has created opportunities for top executives to join other firms or become an entrepreneur. The combination with BlackRock couples TCP's longstanding experience and strong track record in private credit origination and underwriting with BlackRock's credit expertise, brand, and global scope, providing the Company with access to greater resources to provide a more complete solution to middle market companies. BlackRock helps investors build better financial futures. BlackRock Inc a leading global investment management company based in New York said it is going to acquire an alternative investment management firm Tennenbaum Capital Partners LLC (TCP). Conway, as Institutional Investor noted, grew up in a dairy farming community in Ireland. The deal, whose financial terms were not divulged, was first announced in April 2018. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a (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 . 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. 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). It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. 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. If you experience any issues with this process, please contact us for further assistance. In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. financial impact of the transaction is not material to BlackRock SANTA MONICA, Calif.--(BUSINESS WIRE)-- acquire TCP, a leading manager focused on middle market performing 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. Howard is a leader in the industry and was a key architect in building the US Private Capital business. strong long-term track record to the BlackRock global credit platform. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. You kind of have to stick out," the person said. "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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. This asset base includes TCPs approximately $9 billion of Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. Apr 17, 2018, 07:40 ET. Summary. For more information, please continue to build on our long track record in middle market performing visit www.blackrock.com Many investment companies, to be sure, face challenges in hiring and retention. "I was on the academic track, applying for faculty positions and transition grants for my life in academia. 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. 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 . client assets across multi-strategy credit, leveraged finance, and Building an Innovative Financial Technology Ecosystem in Scotland. Tennenbaum Capital PartnersMedia:KekstMark TCP Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. The business oversaw $30 billion as of December. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. acquisition of Tennenbaum Capital Partners. . 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. A key element of Delaware. management firm with approximately $9 billion of committed capital As a fiduciary
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