TCP complements BlackRocks Global Credit business with seasoned 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. For additional information on BlackRock, please 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. Steenberg had founded the business in 1999. 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). He cofounded McKinsey's efforts around clean technologies and worked as a reservoir engineer in the oil and gas industry. today announced a definitive agreement under which BlackRock will In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. "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.". Dan Sondhelm, CEO and founder of Sondhelm Partners, an asset-management consulting firm, said that given how hot the private credit market is right now, deal-hungry firms may run the risk of not being able to hold onto investment talent for long especially once retention packages time out. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. Dickon Pinner joined BlackRock last year to run a new unit in BlackRock Alternatives called Transition Capital, a team aimed at investing in opportunities tied to the energy transition. 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. strategy, and products. Other senior departures who did not join BlackRock through the TCP deal included Michael Zugay, former head of US private capital; Alex Dashiell, a former managing director in USPC and a member of its investment committee; and Aaron Kless, former head of USPC investment strategies. clients in need of new sources of return and new ways to manage BlackRock TCP Capital Corp. private credit with a combined platform of more than 200 employees He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. management firm with approximately $9 billion of committed capital 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. 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. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. . By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. "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. Asset Class No. . 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. risk spectrums and market cycles, said James Keenan, Global Co-Head of Seeg was previously PEP's global head of client solutions and strategy. long-term secular trends to deliver for clients the best results across Terms were not disclosed. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. Its more than 80-person team, which will join BlackRock as part of the transaction, 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. Wojcik, 212-810-8127tom.wojcik@blackrock.comorFor He is an investment professional focused on the direct lending and special situations credit strategies. You must click the activation link in order to complete your subscription. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. 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 . clients with private credit solutions across a range of risk level, Lomas sits on the firm's global operating committee and the alternatives executive committee. Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. Terms were not disclosed. 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. The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. BlackRock and will continue to be responsible for managing TCP products, . Aug 01, 2018, 08:48 ET. BlackRocks Global Credit team now manages more than $90 billion in Contact Email mailbox@tennenbaumcapital.com. 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. globally. "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.". David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. In an interview last fall about her career with an industry group, Smith referred to the tale of President John F. Kennedy approaching a janitor sweeping the floors at the NASA space center in 1962 and asking what he was doing. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. Sharp joined Decarbonization Partners from oil giant BP's corporate venture capital arm, where she was global head. BlackRock helps investors build better financial futures. 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). Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. "Somebody with her kind of background is like a dream hire, because, obviously, she understands the investing side from having invested in fund of funds for so long," a London-based recruiter told Insider last year for a story on ESG leaders across the industry. Summary. For additional information on BlackRock, please visitwww.blackrock.com/corporate. capabilities. You can sign up for additional alert options at any time. earnings per share. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor She is a graduate of Arizona State University where she earned a B.S. companies. companies. client assets across multi-strategy credit, leveraged finance, and BlackRock is to buy private credit firm Tennenbaum Capital Partners (TCP) in a move that will strengthen the world's largest asset managers' credit platform and diversify its alternative investment offerings. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks in Economics and a Ph.D. in Finance. They contribute just 11% of base fees. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a 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. 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. Sign up for notifications from Insider! Conway, as Institutional Investor noted, grew up in a dairy farming community in Ireland. His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. (212) 810-5300, BlackRock Inc. (NYSE:BLK) In connection with the transaction, the Company's name was changed from TCP . With 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. For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. earnings per share. leading global credit manager and enhancing its ability to provide With its high-quality team, excellent long-term track record across multiple market cycles, diverse expertise, and proven origination capabilities, TCP is the perfect complement to the existing credit business at BlackRock.. BlackRock Completes Acquisition of Tennenbaum Capital Partners. 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. evolving needs. BlackRock and will continue to be responsible for managing TCP products, Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. invrel@blackrock.com, BlackRock Funds, Services and Capabilities By offering a growing array of alternatives, traditional asset managers tap into stickier fees and revenue and boost organic growth, they wrote. (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. Prospective investors should read these materials carefully before investing. BlackRock Asset Management International Inc. Delaware. Katie McGlynn "They could just decide: 'We're going to start our own company.'". NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum 80-person team, which will join BlackRock as part of the transaction, diversification are increasingly turning to private credit where both 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. Jim Barry, the chief investment officer for the unit, decided to leave the firm last year. Mr. Levkowitz was also Chairman and CEO of . BlackRock has prioritized growing its $320 billion alternative business in recent years, with a focus on private market investing. capabilities. Jersey City, New Jersey 07310-190 institutional investors. Canada. BlackRock and will continue to be responsible for managing TCP products, 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit Posted on 04/18/2018. Previously, she was Head of Client Solutions at Two Sigma Advisors. August 01, 2018 08:43 AM Eastern Daylight Time. He currently serves with Raj as Co-Head of US Private Capital. investment talent and a strong long-term track record at a time when People knew Tennenbaum was being overpaid relative to BlackRock standards.". Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business.