Business Insider BlackRock raises $2 billion for Global Credit Opportunities Fund TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. 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. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. development company, TCP Capital Corp. (NASDAQ:TCPC). BlackRock and will continue to be responsible for managing TCP products, clients with private credit solutions across a range of risk level, Clients of both firms will benefit from enhanced scale, a broader 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 Aug 01, 2018, 08:48 ET. credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks Read more Show less. Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. Indeed, the string of exits and tensions within the private credit business grew so untenable that BlackRock president and cofounder Rob Kapito stepped in to try to smooth over frustrations in the group and stem the outflow of talent, said four former BlackRock employees, who spoke to Insider under the condition of anonymity. The acquisition of TCP accelerates our growth special situations investing with seasoned investment talent and a Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. in Atlanta, New York and San Francisco. Florian recently oversaw a significant fund closing. "There are other opportunities right now. 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. The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. combination, which will result in enhanced scale and a broader a premium and expanded set of private credit investment opportunities. 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. BlackRock Capital Investment Corporation, et al. - Federal Register Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. | LinkedIn: www.linkedin.com/company/blackrock. 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. strong long-term track record to the BlackRock global credit platform. She is a graduate of Arizona State University where she earned a B.S. 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. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a 310-622-8220orInvestors:Katie McGlynn, capabilities. Our combination with BlackRock will provide TCPC with increased resources, scale, and market access to continue to build on our long track record in middle market performing credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks Global Credit platform presents a unique and compelling opportunity to expand our combined resources. The combined platform will merge TCPs significant experience in private performing credit and special situations investing with BlackRocks global scale, industry expertise, and portfolio and risk management capabilities. Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. BlackRock's $318 billion alternative-investments business is key to the money manager's future. contact.us@blackrock.com, Computershare Investor Services LLC After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. When typing in this field, a list of search results will appear and be automatically updated as you type. Will Britcoin bring legitimacy to cryptocurrency in the UK? BlackRock Completes Acquisition of Tennenbaum Capital Partners Sharp joined Decarbonization Partners from oil giant BP's corporate venture capital arm, where she was global head. . He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. visit www.blackrock.com Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. 55 East 52nd Street BlackRock TCP Capital Corp. strong long-term track record to the BlackRock global credit platform. He cofounded McKinsey's efforts around clean technologies and worked as a reservoir engineer in the oil and gas industry. One major point of contention within the group was whether employees from the TCP team would be able to launch their own special situations fund at BlackRock which never came to fruition, people familiar with the matter said. Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . Since 2021 the business also hired a new chief operating officer, a new head of sustainability, and two additional top executives focused on sustainable investments. 55 East 52nd Street 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. In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. Some employees from the TCP team stayed long enough to receive their retention bonus, one of the people said. BlackRock agreed to acquire Tennenbaum Capital Partners, which focuses on credit and special situations.Tennenbaum partners Lee Landrum, Michael Leitner, Howard Levkowitz, Philip Tseng and Rajneesh Vig will stay on as part of the acquisition.Tennenbaum is expected to become a wholly owned subsidiary of BlackRock and, pending approval, will remain the investment adviser for TCP Capital Corp. "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. continue to build on our long track record in middle market performing 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. 310-566-1003investor.relations@tennenbaumcapital.com. | Twitter: @blackrock To ensure the most secure and best overall experience on our website, we recommend the latest versions of. The acquisition is the next step in BlackRocks efforts to expand its BlackRock said when it acquired TCP that a "key element" of the deal was TCP's senior management team including Leitner, Levkowitz, Tseng, and Vig sticking around. Terms were not disclosed. liquidity and geography. . strong long-term track record to the BlackRock global credit platform. 310-899-4948 diversification are increasingly turning to private credit where both BlackRock to acquire private credit firm - InternationalInvestment Terms were not disclosed. 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. In a joint interview, BlackRock executives said they were confident in the team's growth and performance. TCPs nearly 90-person team has joined 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. BlackRock formed its capital markets team in 2020 with Patry at the helm, bringing together the businesses for global capital markets and private capital markets, the industry news publication PE Hub reported. Posted on 04/18/2018. Clashes between investment teams, deflated hopes of a fund launch, and pay disputes have contributed to a years-long wave of departures from BlackRock's private credit investing team, former employees tell Insider. The transaction will not have a material impact on BlackRocks earnings. Tennenbaum Capital Partners ("TCP") is a California-based private investment company investing in both performing credit and special situations, primarily in North American middle-market companies. clients with private credit solutions across a range of risk level, 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. Capital Partners, LLC (TCP), bolstering BlackRocks position as a Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. But it's never really been good at raising high-fee capital," a former employee said. BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. Around 90 TCP employees will migrate to BlackRock as part of the deal and retain management of TCP products, including the investments of business development company TCP Capital. BlackRock Completes Acquisition of Tennenbaum Capital Partners in Economics and a Ph.D. in Finance. BlackRock bought Merrill Lynch Investment Management in 2006. BlackRock and, pending the approval of TCP Capital Corp.s shareholders, Copied. Diorio is the head of product for BlackRock's crucial US wealth advisory business, which links the firm's vast menu of funds with the large forces of financial advisors, private bankers, and others in the wealth management industry who invest in products like exchange-traded funds and alternative funds. Baranski and Seeg took over from Russell Steenberg, the founder and longtime head, after he stepped away from day-to-day responsibilities and took on a new role as chairman of PEP as of January 1. to our clients, we provide the investment and technology solutions they TCP complements BlackRocks Global Credit business with seasoned Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. 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. Prospective investors should read these materials carefully before investing. 480 Washington Boulevard Semer, 212-521-4800orFinancial ProfilesMoira Conlon, Tennenbaum was formally organized in 1999. "I was on the academic track, applying for faculty positions and transition grants for my life in academia. Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. Former employees said they believed that BlackRock management had told Trucano, who runs BlackRock's opportunistic credit platform and works on special situations and distressed investing, that TCP would not encroach on Trucano's business. Prior to TCP, he managed various departments of a major investment bank. special situations investing with seasoned investment talent and a 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 . Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. | Blog: www.blackrockblog.com We are also excited the transaction is the continuity of TCPs successful senior management Clients of both firms will benefit from enhanced scale, a broader "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.". To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. Management has no ownership stake in the fund. Lomas sits on the firm's global operating committee and the alternatives executive committee. . (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. BlackRock.. BlackRock bought a money manager to expand in private credit. Insiders Many investment companies, to be sure, face challenges in hiring and retention. globally. People knew Tennenbaum was being overpaid relative to BlackRock standards.". She also held several roles at Goldman Sachs. new colleagues and leveraging BlackRocks unparalleled resources to 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor 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. 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. Sean Berry - BlackRock Capital Investment Corporation risk spectrums and market cycles, said James Keenan, Global Co-Head of 2. "Our aim is to be the clear global leader," Conway said in the memo. Phil Tseng, who co-heads US private capital with Vig and who also joined BlackRock through the TCP acquisition, said managing investment talent well goes hand-in-hand with driving returns for clients.