tennenbaum capital partners acquired by blackrock
strong long-term track record to the BlackRock global credit platform. Upon completion of the transaction, TCP is expected to become a wholly-owned subsidiary of BlackRock and, pending the approval of TCP Capital Corp.s shareholders, remain the investment adviser of TCP Capital Corp. Current members of the TCP team will continue to be responsible for the investments of TCP Capital Corp. and continue to focus on executing the same proven investment strategies and process as they have since TCP Capital Corp.s inception. Andr Bourbonnais heads up BlackRock's Long Term Private Capital, a direct private equity strategy that focuses on control investments in companies in North America and Europe. BlackRock says to buy private credit investor Tennenbaum Capital After submitting your request, you will receive an activation email to the requested email address. Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. 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 alternative . alternative to traditional fixed income allocations. financial impact of the transaction is not material to BlackRock Our thought leadership in investing, risk management, portfolio construction and trading solutions. 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. McKenna is responsible for managing BlackRock's event-driven investing efforts that is, the investment strategy used to profit from price action around a specific event and oversees $7.8 billion in the Event Driven Equity Fund. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. The financial impact of the transaction is not material to BlackRock BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Jersey City, New Jersey 07310-190 This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). Clients of both firms will benefit from this powerful capabilities. BlackRock had an existing special situations fund in the US, run by David Trucano, a dynamic that spurred internal conflict, the person added. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum "So we understand that there could be normative attrition and churn. "I was on the academic track, applying for faculty positions and transition grants for my life in academia. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. The money manager has been on a mission to grow its $318 billion alternatives business. He joined TCP in 2006 and served as TCPCs President and Chief Operating Officer since its IPO in 2012. McKenna also worked at Caxton Associates and Citigroup. Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. 10-K Form - Annual report [Section 13 and 15(d), not S-K Item 405 BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital The stakes are high. blackrock direct lending 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. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. In connection with the transaction, the Company's name was changed from TCP . need when planning for their most important goals. clients with private credit solutions across a range of risk level, You can sign up for additional alert options at any time. 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. 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. Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. need when planning for their most important goals. "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.". Forward-looking statements are made as of the date of this press release, and are subject to change without notice. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital leading global credit manager and enhancing its ability to provide BlackRocks Global Credit team now manages more than $90 billion in His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. 310-899-4948 capabilities and impact of its alternatives business globally. of Funds Currently Managed . He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. 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. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. Will Britcoin bring legitimacy to cryptocurrency in the UK? 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. BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. The presentation, which was published online by the pension, also said that incentive or retention packages were to be offered to TCP investment team members. 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. globally. As of June 30, 2018, As of June 30, 2018, This is TCP's third CLO issuance in the past 12 months. Raj and Phil have been instrumental in the growth of the US Private Capital team at BlackRock and are well equipped to continue to build on TCPCs successful track record of delivering strong results for shareholders. private credit with a combined platform of more than 200 employees Clients of both firms will benefit from enhanced scale, a broader He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. 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. Building an Innovative Financial Technology Ecosystem in Scotland. Sharp joined Decarbonization Partners from oil giant BP's corporate venture capital arm, where she was global head. Edmentum Secures $25 Million in Capital | Edmentum All of TCP's partners signed employment agreements and were expected to join BlackRock, while TCP anticipated that all of its more than 80 employees would move to the money manager, a May 2018 presentation TCP provided to a public pension investor shows. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. BlackRock helps investors build better financial futures. You must click the activation link in order to complete your subscription. BlackRock Completes Acquisition of Tennenbaum Capital Partners Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. TCPC), a business development company. (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 . He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. Description. Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance.