tennenbaum capital partners acquired by blackrock

NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ('TCP') today announced a definitive agre. 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. Conway, as Institutional Investor noted, grew up in a dairy farming community in Ireland. He currently serves with Raj as Co-Head of US Private Capital. Seeg was previously PEP's global head of client solutions and strategy. Apr 17, 2018, 07:40 ET. As a fiduciary This transition in leadership follows BlackRocks highly successful 2018 acquisition of Tennenbaum Capital Partners (TCP) that solidified BlackRock as a leading private credit manager. BlackRock bought Merrill Lynch Investment Management in 2006. The BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. asset manager and advances its goal of providing clients with a diverse You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. The asset management industry has become the lender of choice," Conway said. 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. BlackRock helps investors build better financial futures. focused on direct lending and special situations for middle-market The transaction adds around $9bn in assets to BlackRocks books. You must click the activation link in order to complete your subscription. He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. Conway joined BlackRock in 2011 from alternatives giant Blackstone, where he was a senior managing director leading global investor relations and business development. BlackRock and will continue to be responsible for managing TCP products, institutional investors. Managing director Kenneth Saffold, an investor well-known in the Atlanta community, left and cofounded the investment firm o15 Capital Partners with former Invesco and BankUnited executives, Insider reported in June. She is a graduate of Arizona State University where she earned a B.S. He said in November during a call to discuss earnings with analysts that BKCC, as it's known, now has 111 portfolio companies, an all-time high. The transaction adds around $9bn in assets to BlackRock's books. clients with private credit solutions across a range of risk level, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor View original content with multimedia:http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html, BlackRock TCP Capital Corp., Katie McGlynn, 310-566-1094, investor.relations@tcpcapital.com. BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". portfolio allocation and risk, said David Blumer, Global Head of We are also excited TCP brings significant experience in middle market performing credit and special situations . https://www.businesswire.com/news/home/20210601006057/en/, BlackRock TCP Capital Corp. 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. It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. investors worldwide. 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. The combined platform will merge TCPs significant experience in private investor.relations@tcpcapital.com. The deal, whose financial terms were not divulged, was first announced in April 2018. Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. As of March 31, 2018, "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. After submitting your request, you will receive an activation email to the requested email address. Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. management firm with approximately $9 billion of committed capital "You can see how important alternatives are going to be for the future of BlackRock," he said during the conference held by Bank of America on February 16. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. 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. liquidity and geography. Giordano reports to Anne Valentine Andrews. BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. If you experience any issues with this process, please contact us for further assistance. Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. TCP brings significant experience in middle market performing credit and About us. 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. Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. strong long-term track record to the BlackRock global credit platform. private credit with a combined platform of more than 200 employees His appointment was seen as another move to bulk up BlackRock's alternatives business. For more information, visit www.tcpcapital.com. All of us are working hard to meet the needs of our clients.". capabilities. For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. Howard is a leader in the industry and was a key architect in building the US Private Capital business. The acquisition augments BlackRocks position as a leading global credit 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. Building an Innovative Financial Technology Ecosystem in Scotland. 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. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. BlackRock Asset . BlackRock TCP Capital Price Performance. TCP is headquartered in Los Angeles with additional offices She also held several roles at Goldman Sachs. 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 . Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Capital Partners, LLC (TCP), bolstering BlackRocks position as a 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.. If you experience any issues with this process, please contact us for further assistance. 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. | Blog: www.blackrockblog.com New. 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. 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. Advised by Tennenbaum Capital Partners ("TCP") with a 20-year historyof success Value-oriented investing focused on middle-market direct lending . the TCP team will continue to be responsible for the investments of TCP globally. Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. in Economics and a Ph.D. in Finance. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. He cofounded the event-driven fund there. Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. 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. TCPC), a business development company. 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. the firm managed approximately $6.3 trillion in assets on behalf of 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). need when planning for their most important goals. As of June 30, 2018, Investors seeking to generate incremental returns and portfolio diversification are increasingly turning to private credit where both expertise and platform scale can drive returns, said Tim OHara, Global Co-Head of Credit at BlackRock. Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. August 01, 2018 08:43 AM Eastern Daylight Time. TCP brings significant experience in middle market performing credit and special situations investing with seasoned investment talent and a strong long-term track record to the BlackRock global credit platform. It also manages a publicly-traded business After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. 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. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the Risk Factors section of the Companys Form 10-K for the year ended December 31, 2020, and the Companys subsequent periodic filings with the SEC. "When you join a big company like BlackRock, it's just a lot more political. 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. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. has demonstrated strong performance over nearly two decades. "They could just decide: 'We're going to start our own company.'". Terms were not disclosed. strong long-term track record to the BlackRock global credit platform. A key element of the transaction is the continuity of TCPs successful senior management team, including all five partners (Lee Landrum, Michael Leitner, Howard Levkowitz, Philip Tseng, and Rajneesh Vig). 310-622-8220orInvestors:Katie McGlynn, At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. Private markets are "a major strategic area of focus at BlackRock," Morgan Stanley analysts led by Betsy Graseck wrote in a research report in June. 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. (212) 810-5300, BlackRock Inc. (NYSE:BLK) Howard Levkowitz, Chairman and CEO of BlackRock TCP Capital Corp. said, Im pleased to announce the well-deserved promotion of Raj Vig and appointment of Phil Tseng. earnings per share. Clients of both firms will benefit from enhanced scale, a broader 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. 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. He was responsible for the unit, called Private Equity Partners, until this year when he officially took on a new role as chairman of the business. Investors seeking to generate incremental returns and portfolio ", "When people ask me what I do I'm just a small piece," Smith said, noting the many product specialists, investors, technologists, and other colleagues she works with. The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. alternative to traditional fixed income allocations. Baranski has been there, virtually, since the beginning she said in an interview last fall with SALT that she joined PEP before it closed on its first fund. Terms of the deal were not . 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. 80-person team, which will join BlackRock as part of the transaction, "So we understand that there could be normative attrition and churn. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. Capital Corp. and continue to focus on executing the same proven Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC (TCP) visit www.blackrock.com capabilities. The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. contact.us@blackrock.com, Computershare Investor Services LLC 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. Private markets represent more than half of the firm's overall performance fees, Rob Kapito, the president of BlackRock, recently said during an industry conference. globally. 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 . expertise and platform scale can drive returns, said Tim OHara, Global Terms were not disclosed. in-demand moment for the private credit market, big traditional asset managers are going after. For additional information on BlackRock, please visitwww.blackrock.com/corporate. Copied. 310-899-4948 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. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. . David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. client assets across multi-strategy credit, leveraged finance, and Net investment income for the quarter ended December 31, 2022 was $23.0 million, or $0.40 per share on a diluted basis, which Business Insider His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. Since its founding SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the "Company") announced today that BlackRock, Inc. (NYSE: BLK) ("BlackRock . financial impact of the transaction is not material to BlackRock origination network. Canada. geographies.. 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. 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. The acquisition is the next step in BlackRocks efforts to expand its Still, in recent years management has made it clear that its private investment capabilities need to be an important engine of growth. 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. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The acquisition of TCP accelerates our growth 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. The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. Prospective investors should read these materials carefully before investing. When the TCP deal was completed in August 2018, BlackRock's global credit team managed $90 billion in assets a figure that stood at $149 billion as of June 30, a person familiar with the firm told Insider. (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 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 business now has $34 billion of dry powder to invest. Terms were not disclosed. "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. 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 . "The office of the COO is where we crystallize our strategy and how we execute day-to-day and in the longer term," Conway said in a memo to staff announcing Smith's appointment in 2021, Insider previously reported. | LinkedIn: www.linkedin.com/company/blackrock. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . Aug 01, 2018, 08:48 ET. Raj Vig, President and Chief Operating Officer of BlackRock TCP Capital Corp. said, I am grateful to have had the privilege of working alongside Howard Levkowitz for many years. Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. TCP is the perfect complement to the existing credit business at I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. BlackRock Asset Management Investor Services Limited. "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.". TCPs nearly 90-person team has joined plans and augments our position as a leading credit asset manager. In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. clients in need of new sources of return and new ways to manage 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. Insider has pinpointed the key people responsible for the alternatives business today. Capital Partners, LLC (TCP), bolstering BlackRocks position as a This is TCP's third CLO issuance in the past 12 months. . You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. Another person said: "BlackRock doesn't pay that well. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP . As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. Chouman has said he sees two dimensions to Aladdin's future growth: clients demanding a more sophisticated, all-encompassing view of their alternative assets, and the business' operations in an increasingly complex area where different models are intertwined. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. 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. 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. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. For more information, please "There are other opportunities right now. TCP complements BlackRocks Global Credit business with seasoned Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. "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.". Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. Jersey City, New Jersey 07310-190 On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. | Twitter: @blackrock clients with private credit solutions across a range of risk level, | Twitter: @blackrock Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. BlackRock's August 2018 acquisition of Tennenbaum Capital . NEW YORK--(BUSINESS WIRE)-- Read more Show less. Karyn L. Williams Named Independent Director of BlackRock TCP Capital Corp. 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. the transaction is the continuity of TCPs successful senior management TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor Prospective investors should read these materials carefully before investing. 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. will be the premier business of its kind., We are focused on building a private credit business that seizes on The financial impact of the transaction is not material to BlackRock The financial impact of the transaction is not material to BlackRock 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit Tennenbaum Capital PartnersMedia:KekstMark (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. BlackRock Argentina Asesorias Ltda. BlackRock AP Investment Holdco, LLC. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. Its more than BlackRock.. The merger of the two companies will boost each other's offerings. Some employees from the TCP team stayed long enough to receive their retention bonus, one of the people said. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. Florian recently oversaw a significant fund closing. In 2018, Keenan helped steer the firm's acquisition of Tennenbaum Capital Partners, an investment manager that expanded the alternatives unit's foothold in the competitive private credit market. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. 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..