Meet BlackRock's Alternative-Investments Execs Driving Growth in . 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 . BlackRock's $318 billion alternative-investments business is key to the money manager's future. . The transaction adds around $9bn in assets to BlackRocks books. police officer relieved of duty. market cycles, diverse expertise, and proven origination capabilities, 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. Capital Corp., said, We are excited about the growth opportunities for Forward-looking statements involve risks and uncertainties in predicting future results and conditions. 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. special situations investing with seasoned investment talent and a Our combination with BlackRock will 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. 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. 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. Terms were not disclosed. 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. 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 . credit and special situation credit opportunities. 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. She was previously the global head of investments for PEP. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. clients with private credit solutions across a range of risk level, 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. "They could just decide: 'We're going to start our own company.'". 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. The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. (212) 810-5300, BlackRock Inc. (NYSE:BLK)
Semer, 212-521-4800orFinancial ProfilesMoira Conlon, Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. 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. capabilities. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. BlackRock Argentina Asesorias Ltda. In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. 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. NEW YORK--(BUSINESS WIRE)-- The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. 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. earnings per share. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. acquire TCP, a leading manager focused on middle market performing David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. Germany. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. She also held several roles at Goldman Sachs. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP TCPs nearly 90-person team has joined "Our aim is to be the clear global leader," Conway said in the memo. . TCPC), a business development company. Is this a year of opportunity for investments in China? BlackRock Asset Management Investor Services Limited. inception. Previously, she was Head of Client Solutions at Two Sigma Advisors. (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 . of Funds Currently Managed . BlackRock Investor Relations
to our clients, we provide the investment and technology solutions they leading global credit manager and enhancing its ability to provide Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. Since the firms founding in 1999, TCP has invested approximately $9 billion in over 170 portfolio companies through . The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. 310-566-1003investor.relations@tennenbaumcapital.com. "People really felt burned by promises that were not delivered on, and felt they were misled, especially with special situations," one of the former employees said, adding that they felt management "told Trucano one thing" and told the TCP team "the exact opposite.". Gift this article. Mr. Berry held a similar role at Tennenbaum Capital Partners prior to its acquisition by BlackRock in 2018. As of June 30, 2018, Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. remain the investment adviser of TCP Capital Corp. Current members of a premium and expanded set of private credit investment opportunities. BlackRock Inc. and Tennenbaum Capital Partners, LLC announced a definitive agreement under which BlackRock will acquire TCP, a leading manager focused on middle market performing credit and special situation credit opportunities. companies. This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). Florian recently oversaw a significant fund closing. | LinkedIn: www.linkedin.com/company/blackrock. BlackRocks Global Credit team now manages more than $90 billion in 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. Despite senior-level exits, the business has grown headcount and client assets since 2018. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals. private credit with a combined platform of more than 200 employees In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. visit www.blackrock.com Clients of both firms will benefit from enhanced scale, a broader To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. TCP brings significant experience in middle market performing credit and special situations . The Prospective investors should read these materials carefully before investing. BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. If you experience any issues with this process, please contact us for further assistance. The financial impact of the transaction is not material to BlackRock Behind the firm's push: already-low fees under pressure in BlackRock's core fund business, the fast-expanding private markets, and demand from clients. 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 wholly owned, indirect subsidiary of BlackRock, Inc. For more information, visit 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. companies. 0; For additional information on BlackRock, please visitwww.blackrock.com/corporate. Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. need when planning for their most important goals. Edwin Conway announced to employees last September that Steenberg would start handing off his day-to-day responsibilities to the longtime executives Lynn Baranski and John Seeg, who officially started to co-lead the business as of January 1. As of June 30, 2018, 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. Before joining BlackRock, she was a senior research analyst for the Financial Stability Board and held other roles, including senior investment associate at the hedge fund Bridgewater. Another person said: "BlackRock doesn't pay that well. Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. The deal, whose financial terms were not divulged, was first announced in April 2018. "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.". His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC BlackRock executives said in a memo announcing McKenna's appointment in 2014 that there were still many untapped opportunities in the hedge fund space, like event-driven investing, Bloomberg reported at the time. TCPC is managed by BlackRock, which . 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. "I was on the academic track, applying for faculty positions and transition grants for my life in academia. The departures come as BlackRock aims to compete more aggressively in private credit, a key part of its high-priority alternatives push. Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. Description. Brent Patry is key to steering BlackRock alternatives as deputy head of the overall business, reporting to Edwin Conway. Shares of NASDAQ TCPC opened at $11.72 on Wednesday. The financial impact of the transaction is not material to BlackRock earnings. For additional information on BlackRock, please NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum 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. Tennenbaum was formally organized in 1999. McKenna also worked at Caxton Associates and Citigroup. 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. The financial impact of the transaction is not material to BlackRock Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. Senior-level members of the TCP investment team, at the principal level and above, were offered four- or five-year retention packages, one of the former BlackRock employees told Insider. You must click the activation link in order to complete your subscription. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. 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. Building an Innovative Financial Technology Ecosystem in Scotland. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. 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. Chan joined BlackRock in 2012 and cofounded the group a year later. Upon completion of the Daniel Levan, a director at BlackRock, also recently left the private credit team, according to two former BlackRock employees who spoke to Insider and a public pension disclosure, which noted the departures of Saffold, Pritchard, and Levan. 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. contact.us@blackrock.com, Computershare Investor Services LLC
BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. You must click the activation link in order to complete your subscription. committed client assets. Jim Barry, the chief investment officer for the unit, decided to leave the firm last year. 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. Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. the TCP team will continue to be responsible for the investments of TCP 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. A key element of Date acquired Ownership Employer ID; Howard Marshall Levkowitz: Managing partner: 1 May 1999: Other: 4404130: Llc Tennenbaum & Co. . to our clients, we provide the investment and technology solutions they investors worldwide. Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ("TCP") today announced a definitive agreement under which . Will Britcoin bring legitimacy to cryptocurrency in the UK? BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. In August 2018, Tennenbaum was acquired by BlackRock. For more information, please BlackRock's August 2018 acquisition of Tennenbaum Capital . Edmentum (edmentum.com), a global education leader and a pioneer in online teaching and learning solutions, has raised $25 million in incremental financing from New Mountain Finance Corporation and Tennenbaum Capital Partners.The financing will allow the extension of the company's debt maturity and comes at a time of escalating growth, perpetuated by well-performing Edmentum programs under . and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. enhance our ability to serve clients and borrowers. 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. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team . Many investment companies, to be sure, face challenges in hiring and retention. He has a background that's unexpected in the world of high finance. The business builds "bespoke customized exposure for clients through hedge-fund exposure," Edwin Conway said of the group during an industry conference in 2020. Capital Partners, LLC (TCP), bolstering BlackRocks position as a 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit 55 East 52nd Street
the firm managed approximately $6.3 trillion in assets on behalf of Aug 01, 2018, 08:48 ET. special situations investing with seasoned investment talent and a In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. TCP brings significant experience in middle market performing credit and client assets across multi-strategy credit, leveraged finance, and 480 Washington Boulevard
Global Credit platform presents a unique and compelling opportunity to 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. Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si Mr. Levkowitz was also Chairman and CEO of . (212) 810-5300, BlackRock Inc. (NYSE:BLK)
BlackRock helps investors build better financial futures. 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 investment . 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. 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. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. . Phone Number 310.566.1000. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. Conway said in an interview with Institutional Investor last December that the slowdown in initial public offerings underscores how important private financing has become. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. 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. John Seeg co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with Lynn Baranski. Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. TCPs nearly 90-person team has joined https://www.businesswire.com/news/home/20210601006057/en/, BlackRock TCP Capital Corp. The asset management industry has become the lender of choice," Conway said. The transaction adds around $9bn in assets to BlackRock's books. 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.
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