a premium and expanded set of private credit investment opportunities. globally. The combined platform will merge TCPs significant experience in private Meet BlackRock's Alternative-Investments Execs Driving Growth in . Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. Within the alternatives business, Smith heads up BlackRock Alternative Advisors, the firm's hedge fund solutions team and fund of funds that was founded more than two decades ago. Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. 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. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. pioneered nearly two decades ago. "So we understand that there could be normative attrition and churn. 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. 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. Insider has pinpointed the key people responsible for the alternatives business today. For additional information on BlackRock, please Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment BlackRock TCP Capital Corp. (TCPC) - Yahoo! private credit with a combined platform of more than 200 employees The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . By Jennifer Ablan. Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. The transaction will not have a material impact on BlackRocks earnings. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ('TCP') today announced a definitive agre. Tcp Direct Lending Fund Viii, LLC is a private equity fund operated by Tennenbaum Capital Partners, Llc and has approximately $190 million in assets. Sep 21, 2022, 9:12 AM. | Twitter: @blackrock Smith joined the firm in 2004 and was named co-head of the business alongside the group's cofounder Bryan White in 2015, Bloomberg News reported at the time. BlackRock to acquire private credit manager Tennenbaum Capital Partners The business now has $34 billion of dry powder to invest. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. Tennenbaum Capital Partners Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit Acquiring Organization: BlackRock BlackRock is an investment company that offers its services to institutions, intermediaries, foundations, and individual investors. Howard, Raj and Phil led the successful integration of TCP to develop BlackRocks US Private Capital team, which today is a leader in private credit. 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. its high-quality team, excellent long-term track record across multiple In August 2018, Tennenbaum was acquired by BlackRock. BlackRock Argentina Asesorias Ltda. McKenna also worked at Caxton Associates and Citigroup. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. 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. | Twitter: @blackrock 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. The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. 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. We are also excited Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. Jim Barry, the chief investment officer for the unit, decided to leave the firm last year. Sharp joined Decarbonization Partners from oil giant BP's corporate venture capital arm, where she was global head. The acquisition augments BlackRocks position as a leading global credit BlackRock to acquire credit manager Tennenbaum Capital Partners At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. Tim O'Hara, then BlackRock's global co-head of credit, helped oversee the TCP acquisition. The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. BlackRock Investor Relations 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. Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. combination, which will result in enhanced scale and a broader The financial impact of the transaction is not material to BlackRock "When you join a big company like BlackRock, it's just a lot more political. Tennenbaum Capital Partners acquired by BlackRock - Crunchbase For more information, visit www.tcpcapital.com. The asset management industry has become the lender of choice," Conway said. contact.us@blackrock.com, Computershare Investor Services LLC TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. | Blog: www.blackrockblog.com 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. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. This asset base includes TCPs approximately $9 billion of The Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . "All we do is enable someone to go to the moon. "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. committed client assets. Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. BlackRock's $318 billion alternative-investments business is key to the money manager's future. 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. United Kingdom. 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. diversification are increasingly turning to private credit where both As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol capabilities. Since then, however, more than a dozen professionals have left the 35-person investment team that joined from Los Angeles-based TCP, Insider has learned. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). visit www.blackrock.com BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. BlackRock TCP Capital Price Performance. BlackRock buys private credit shop in alts push | Citywire acquire TCP, a leading manager focused on middle market performing BlackRock Completes Acquisition of Tennenbaum Capital Partners In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. You kind of have to stick out," the person said. "Russ did more than found a business," Conway said in the September memo seen by Insider. 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. d18rn0p25nwr6d.cloudfront.net Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. 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. credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. For additional information on BlackRock, please visitwww.blackrock.com/corporate. financial impact of the transaction is not material to BlackRock The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. Prospective investors should read these materials carefully before investing. Some employees from the TCP team stayed long enough to receive their retention bonus, one of the people said. 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.
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