Share this article. Longtime BlackRock executive David Giordano leads the alternatives unit's investments in climate-related infrastructure globally, with responsibility for investment strategy and managing the organization. The transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. Kristen Weldon, who joined BlackRock in 2021, is in charge of implementing BlackRock's sustainable-investing strategy across the alternative assets business. Earlier in his time at BlackRock, Seeg was head of the London office for PEP and was responsible for sourcing private equity investments across Europe. 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. The money manager has been on a mission to grow its $318 billion alternatives business. The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. There is a lot more capital coming into this space," Tseng told Insider. The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. He was previously responsible for the institutional client business, or ICB, for Europe, the Middle East, and Africa and was global head of the ICB's financial institutions group. 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. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor invrel@blackrock.com, BlackRock Funds, Services and Capabilities
special situations investing with seasoned investment talent and a Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. Llc Blackrock Capital Investment Advisors: Member: 1 Aug 2018: 75% - 100%: 290336: Lee Robert Landrum: Managing director: 1 . 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. It's not, because it's competitive. Will Britcoin bring legitimacy to cryptocurrency in the UK? Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment New York, NY 10055-0003
Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. BlackRock has prioritized growing its $320 billion alternative business in recent years, with a focus on private market investing. When typing in this field, a list of search results will appear and be automatically updated as you type. Terms were not disclosed. But it's never really been good at raising high-fee capital," a former employee said. The acquisition will help both the companies to expand their offerings to their clients. "We talk to our managers and management teams about looking into the future how we can also introduce them to our credit teams, to get access to the debt markets. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. Chan joined BlackRock in 2012 and cofounded the group a year later. Weldon joined BlackRock from Partners Capital, the outsourced investment office for clients such as endowments, foundations, and ultrawealthy families, where she was the global head of ESG and impact investing. to our clients, we provide the investment and technology solutions they 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. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. combination, which will result in enhanced scale and a broader We are Formed in 1999, Los Angeles-based . "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. His appointment was seen as another move to bulk up BlackRock's alternatives business. The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. Today, Black BlackRock, Inc. (NYSE: BLK) has completed its acquisition of Cachematrix, a leading provider of financial technology which simplifies the 2023 BlackRock, Inc. All rights reserved. His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Tennenbaum Capital PartnersMedia:KekstMark Previously, she was Head of Client Solutions at Two Sigma Advisors. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP Capital Corp., said, We are excited about the growth opportunities for our business as we continue to employ the successful strategy we pioneered nearly two decades ago. 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. capabilities. Description. Mr. Berry held a similar role at Tennenbaum Capital Partners prior to its acquisition by BlackRock in 2018. BlackRock helps investors build better financial futures. TCP complements BlackRocks Global Credit business with seasoned investment talent and a strong long-term track record at a time when clients are increasingly turning to private credit as a higher-yielding alternative to traditional fixed income allocations. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. Conway said in an interview with Institutional Investor last December that the slowdown in initial public offerings underscores how important private financing has become. globally. SANTA MONICA, Calif., Jan. 25, 2018 /PRNewswire/ -- Tennenbaum Capital Partners, LLC ("TCP" or the "Firm"), a leading alternative investment management firm, announced today the closing of its $300 million TCP Rainier CLO. Phone Number 310.566.1000. clients in need of new sources of return and new ways to manage That is the ultimate validation, or not, of success performance and fundraising," Vig said. Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. Russell Steenberg built what would become BlackRock's original alternative asset offering when, in 1999, he joined Merrill Lynch's asset management business to build its private equity unit. Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. BlackRocks Global Credit team now manages more than $90 billion in Forward-looking statements are made as of the date of this press release, and are subject to change without notice. Before she became the investment chief of the group, she served as a senior portfolio manager and primary deputy to the group's former investment boss. Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol BlackRock declined to comment on the former employees' assertion. . Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products 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 . 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. Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. She is a graduate of Arizona State University where she earned a B.S. This list was first published in 2020. For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). BlackRock and will continue to be responsible for managing TCP products, 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. You kind of have to stick out," the person said. Raj Vig has more than 20 years of experience in the financial services industry. 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 | Twitter: @blackrock 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. 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 . Previously, she was Head of Client Solutions at Two Sigma Advisors. Bourbonnais joined BlackRock in 2018 from the world of Canadian pensions. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . 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. Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. the firm managed approximately $6.317 trillion in assets on behalf of Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. 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. TCP was acquired by BlackRock, Inc. in August of 2018. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). 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. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. 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. . "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. 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.. Howard Levkowitz, who co-founded TCP in 1999; Mark Kronfeld, who was global head of restructuring in BlackRock's private credit group; and former TCP finance chief Paul Davis all left last year. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. 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 financial impact of the transaction is not material to BlackRock today announced a definitive agreement under which BlackRock will 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. Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. on June 20, 2019 [ 4] under sections 17 (d) and 57 (i) of the Act and rule 17d-1 under the Act, with the result that no person will continue to rely on the Prior Order if the . 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. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. "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.". Credit at BlackRock. The transaction will not have a material impact on BlackRocks earnings. new colleagues and leveraging BlackRocks unparalleled resources to 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. BlackRock's leases on East 52nd Street expire in April. Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum