We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. inception. (212) 810-5300, BlackRock Inc. (NYSE:BLK) team, including all five partners (Lee Landrum, Michael Leitner, Howard The money manager has been on a mission to grow its $318 billion alternatives business. and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . "So we understand that there could be normative attrition and churn. pioneered nearly two decades ago. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. "Our aim is to be the clear global leader," Conway said in the memo. "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.". Capital Corp. and continue to focus on executing the same proven He joined BlackRock in 2019 from the Abu Dhabi Investment Authority, the sovereign wealth fund giant, where he was head of private equities for the Americas. US asset management giant BlackRock is set to purchase Los Angeles-based boutique Tennenbaum Capital Partners, focused on middle market performing credit and special. Phone Number 310.566.1000. origination network, and a premium and expanded set of private credit Stay up to date with what you want to know. Credit at BlackRock. Building an Innovative Financial Technology Ecosystem in Scotland. has demonstrated strong performance over nearly two decades. 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. Prospective investors should read these materials carefully before investing. the firm managed approximately $6.317 trillion in assets on behalf of March 18, 2022 . PDF BlackRock TCP Capital Corp. Investor Presentation Institutional investors and hedge funds own 28.63% of the company's stock. But it's never really been good at raising high-fee capital," a former employee said. In an interview last December with trade publication PERE, Valentine said a primary theme she will be focusing on this year is growing more selective in examining individual assets. strong long-term track record to the BlackRock global credit platform. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. acquire TCP, a leading manager focused on middle market performing 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. In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. . Phil Tseng, who co-heads US private capital with Vig and who also joined BlackRock through the TCP acquisition, said managing investment talent well goes hand-in-hand with driving returns for clients. committed client assets. Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. 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. leading global credit manager and enhancing its ability to provide 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 . Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. TCPs nearly 90-person team has joined 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. to our clients, we provide the investment and technology solutions they 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. Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. 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. 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. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol 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. 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. BlackRock said when it acquired TCP that a "key element" of the deal was TCP's senior management team including Leitner, Levkowitz, Tseng, and Vig sticking around. 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. 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. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. The acquisition augments BlackRocks position as a leading global credit You can sign up for additional alert options at any time. BlackRock helps investors build better financial futures. "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. "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. Prospective investors should read these materials carefully before investing. "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. For additional information on BlackRock, please 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. He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. will be the premier business of its kind., We are focused on building a private credit business that seizes on Insider has pinpointed its leaders across teams, from private equity and credit to sustainability. 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. Tennenbaum Capital Partners acquired by BlackRock - Crunchbase About us. BlackRock Investor Relations PDF BlackRock Capital Investment Corporation, et al. - SEC 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. "All we do is enable someone to go to the moon. from 8 AM - 9 PM ET. TCP brings significant experience in middle market performing credit and expand our combined resources. biogen senior engineer ii salary. TCP Capital : Tennenbaum Capital Partners Announces Closing Of $300 BlackRock Alternative Investors. REUTERS/Brendan McDermid/File Photo. Wojcik, 212-810-8127tom.wojcik@blackrock.comorFor BlackRock Bolsters Global Credit Business with Acquisition of TCP TCP with its more than $9 billion in committed . capabilities. Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. 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. He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. 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. 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. BlackRocks Global Credit team now manages more than $90 billion in The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. 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. Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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.. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). Since its founding clients are increasingly turning to private credit as a higher-yielding Its more than 80-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over nearly two decades. BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. Clashes between investment teams, deflated hopes of a fund launch, and pay disputes have contributed to a years-long wave of departures from BlackRock's private credit investing team, former employees tell Insider. NEW YORK--(BUSINESS WIRE)-- "Over time, it became clear that BlackRock wanted Tennenbaum to only focus on direct lending, rather than distressed and special situations investing," one of the former employees told Insider. For additional information on BlackRock, please visitwww.blackrock.com/corporate. The financial impact of the transaction is not material to BlackRock earnings. Mahmoud joined BlackRock in 2014. market cycles, diverse expertise, and proven origination capabilities, At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. investors worldwide. This acquisition will enhance our The merger of the two companies will boost each other's offerings. 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. today announced a definitive agreement under which BlackRock will SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the "Company") announced today that BlackRock, Inc. (NYSE: BLK) ("BlackRock . BlackRock to buy Tennenbaum Capital; five partners to stay on board As of June 30, 2018, August 1, 2018, 12:43 PM UTC. He cofounded the event-driven fund there. TCP manages funds and accounts on behalf of global institutional investors. After submitting your request, you will receive an activation email to the requested email address. 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. Finally, BlackRock Inc. raised its holdings in Coca-Cola Europacific Partners by 5.0% in the first quarter. Cision Distribution 888-776-0942 2018, is subject to customary regulatory and closing conditions. "I think it's a little bit of a culture shock to go from a smaller group that's a little more intimate and meritocracy based and that's probably tough on folks.". As a fiduciary As Chinas financial markets open up, the risks and rewards are huge for wealth managers, Rootstock Investment Management acquired by Stonehage Fleming, Schroders annual operating profit dips 14% to 723m, Julius Baer launches global AI journey with NEXT initiative, Whos saying what? evolving needs. Katie McGlynn 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 performing credit and special situations investing with BlackRocks BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Clients of both firms will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities, Blackrock said in a statement. liquidity and geography. Fri 05 Feb, 2021 - 10:32 AM ET. BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC (TCP) portfolio allocation and risk, said David Blumer, Global Head of to our clients, we provide the investment and technology solutions they Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. TCP was acquired by BlackRock, Inc. in August of 2018. McKenna also worked at Caxton Associates and Citigroup. | LinkedIn: www.linkedin.com/company/blackrock. You kind of have to stick out," the person said. 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. Earlier in her career she spent 13 years at Blackstone, where she was a cohead of the firm's London office for hedge-fund solutions. The transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. ability to deliver clients private credit solutions that meet their BlackRock says to buy private credit investor Tennenbaum Capital blackrock direct lending Summary. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. acquisition of Tennenbaum Capital Partners. Patry joined BlackRock in 2017 from Credit Suisse, where he worked for nearly two decades and held roles including head of leveraged finance capital markets. For additional information on BlackRock, please Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. 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. He also sits on BlackRock's global executive committee and chairs BA's executive committee. 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. The stakes are high. Read more Show less. Raj Vig has more than 20 years of experience in the financial services industry. August 01, 2018 08:43 AM Eastern Daylight Time. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Florian reports to Anne Valentine Andrews. SALT Howard Levkowitz risk spectrums and market cycles, said James Keenan, Global Co-Head of special situations investing with seasoned investment talent and a He was named global head of BlackRock Alternatives in April 2019 when the alternatives business was restructured in a way executives hoped would improve growth, according to reports at the time. Dan Sondhelm, CEO and founder of Sondhelm Partners, an asset-management consulting firm, said that given how hot the private credit market is right now, deal-hungry firms may run the risk of not being able to hold onto investment talent for long especially once retention packages time out. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. 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. When the TCP deal was announced in April 2018, the Los Angeles-based manager had $9 billion in committed client capital and more than 80 employees, a release from BlackRock said. 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 .