"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.". BlackRock helps investors build better financial futures. Posted on 04/18/2018. Gift this article. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. BlackRock Asset Management Investor Services Limited. 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. Lomas sits on the firm's global operating committee and the alternatives executive committee. will be the premier business of its kind., We are focused on building a private credit business that seizes on A former employee of BlackRock, who is familiar with the TCP transition, pointed to overall differences in the cultures that also played a role in growing tensions, and eventual departures. 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. 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 . You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. Formed in 1999, Los Angeles-based . At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. Many investment companies, to be sure, face challenges in hiring and retention. NEW YORK--(BUSINESS WIRE)-- plans and augments our position as a leading credit asset manager. The transaction will not have a material impact on BlackRocks earnings. capabilities. 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. origination network. 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). 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. 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. They contribute just 11% of base fees. Its headcount has grown 70%, to some 60 investment staff since its acquisition of TCP, according to a person familiar with the firm. Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. "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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. The business now has $34 billion of dry powder to invest. Seeg was previously PEP's global head of client solutions and strategy. US asset management giant BlackRock is set to purchase Los Angeles-based boutique Tennenbaum Capital Partners, focused on middle market performing credit and special. Canada. Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment including the investments of TCP Capital Corp. (NASDAQ: TCPC), a John Seeg co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with Lynn Baranski. 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. Another person said: "BlackRock doesn't pay that well. Conway said in an interview with Institutional Investor last December that the slowdown in initial public offerings underscores how important private financing has become. Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. 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. BlackRocks global credit team now oversees assets of over $90bn across multi-strategy credit, leveraged finance, as well as private credit and employs more than 200 people. | Blog: www.blackrockblog.com You can sign up for additional alert options at any time. | Twitter: @blackrock 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 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. For additional information on BlackRock, please The transaction adds around $9bn in assets to BlackRock's books. 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. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. private credit with a combined platform of more than 200 employees 2. 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. Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. In a joint interview, BlackRock executives said they were confident in the team's growth and performance. There is a lot more capital coming into this space," Tseng told Insider. Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. You can sign up for additional alert options at any time. Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. The deal, whose financial terms were not divulged, was first announced in April 2018. Previously, she was Head of Client Solutions at Two Sigma Advisors. inception. "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. business development company. BlackRock Asset Management Canada Limited. Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. . They could get taken away and hired by another company that wants to enter the space," Sondhelm 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. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. REUTERS/Brendan McDermid/File Photo. remain the investment adviser of TCP Capital Corp. Current members of This transition in leadership follows BlackRocks highly successful 2018 acquisition of Tennenbaum Capital Partners (TCP) that solidified BlackRock as a leading private credit manager. Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum TCPs nearly 90-person team has joined Then, I just suddenly came to the realization that I didn't want to do that anymore; I actually wanted to be a VC," Sharp said in an interview in 2018. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. If you experience any issues with this process, please contact us for further assistance. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. As a fiduciary "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". When typing in this field, a list of search results will appear and be automatically updated as you type. He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. Tennenbaum Capital PartnersMedia:KekstMark McKenna is responsible for managing BlackRock's event-driven investing efforts that is, the investment strategy used to profit from price action around a specific event and oversees $7.8 billion in the Event Driven Equity Fund. Capital Corp. and continue to focus on executing the same proven . About us. 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. . Prospective investors should read these materials carefully before investing. 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. Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. financial impact of the transaction is not material to BlackRock private credit with a combined platform of more than 200 employees and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. Institutional investors and hedge funds own 28.63% of the company's stock. Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. 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. earnings. the firm managed approximately $6.317 trillion in assets on behalf of At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. TCP complements BlackRocks Global Credit business with seasoned client assets across multi-strategy credit, leveraged finance, and 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. globally. Our thought leadership in investing, risk management, portfolio construction and trading solutions. TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Larry Fink/Reuters, Tyler Le/Insider. People knew Tennenbaum was being overpaid relative to BlackRock standards.". 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. 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. 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. If you experience any issues with this process, please contact us for further assistance. "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.". The Order sought by the application would supersede the Prior Order (as defined below) issued by the Commission to BlackRock Capital Investment Corporation, et al. companies. Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC a premium and expanded set of private credit investment opportunities. The exits underscore the risks that come with smaller acquisitions that big traditional asset managers are going after as they seek out private-markets investment teams. Shares of NASDAQ TCPC opened at $11.72 on Wednesday. "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. Lanigan led the first LTPC deal, in Authentic Brands, Institutional Investor reported in 2019. investment objectives across a range of risks, liquidity, and global scale, industry expertise, and portfolio and risk management 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. 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. expertise and platform scale can drive returns, said Tim OHara, Global BlackRocks Global Credit team now manages more than $90 billion in By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. 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. 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. BlackRock agreed to acquire Tennenbaum Capital Partners, which focuses on credit and special situations.Tennenbaum partners Lee Landrum, Michael Leitner, Howard Levkowitz, Philip Tseng and Rajneesh Vig will stay on as part of the acquisition.Tennenbaum is expected to become a wholly owned subsidiary of BlackRock and, pending approval, will remain the investment adviser for TCP Capital Corp. TCPs nearly 90-person team has joined He now oversees business development for Aladdin, BlackRock's investment software that institutions use to analyze their investment holdings and portfolio risk. After submitting your request, you will receive an activation email to the requested email address. Since the firms founding in 1999, TCP has invested approximately $9 billion in over 170 portfolio companies through . By Jennifer Ablan. BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering BlackRock's position as a leading global credit manager and enhancing its ability to provide clients with private credit solutions across a range of risk level, liquidity and geography. This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC").