The transaction adds around $9bn in assets to BlackRock's books. need when planning for their most important goals. BlackRock's $318 billion alternative-investments business is key to the money manager's future. | Twitter: @blackrock Capital Corp. and continue to focus on executing the same proven Prospective investors should read these materials carefully before investing. "It is important to remember that people are getting more selective on the buildings they're willing to occupy," she said, pointing to BlackRock's own move to Hudson Yards in New York City, from the former headquarters on Manhattan's east side, as an example of companies seeking out high-quality properties. Stephanie Smith has been the chief operating officer of the alternatives business since 2021, when she joined from Goldman Sachs, where she worked for two decades and left as a partner and head of operations for Goldman's consumer and wealth management division. transaction, TCP is expected to become a wholly-owned subsidiary of Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. The acquisition will help both the companies to expand their offerings to their clients. Argentina. Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. 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. He joined TCP in 2006 and served as TCPCs President and Chief Operating Officer since its IPO in 2012. These are two important areas to BlackRock, particularly because of the firm's view that the Inflation Reduction Act in the US is expected to increase investments in infrastructure-related projects and real estate investors will find new opportunities amid shifting office and work-from-home dynamics. Howard is a leader in the industry and was a key architect in building the US Private Capital business. 80-person team, which will join BlackRock as part of the transaction, After submitting your request, you will receive an activation email to the requested email address. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. In a joint interview, BlackRock executives said they were confident in the team's growth and performance. 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. "BlackRock is great at raising low-fee capital ETFs, mutual funds. 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. | Blog: www.blackrockblog.com the firm managed approximately $6.3 trillion in assets on behalf of Clients of both firms will benefit from enhanced scale, a broader clients with private credit solutions across a range of risk level, As of June 30, 2018, On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. Strengthens BlackRocks credit platform to provide more diverse range of "And that's something that we'll continue over the next couple of years with regard to how we're budgeting and how we're thinking about headcount.". Tennenbaum Capital Partners ("TCP") is a California-based private investment company investing in both performing credit and special situations, primarily in North American middle-market companies. 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. August 1, 2018, 12:43 PM UTC. . Levkowitz, Philip Tseng, and Rajneesh Vig). He cofounded the event-driven fund there. earnings per share. Raj Vig will assume the role of Chief Executive Officer on August 5, 2021, and Chairman on September 30, 2021. "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.". In 2018, Keenan helped steer the firm'sacquisition of Tennenbaum Capital Partners, an investment manager that expanded the alternatives unit's foothold in the competitiveprivate creditmarket. With its high-quality team, excellent long-term track record across multiple market cycles, diverse expertise, and proven origination capabilities, TCP is the perfect complement to the existing credit business at BlackRock.. strong long-term track record to the BlackRock global credit platform. Prior to TCP, he managed various departments of a major investment bank. SVOF/MM, LLC ("SVOF/MM"), Tennenbaum Opportunities Partners V, LP, Tennenbaum Opportunities Fund V, LLC, Tennenbaum Heartland Co-Invest, LP, SEB DIP Investor, LP, Special Menu icon A vertical stack of three evenly . TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017. Still, in recent years management has made it clear that its private investment capabilities need to be an important engine of growth. of Funds Currently Managed . Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. By offering a growing array of alternatives, traditional asset managers tap into stickier fees and revenue and boost organic growth, they wrote. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. TCP complements BlackRocks Global Credit business with seasoned 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. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC, http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html. He cofounded McKinsey's efforts around clean technologies and worked as a reservoir engineer in the oil and gas industry. Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. team, including all five partners (Lee Landrum, Michael Leitner, Howard investors worldwide. Global Credit platform presents a unique and compelling opportunity to in Economics and a Ph.D. in 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. You can sign up for additional alert options at any time. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. Credit at BlackRock. The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. Terms were not disclosed. New York, NY 10055-0003 After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team . a premium and expanded set of private credit investment opportunities. It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. strong long-term track record to the BlackRock global credit platform. Stay up to date with what you want to know. The money manager has been on a mission to grow its $318 billion alternatives business. . I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. The current minimum investment for Tcp Direct Lending Fund Viii, LLC is $10000000. capabilities. 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. 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. range of alternative investment products and solutions to meet their The financial impact of the transaction is not material to BlackRock (212) 810-5300, BlackRock Inc. (NYSE:BLK) McDonnell, 212-810-5337tara.mcdonnell@blackrock.comorInvestors:Tom in Economics and a Ph.D. in Finance. BlackRock's leases on East 52nd Street expire in April. "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.". TCP with its more than $9 billion in committed . 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. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor its high-quality team, excellent long-term track record across multiple In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This asset base includes TCPs approximately $9 billion of