You kind of have to stick out," the person said. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. BlackRock Asset Management Canada Limited. 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. Prior to her current role, Ms. Glick was a Director at Tennenbaum Capital Partners who managed more than $9 billion in committed capital and was acquired by BlackRock in 2018. BlackRock's leases on East 52nd Street expire in April. 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. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com. the firm managed approximately $6.317 trillion in assets on behalf of TCP brings significant experience in middle market performing credit and special situations . Menu icon A vertical stack of three evenly . 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's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. Credit at BlackRock. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a 310-899-4948 BlackRock Completes Acquisition of Tennenbaum Capital Partners. 55 East 52nd Street 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 SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. Global Credit platform presents a unique and compelling opportunity to For additional information on BlackRock, please TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. 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. capabilities. The financial impact of the transaction is not material to BlackRock credit and special situation credit opportunities. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. pioneered nearly two decades ago. Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. 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. 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). You must click the activation link in order to complete your subscription. 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. BlackRock and will continue to be responsible for managing TCP products, the transaction is the continuity of TCPs successful senior management The money manager has been on a mission to grow its $318 billion alternatives business. invrel@blackrock.com, BlackRock Funds, Services and Capabilities "There are other opportunities right now. | LinkedIn: www.linkedin.com/company/blackrock. 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. This is TCP's third CLO issuance in the past 12 months. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. Some employees from the TCP team stayed long enough to receive their retention bonus, one of the people said. As a fiduciary In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. | LinkedIn: www.linkedin.com/company/blackrock. Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. capabilities. As a fiduciary 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. our business as we continue to employ the successful strategy we BlackRock had an existing special situations fund in the US, run by David Trucano, a dynamic that spurred internal conflict, the person added. financial impact of the transaction is not material to BlackRock Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. business development company. in 1999, TCP has invested approximately $22 billion in over 560 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . But we try to take that into account, and we've really invested in the business to scale our team commensurate with our capital base and our deployment.". Capital Partners, LLC (TCP), bolstering BlackRocks position as a Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. 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. business development company. BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit 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. committed client assets. Mark Florian is responsible for BlackRock's diversified infrastructure investments globally. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ('TCP') today announced a definitive agre. BlackRock TCP Capital Corp. (NASDAQ: TCPC) announced today that Rajneesh Vig will succeed Howard Levkowitz as Chairman and Chief Executive Officer and Phil Tseng will assume the roles of President and Chief Operating Officer. 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. Gift this article. Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. business development company. 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. The deal, whose financial terms were not divulged, was first announced in April 2018. Larry Fink/Reuters, Tyler Le/Insider. Jersey City, New Jersey 07310-190 In August 2018, Tennenbaum was acquired by BlackRock. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. Copied. August 1, 2018, 12:43 PM UTC. NEW YORK--(BUSINESS WIRE)--BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC 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.The acquisition augments BlackRock's position as a leading global credit asset manager and advances its goal of . Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si | Twitter: @blackrock Before Morgan Stanley, she was a director at Macquarie. BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. 2018, is subject to customary regulatory and closing conditions. Its more than 80-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over nearly two decades. You must click the activation link in order to complete your subscription. US asset management giant BlackRock is set to purchase Los Angeles-based boutique Tennenbaum Capital Partners, focused on middle market performing credit and special. After submitting your request, you will receive an activation email to the requested email address. As of June 30, 2018, 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. After submitting your request, you will receive an activation email to the requested email address. Florian reports to Anne Valentine Andrews. I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. 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. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. Subscriber Benefit. 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. By offering a growing array of alternatives, traditional asset managers tap into stickier fees and revenue and boost organic growth, they wrote. He joined TCP in 2006 and served as TCPCs President and Chief Operating Officer since its IPO in 2012. In 2020, Michael Leitner, a managing director responsible for co-leading direct lending and special situations strategies, left. 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. BlackRock Asset Management International Inc. Delaware. Forward-looking statements are made as of the date of this press release and are subject to change without notice. Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. the TCP team will continue to be responsible for the investments of TCP Cision Distribution 888-776-0942 BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum The business now has $34 billion of dry powder to invest. 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. Tennenbaum Capital Partners, LLC ("TCP") is a leading alternative investment management firm founded in 1999 (its predecessor entity commenced operations in 1996) with a proven track . "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.