tennenbaum capital partners acquired by blackrock

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. Larry Fink/Reuters, Tyler Le/Insider. BlackRock helps investors build better financial futures. Mr. Berry held a similar role at Tennenbaum Capital Partners prior to its acquisition by BlackRock in 2018. strong long-term track record to the BlackRock global credit platform. 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. Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. Gift this article. visit www.blackrock.com You can sign up for additional alert options at any time. Forward-looking statements are made as of the date of this press release and are subject to change without notice. contact.us@blackrock.com, Computershare Investor Services LLC NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . 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. Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. Mr. Donohue was a Managing Director at Tennenbaum Capital Partners (TCP) when it was acquired by BlackRock in 2018. And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. committed client assets. 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. The unit will work with portfolio managers and BCM, the firm's capital markets group, to source and back transition-related investments across asset classes around the world, Edwin Conway told employees in October in a memo viewed by Insider. Ms. Williams is the Founder of Hightree Group, an independent advisory business in the institutional investor market that is focused on providing clients with straightforward, cost-effective, and unconflicted advice on governance and policy. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. 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 wholly owned, indirect subsidiary of BlackRock, Inc. For more information, visit www.tcpcapital.com. portfolio allocation and risk, said David Blumer, Global Head of Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. You must click the activation link in order to complete your subscription. New York, NY 10055-0003 investors worldwide. About us. | Twitter: @blackrock in-demand moment for the private credit market, big traditional asset managers are going after. origination network, and a premium and expanded set of private credit In an interview last fall about her career with an industry group, Smith referred to the tale of President John F. Kennedy approaching a janitor sweeping the floors at the NASA space center in 1962 and asking what he was doing. He also sits on BlackRock's global executive committee and chairs BA's executive committee. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. origination network, and a premium and expanded set of private credit TCPC is managed by BlackRock, which . Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. BlackRock Inc a leading global investment management company based in New York said it is going to acquire an alternative investment management firm Tennenbaum Capital Partners LLC (TCP). strong long-term track record to the BlackRock global credit platform. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. 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. The acquisition is the next step in BlackRocks efforts to expand its Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. In connection with the transaction, the Company's name was changed from TCP . (Reuters) - BlackRock Inc, the world's largest asset management firm, said on Wednesday it had raised $2 billion for its flagship opportunistic credit fund, Global Credit . 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. 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. A key element of the transaction is the continuity of TCPs successful senior management team, including all five partners (Lee Landrum, Michael Leitner, Howard Levkowitz, Philip Tseng, and Rajneesh Vig). After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. capabilities. He cofounded the event-driven fund there. Sophisticated investors who are focused on "special situations," as the style is broadly known, seize on major corporate events like bankruptcies, acquisitions, or litigation, which impact the price of an asset. The transaction adds around $9bn in assets to BlackRocks books. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. risk spectrums and market cycles, said James Keenan, Global Co-Head of At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. 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.. 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. By offering a growing array of alternatives, traditional asset managers tap into stickier fees and revenue and boost organic growth, they wrote. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. Prospective investors should read these materials carefully before investing. The merger of the two companies will boost each other's offerings. of Funds Currently Managed . its high-quality team, excellent long-term track record across multiple 480 Washington Boulevard This acquisition will enhance our You can sign up for additional alert options at any time. globally. 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. He has a background that's unexpected in the world of high finance. Its more than They could get taken away and hired by another company that wants to enter the space," Sondhelm said. The asset management industry has become the lender of choice," Conway said. BlackRock is to buy private credit firm Tennenbaum Capital Partners (TCP) in a move that will strengthen the world's largest asset managers' credit platform and diversify its alternative investment offerings. "There are other opportunities right now. Previously, she was Head of Client Solutions at Two Sigma Advisors. March 18, 2022 . in Economics and a Ph.D. in Finance. He worked there for 23 years and was a partner. origination network, and a premium and expanded set of private credit Weldon is based in London. Tennenbaum was formally organized in 1999. At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. The transaction adds around $9bn in assets to BlackRock's books. | Twitter: @blackrock . It also manages a publicly-traded business He has led these investment strategies across the Americas and the Asia Pacific region since the firm's renewable power offerings were founded in 2011. invrel@blackrock.com, BlackRock Funds, Services and Capabilities BlackRock bought Merrill Lynch Investment Management in 2006. Raj Vig, President and Chief Operating Officer of BlackRock TCP Capital Corp. said, I am grateful to have had the privilege of working alongside Howard Levkowitz for many years. 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. Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. As the story goes, the janitor responded: "I'm helping put a man on the moon. private credit with a combined platform of more than 200 employees investors worldwide. 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.

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