It also manages a publicly-traded business | LinkedIn: www.linkedin.com/company/blackrock. Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. special situations investing with seasoned investment talent and a private credit with a combined platform of more than 200 employees 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. Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. investors worldwide. (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 . August 01, 2018 08:43 AM Eastern Daylight Time. biogen senior engineer ii salary. Is this a year of opportunity for investments in China? Wojcik, 212-810-8127tom.wojcik@blackrock.comorFor At least six associates focused on private credit left this year for competitors, according to a former employee and a review of LinkedIn. BlackRock and will continue to be responsible for managing TCP products, Many investment companies, to be sure, face challenges in hiring and retention. 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. The financial impact of the transaction is not material to BlackRock earnings. 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. | LinkedIn: www.linkedin.com/company/blackrock. Capital Corp. and continue to focus on executing the same proven BlackRock Investor Relations Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. 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. Other senior departures who did not join BlackRock through the TCP deal included Michael Zugay, former head of US private capital; Alex Dashiell, a former managing director in USPC and a member of its investment committee; and Aaron Kless, former head of USPC investment strategies. As of June 30, 2018, In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. will be the premier business of its kind., We are focused on building a private credit business that seizes on The business now has $34 billion of dry powder to invest. Capital Corp., said, We are excited about the growth opportunities for Asset Class No. Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. Copied. 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. 55 East 52nd Street Karyn L. Williams Named Independent Director of BlackRock TCP Capital Corp. 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. 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. today announced a definitive agreement under which BlackRock will As a fiduciary 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. 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. The transaction adds around $9bn in assets to BlackRock's books. 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 alternative . TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. 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. In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. expand our combined resources. Conway said in an interview with Institutional Investor last December that the slowdown in initial public offerings underscores how important private financing has become. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. That is the ultimate validation, or not, of success performance and fundraising," Vig said. BlackRock and will continue to be responsible for managing TCP products, David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. TCP currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: TCPC), a business development company. 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. For additional information on BlackRock, please BlackRock Argentina Asesorias Ltda. 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. 310-622-8220orInvestors:Katie McGlynn, For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. The combined platform will merge TCPs significant experience in private Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. origination network, and a premium and expanded set of private credit I am excited to take on these additional leadership responsibilities and continue TCPCs success with my long-time colleague Phil Tseng. "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. Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. Weldon joined BlackRock from Partners Capital, the outsourced investment office for clients such as endowments, foundations, and ultrawealthy families, where she was the global head of ESG and impact investing. Its more than NEW YORK--(BUSINESS WIRE)-- business development company. Still, in recent years management has made it clear that its private investment capabilities need to be an important engine of growth. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. "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.". visit www.blackrock.com Mahmoud joined BlackRock in 2014. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. If you experience any issues with this process, please contact us for further assistance. the TCP team will continue to be responsible for the investments of TCP I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. Terms were not disclosed. He worked there for 23 years and was a partner. new colleagues and leveraging BlackRocks unparalleled resources to TCP was acquired by BlackRock, Inc. in August of 2018. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. 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 . TCPC lends primarily to companies with established market positions, strong regional or national operations, differentiated products and services and sustainable competitive advantages, investing across industries in which it has significant knowledge and expertise. Find the latest BlackRock TCP Capital Corp. (TCPC) stock quote, history, news and other vital information to help you with your stock trading and investing. our business as we continue to employ the successful strategy we need when planning for their most important goals. invrel@blackrock.com, BlackRock Funds, Services and Capabilities Howard Levkowitz, Chairman and CEO of BlackRock TCP Capital Corp. said, Im pleased to announce the well-deserved promotion of Raj Vig and appointment of Phil Tseng. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. The financial impact of the transaction is not material to BlackRock Since then, however, more than a dozen professionals have left the 35-person investment team that joined from Los Angeles-based TCP, Insider has learned. As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. You can sign up for additional alert options at any time. BlackRock helps investors build better financial futures. 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. US asset management giant BlackRock is set to purchase Los Angeles-based boutique Tennenbaum Capital Partners, focused on middle market performing credit and special. globally. "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.
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