John Seeg co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with Lynn Baranski. Before joining BlackRock, she was a senior research analyst for the Financial Stability Board and held other roles, including senior investment associate at the hedge fund Bridgewater. about the opportunity to be a part of building what we are confident Cybersecurity in Banking & Payments Filings Trends Q3 2022, Tech for good: How Scottish fintech companies are relieving the cost of living crisis, How quantum technologies will transform fintech, Grow your asset finance arm with high-functioning origination capabilities. The financial impact of the transaction is not material to BlackRock Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. BlackRock Asset . This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. committed client assets. 480 Washington Boulevard "All we do is enable someone to go to the moon. liquidity and geography. BlackRock Capital Investment Corporation, et al. combination, which will result in enhanced scale and a broader In August 2018, Tennenbaum was acquired by BlackRock. Is this a year of opportunity for investments in China? "They could just decide: 'We're going to start our own company.'". It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). For additional information on BlackRock, please To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. The merger of the two companies will boost each other's offerings. Conway previously ran BlackRock's key institutional-client business, where he was responsible for the overall strategy for the firm's relationships with institutional clients like sovereign wealth funds, public and private pension plans, and foundations. "The available tool kit that you have now as a private enterprise is very high. visit www.blackrock.com Clients of both firms will benefit from enhanced scale, a broader This frustrated the TCP team, who for years focused on special situations and who assumed they would be able to keep doing just that type of investing when they arrived at BlackRock. "When you join a big company like BlackRock, it's just a lot more political. BlackRock TCP Capital Corp. 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 manages more than $90 billion in global scale, industry expertise, and portfolio and risk management But it's never really been good at raising high-fee capital," a former employee said. Earlier in her career she spent 13 years at Blackstone, where she was a cohead of the firm's London office for hedge-fund solutions. This is TCP's third CLO issuance in the past 12 months. BlackRock formed its capital markets team in 2020 with Patry at the helm, bringing together the businesses for global capital markets and private capital markets, the industry news publication PE Hub reported. For more information, visit www.tcpcapital.com. Delaware. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. Clients of both firms will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities, Blackrock said in a statement. He began his career at UBS Investment Bank's Growth . In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP . "Somebody with her kind of background is like a dream hire, because, obviously, she understands the investing side from having invested in fund of funds for so long," a London-based recruiter told Insider last year for a story on ESG leaders across the industry. Having worked closely with Raj Vig over the years as TCPCs President and COO, we have tremendous confidence in Raj to build upon TCPCs success.. You must click the activation link in order to complete your subscription. Its more than 80-person team, which will join BlackRock as part of the transaction, has demonstrated strong performance over nearly two decades. New York, NY 10055-0003 To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. TCPC is managed by BlackRock, which . 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. Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. risk spectrums and market cycles, said James Keenan, Global Co-Head of Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si View source version on businesswire.com: We look forward to collaborating with our BlackRocks Global Credit team now manages more than $90 billion in 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. His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ("TCP") today announced a definitive agreement under which . the TCP team will continue to be responsible for the investments of TCP committed client capital as of December 31, 2017. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor Andr Bourbonnais heads up BlackRock's Long Term Private Capital, a direct private equity strategy that focuses on control investments in companies in North America and Europe. 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. The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. The departures come as BlackRock aims to compete more aggressively in private credit, a key part of its high-priority alternatives push. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. 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. Dan Sondhelm commented for this Insider article about why demand for private credit has created opportunities for top executives to join other firms or become an entrepreneur. Capital Partners, LLC (TCP), bolstering BlackRocks position as a You must click the activation link in order to complete your subscription. 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. The acquisition augments BlackRocks position as a leading global credit asset manager and advances its goal of providing clients with a diverse range of alternative investment products and solutions to meet their evolving needs. | LinkedIn: www.linkedin.com/company/blackrock. Capital Partners, LLC (TCP), bolstering BlackRocks position as a Strengthens BlackRocks credit platform to provide more diverse range of (212) 810-5300, BlackRock Inc. (NYSE:BLK) Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. BlackRock announced it will acquire private credit manager Tennenbaum Capital Partners in a deal that strengthens the $6.3 trillion money manager's credit platform. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum After submitting your request, you will receive an activation email to the requested email address. 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. August 01, 2018 08:43 AM Eastern Daylight Time. Management has no ownership stake in the fund. This acquisition will enhance our Global Credit platform presents a unique and compelling opportunity to To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. capabilities and impact of its alternatives business globally. (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 . "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. BlackRock's leases on East 52nd Street expire in April. 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 . BlackRock's $318 billion alternative-investments business is key to the money manager's future. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. By Jennifer Ablan. Will Britcoin bring legitimacy to cryptocurrency in the UK? Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. strong long-term track record to the BlackRock global credit platform. "We talk to our managers and management teams about looking into the future how we can also introduce them to our credit teams, to get access to the debt markets. investment strategies and process as they have since TCP Capital Corp.s . Asset manager giant BlackRock Inc. signed a definitive agreement to acquire Tennenbaum Capital Partners, LLC, in a bid to strengthen its credit platform. 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. 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. Gift this article. BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum People knew Tennenbaum was being overpaid relative to BlackRock standards.". Florian reports to Anne Valentine Andrews. visit www.blackrock.com They contribute just 11% of base fees. REUTERS/Brendan McDermid/File Photo. (212) 810-5300, BlackRock Inc. (NYSE:BLK) Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. TCP brings significant experience in middle market performing credit and Phone Number 310.566.1000. Meet BlackRock's Alternative-Investments Execs Driving Growth in . BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. 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. He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. . Announces Leadership Transitions, https://www.businesswire.com/news/home/20210601006057/en/. private credit with a combined platform of more than 200 employees 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. This asset base includes TCPs approximately $9 billion of With Forward-looking statements involve risks and uncertainties in predicting future results and conditions. 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. | LinkedIn: www.linkedin.com/company/blackrock. Its more than strong long-term track record to the BlackRock global credit platform. 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. market cycles, diverse expertise, and proven origination capabilities, Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC Tennenbaum Capital PartnersMedia:KekstMark clients with private credit solutions across a range of risk level, Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. Since 2021 the business also hired a new chief operating officer, a new head of sustainability, and two additional top executives focused on sustainable investments. 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.
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