For additional information on BlackRock, please BlackRock Asset Management Canada Limited. Terms were not disclosed. 2018, is subject to customary regulatory and closing conditions. As Chinas financial markets open up, the risks and rewards are huge for wealth managers, Rootstock Investment Management acquired by Stonehage Fleming, Schroders annual operating profit dips 14% to 723m, Julius Baer launches global AI journey with NEXT initiative, Whos saying what? "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.". 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. 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. The financial impact of the transaction is not material to BlackRock Formed in 1999, Los Angeles-based . In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. 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. NEW YORK--(BUSINESS WIRE)-- As a fiduciary Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. TCPC is managed by BlackRock, which . origination network, and a premium and expanded set of private credit (212) 810-5300, BlackRock Inc. (NYSE:BLK)
Forward-looking statements involve risks and uncertainties in predicting future results and conditions. His appointment was seen as another move to bulk up BlackRock's alternatives business. All of us are working hard to meet the needs of our clients.". BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. By Jennifer Ablan. He worked there for 23 years and was a partner. 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. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. 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. Upon completion of the transaction, TCP is expected to become a wholly-owned subsidiary of BlackRock and, pending the approval of TCP Capital Corp.s shareholders, remain the investment adviser of TCP Capital Corp. Current members of the TCP team will continue to be responsible for the investments of TCP Capital Corp. and continue to focus on executing the same proven investment strategies and process as they have since TCP Capital Corp.s inception. TCP complements BlackRocks Global Credit business with seasoned investment talent and a strong long-term track record at a time when clients are increasingly turning to private credit as a higher-yielding alternative to traditional fixed income allocations. 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 leading alternative investment manager. leading global credit manager and enhancing its ability to provide TCP is based in Los Angeles and has approximately $9 billion of By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. In 2020, Michael Leitner, a managing director responsible for co-leading direct lending and special situations strategies, left. Despite senior-level exits, the business has grown headcount and client assets since 2018. BlackRock Inc. now owns 14,447,992 shares of the company's stock valued at $702,316,000 after acquiring an additional 685,745 shares in the last quarter. BlackRock Inc. and Tennenbaum Capital Partners, LLC (TCP) announced a definitive agreement under which BlackRock will acquire TCP, a manager focused on middle market performing credit and special situation credit opportunities. 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. Senior-level members of the TCP investment team, at the principal level and above, were offered four- or five-year retention packages, one of the former BlackRock employees told Insider. View original content with multimedia:http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html, BlackRock TCP Capital Corp., Katie McGlynn, 310-566-1094, [email protected]. This asset base includes TCPs approximately $9 billion of You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. Steenberg had founded the business in 1999. credit and special situation credit opportunities. Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. She was previously the global head of investments for PEP. He is an investment professional focused on the direct lending and special situations credit strategies. Date acquired Ownership Employer ID; Howard Marshall Levkowitz: Managing partner: 1 May 1999: Other: 4404130: Llc Tennenbaum & Co. . Contact Email [email protected]. 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. "So we understand that there could be normative attrition and churn. the firm managed approximately $6.3 trillion in assets on behalf of Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. Dickon Pinner joined BlackRock last year to run a new unit in BlackRock Alternatives called Transition Capital, a team aimed at investing in opportunities tied to the energy transition. Subscriber Benefit. BlackRock said when it acquired TCP that a "key element" of the deal was TCP's senior management team including Leitner, Levkowitz, Tseng, and Vig sticking around. Shares of NASDAQ TCPC opened at $11.72 on Wednesday. in 1999, TCP has invested approximately $22 billion in over 560 clients are increasingly turning to private credit as a higher-yielding His previous roles include running BlackRock's trading and liquidity strategies group for the international regions of EMEA and the Asia Pacific. 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. He is also on the board of California Science Center Foundation. currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: Capital Corp., said, We are excited about the growth opportunities for Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. ", "When people ask me what I do I'm just a small piece," Smith said, noting the many product specialists, investors, technologists, and other colleagues she works with. Copied. to our clients, we provide the investment and technology solutions they "They could just decide: 'We're going to start our own company.'". 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. The acquisition of TCP accelerates our growth combination, which will result in enhanced scale and a broader BlackRock Affiliation Beneficial: Fitch Ratings believes that BlackRock Capital Investment Corporation's (BKCC) affiliation with BlackRock, Inc. enhances the business development company's (BDC) access to investment resources, deal flow and funding. provide TCPC with increased resources, scale, and market access to Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . Forward-looking statements involve risks and uncertainties in predicting future results and conditions. "He helped move BlackRock in a new direction, laying a cornerstone for BlackRock Alternatives and the important solutions that our clients would need.". Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. origination network, and a premium and expanded set of private credit In connection with the transaction, the Company's name was changed from TCP . BlackRock and will continue to be responsible for managing TCP products, 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. 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. "The office of the COO is where we crystallize our strategy and how we execute day-to-day and in the longer term," Conway said in a memo to staff announcing Smith's appointment in 2021, Insider previously reported. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. | LinkedIn: www.linkedin.com/company/blackrock. Summary. As of June 30, 2018, In a joint interview, BlackRock executives said they were confident in the team's growth and performance. "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 brings significant experience in middle market performing credit and special situations investing with seasoned investment talent and a strong long-term track record to the BlackRock global credit platform. BlackRock Argentina Asesorias Ltda. The combined platform will merge TCPs significant experience in private BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC, http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html. | Twitter: @blackrock Wojcik, [email protected] Meanwhile last year BlackRock fired the former co-heads of secondaries and liquidity solutions, along with a third managing director, after they said they planned to leave for Apollo Global Management together, Bloomberg reported. Raj Vig has more than 20 years of experience in the financial services industry. Co-Head of Credit at BlackRock. TCP brings significant experience in middle market performing credit and special situations . BlackRock Investor Relations
After submitting your request, you will receive an activation email to the requested email address. investors worldwide. For more information, visit www.tcpcapital.com. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates.