To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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 . 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. 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. Prior to joining BlackRock, Mr. Levkowitz co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Member and Chairman of the Management Committee. As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. ability to deliver clients private credit solutions that meet their Our thought leadership in investing, risk management, portfolio construction and trading solutions. For additional information on BlackRock, please Asset Class No. 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. 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. The Order sought by the application would supersede the Prior Order (as defined below) issued by the Commission to BlackRock Capital Investment Corporation, et al. | Twitter: @blackrock At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. The acquisition augments BlackRock's . I appreciate our Boards vote of confidence in appointing me Chairman and Chief Executive Officer. Clients of both firms will benefit from enhanced scale, a broader Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. 2. Since the firms founding in 1999, TCP has invested approximately $9 billion in over 170 portfolio companies through . Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP Capital Corp., said, We are excited about the growth opportunities for our business as we continue to employ the successful strategy we pioneered nearly two decades ago. David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. police officer relieved of duty. 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. visit www.blackrock.com new colleagues and leveraging BlackRocks unparalleled resources to 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. 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . The transaction adds around $9bn in assets to BlackRocks books. The merger of the two companies will boost each other's offerings. 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. We look forward to collaborating with our . clients in need of new sources of return and new ways to manage . Management has no ownership stake in the fund. Terms were not disclosed. earnings per share. Smith joined the firm in 2004 and was named co-head of the business alongside the group's cofounder Bryan White in 2015, Bloomberg News reported at the time. For additional information on BlackRock, please including the investments of TCP Capital Corp. (NASDAQ: TCPC), a management firm with approximately $9 billion of committed capital the firm managed approximately $6.3 trillion in assets on behalf of A key element of global scale, industry expertise, and portfolio and risk management She is a graduate of Arizona State University where she earned a B.S. In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. Terms of the deal were not . Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. The stakes are high. "So we understand that there could be normative attrition and churn. "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. This asset base includes TCPs approximately $9 billion of McKenna also worked at Caxton Associates and Citigroup. "With the growth of our client assets, it's been a significant investment over the last several years, " Jim Keenan, BlackRock's chief investment officer and global head of credit, who helped steer the TCP acquisition, said in an interview with Insider. committed client assets. Slattery left BlackRock and was named chief operating officer of CBC Group this month. SVOF/MM, LLC ("SVOF/MM"), Tennenbaum Opportunities Partners V, LP, Tennenbaum Opportunities Fund V, LLC, Tennenbaum Heartland Co-Invest, LP, SEB DIP Investor, LP, Special asset manager and advances its goal of providing clients with a diverse diversification are increasingly turning to private credit where both contact.us@blackrock.com, Computershare Investor Services LLC For more information, visit www.tcpcapital.com. All of us are working hard to meet the needs of our clients.". 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 Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. 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. 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 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. 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. earnings. The acquisition is the next step in BlackRocks efforts to expand its capabilities and impact of its alternatives business globally. "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. "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. If you experience any issues with this process, please contact us for further assistance. 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. investors worldwide. The financial impact of the transaction is not material to BlackRock As a fiduciary Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. TCP 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. Diorio is the head of product for BlackRock's crucial US wealth advisory business, which links the firm's vast menu of funds with the large forces of financial advisors, private bankers, and others in the wealth management industry who invest in products like exchange-traded funds and alternative funds. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. TCP was acquired by BlackRock, Inc. in August of 2018. He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. He cofounded McKinsey's efforts around clean technologies and worked as a reservoir engineer in the oil and gas industry. . need when planning for their most important goals. 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. We are also excited the firm managed approximately $6.3 trillion in assets on behalf of In 2020, Michael Leitner, a managing director responsible for co-leading direct lending and special situations strategies, left. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. In recent months, three BlackRock investment professionals who moved to the firm in the TCP deal have left. 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. continue to build on our long track record in middle market performing If you experience any issues with this process, please contact us for further assistance. He was responsible for the unit, called Private Equity Partners, until this year when he officially took on a new role as chairman of the business. 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. 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. Clients of both firms will benefit from enhanced scale, a broader "At the end of 2021, we had over twice the amount of committed capital from investors in our direct lending business as we did at the end of 2018.". Our combination with BlackRock will Capital Partners, LLC (TCP), bolstering BlackRocks position as a Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. | Blog: www.blackrockblog.com This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. visit www.blackrock.com Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. Clashes between investment teams, deflated hopes of a fund launch, and pay disputes have contributed to a years-long wave of departures from BlackRock's private credit investing team, former employees tell Insider. TCP with its more than $9 billion in committed . In connection with the transaction, the Company's name was changed from TCP . about the opportunity to be a part of building what we are confident After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. our business as we continue to employ the successful strategy we To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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). Subscriber Benefit. The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. BlackRock helps investors build better financial futures. Raj Vig, the co-head of US private capital at BlackRock who was a longtime TCP executive, said 2021 was a record year of capital deployment. development company, TCP Capital Corp. (NASDAQ:TCPC). To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. August 01, 2018 08:43 AM Eastern Daylight Time. Florian reports to Anne Valentine Andrews. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. 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 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. | LinkedIn: www.linkedin.com/company/blackrock. Before Morgan Stanley, she was a director at Macquarie. "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.". Brent Patry is key to steering BlackRock alternatives as deputy head of the overall business, reporting to Edwin Conway. "All we do is enable someone to go to the moon. Terms were not disclosed. . He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. its high-quality team, excellent long-term track record across multiple By offering a growing array of alternatives, traditional asset managers tap into stickier fees and revenue and boost organic growth, they wrote. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . 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. 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. expand our combined resources. Shares of NASDAQ TCPC opened at $11.72 on Wednesday. in Economics and a Ph.D. in Finance. Florian recently oversaw a significant fund closing. The asset management industry has become the lender of choice," Conway said. 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. Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. Its more than Within the alternatives business, Smith heads up BlackRock Alternative Advisors, the firm's hedge fund solutions team and fund of funds that was founded more than two decades ago. 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. Meghan Sharp is the global head of Decarbonization Partners, a joint venture that BlackRock and the Singapore state investment fund Temasek established in 2021 and aims to invest in businesses focused on decarbonization. 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. invrel@blackrock.com, BlackRock Funds, Services and Capabilities The business now has $34 billion of dry powder to invest. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. TCP is the perfect complement to the existing credit business at pioneered nearly two decades ago. private credit with a combined platform of more than 200 employees Building an Innovative Financial Technology Ecosystem in Scotland. He worked there for 23 years and was a partner. TCPs nearly 90-person team has joined Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. clients with private credit solutions across a range of risk level, (212) 810-5300, BlackRock Inc. (NYSE:BLK) Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. All of TCP's partners signed employment agreements and were expected to join BlackRock, while TCP anticipated that all of its more than 80 employees would move to the money manager, a May 2018 presentation TCP provided to a public pension investor shows. Argentina. He has a background that's unexpected in the world of high finance. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. Canada. "It's not to say that the private credit market is easy to manage talent. Capital Partners, LLC (TCP), bolstering BlackRocks position as a Forward-looking statements involve risks and uncertainties in predicting future results and conditions. 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. 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. Private credit has been "a pretty strong asset class for several years now," Sondhelm added, noting that investors are in search of higher levels of income that aren't strongly correlated to the volatility of stocks. Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. need when planning for their most important goals. clients with private credit solutions across a range of risk level, strong long-term track record to the BlackRock global credit platform. To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, in 2018. Previously, she was Head of Client Solutions at Two Sigma Advisors. NEW YORK (Reuters) - BlackRock Inc BLK.N, the world's largest asset manager, on Tuesday said it will buy investment manager Tennenbaum Capital Partners LLC . Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. But it's never really been good at raising high-fee capital," a former employee said. liquidity and geography. 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. BlackRock Capital Investment Corporation, et al. As the story goes, the janitor responded: "I'm helping put a man on the moon. Semer, 212-521-4800orFinancial ProfilesMoira Conlon, Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. This asset base includes TCPs approximately $9 billion of Behind the firm's push: already-low fees under pressure in BlackRock's core fund business, the fast-expanding private markets, and demand from clients. "There are other opportunities right now. to our clients, we provide the investment and technology solutions they credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks 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. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. He is also on the board of California Science Center Foundation. It was updated in February 2023 to reflect new reporting and changes to the leadership of BlackRock Alternatives. origination network, and a premium and expanded set of private credit client assets across multi-strategy credit, leveraged finance, and BlackRocks Global Credit team now manages more than $90 billion in He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. BlackRock Investor Relations 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 Inc <BLK.N>, the world's largest asset manager, on Tuesday said it will buy investment manager Tennenbaum Capital Partners LLC (TCP), expanding its reach in the U.S. private credit . TCP brings significant experience in middle market performing credit and special situations . Former employees said they believed that BlackRock management had told Trucano, who runs BlackRock's opportunistic credit platform and works on special situations and distressed investing, that TCP would not encroach on Trucano's business. Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. Read more Show less. client assets across multi-strategy credit, leveraged finance, and NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ('TCP') today announced a definitive agre. The transaction adds around $9bn in assets to BlackRock's books. About us. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. to our clients, we provide the investment and technology solutions they focused on delivering a range of products and innovative solutions for Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP It also manages a publicly-traded business Today, Black BlackRock, Inc. (NYSE: BLK) has completed its acquisition of Cachematrix, a leading provider of financial technology which simplifies the 2023 BlackRock, Inc. All rights reserved. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. leading global credit manager and enhancing its ability to provide Insider has pinpointed the key people responsible for the alternatives business today. to our clients, we provide the investment and technology solutions they TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. We are also excited about the opportunity to be a part of building what we are confident will be the premier business of its kind., We are focused on building a private credit business that seizes on long-term secular trends to deliver for clients the best results across risk spectrums and market cycles, said James Keenan, Global Co-Head of Credit at BlackRock.