tennenbaum capital partners acquired by blackrock

View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor Clients of both firms will benefit from enhanced scale, a broader 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. The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. capabilities. Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. 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. Argentina. Indeed, the string of exits and tensions within the private credit business grew so untenable that BlackRock president and cofounder Rob Kapito stepped in to try to smooth over frustrations in the group and stem the outflow of talent, said four former BlackRock employees, who spoke to Insider under the condition of anonymity. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. . TCP brings significant experience in middle market performing credit and We are focused on delivering a range of products and innovative solutions for clients in need of new sources of return and new ways to manage portfolio allocation and risk, said David Blumer, Global Head of BlackRock Alternative Investors. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. Daniel Levan, a director at BlackRock, also recently left the private credit team, according to two former BlackRock employees who spoke to Insider and a public pension disclosure, which noted the departures of Saffold, Pritchard, and Levan. Capital Partners, LLC (TCP), bolstering BlackRocks position as a 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. 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. globally. to our clients, we provide the investment and technology solutions they After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. Raj and Phil have been instrumental in the growth of the US Private Capital team at BlackRock and are well equipped to continue to build on TCPCs successful track record of delivering strong results for shareholders. TCP Direct Lending Fund VIII Profile: Returns & Limited Partners "We are seeing an increasing blurring of what used to be clearly distinct business models, whether this is a convergence between asset and wealth management, LPs becoming direct investors, asset and liability pools moving fluidly between insurers, and pension funds or asset servicers looking to integrate ever closer with their clients," he told Insider in 2020. The fund is located in Santa Monica, California and invests in the United States. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Managing director Kenneth Saffold, an investor well-known in the Atlanta community, left and cofounded the investment firm o15 Capital Partners with former Invesco and BankUnited executives, Insider reported in June. Terms were not disclosed. BlackRock to acquire private credit manager Tennenbaum Capital Partners TCP is headquartered in Los Angeles with additional offices in Atlanta, New York and San Francisco. 80-person team, which will join BlackRock as part of the transaction, The departures come as BlackRock aims to compete more aggressively in private credit, a key part of its high-priority alternatives push. investors worldwide. BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering BlackRock's position as a leading global credit manager and enhancing its ability to provide clients with private credit solutions across a range of risk level, liquidity and geography. The acquisition is the next step in BlackRocks efforts to expand its BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. 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. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC The financial impact of the transaction is not material to BlackRock earnings. REUTERS/Brendan McDermid/File Photo. Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. After submitting your request, you will receive an activation email to the requested email address. As a fiduciary He is an investment professional focused on the direct lending and special situations credit strategies. in Economics and a Ph.D. in Finance. Clients of both firms will benefit from enhanced scale, a broader United Kingdom. TCP is headquartered in Los Angeles with additional offices Fri 05 Feb, 2021 - 10:32 AM ET. 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 . 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . "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. The combined platform will merge TCPs significant experience in private He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. management firm with approximately $9 billion of committed capital Date acquired Ownership Employer ID; Howard Marshall Levkowitz: Managing partner: 1 May 1999: Other: 4404130: Llc Tennenbaum & Co. . Sharp joined Decarbonization Partners from oil giant BP's corporate venture capital arm, where she was global head. leading global credit manager and enhancing its ability to provide Howard Levkowitz, who co-founded TCP in 1999; Mark Kronfeld, who was global head of restructuring in BlackRock's private credit group; and former TCP finance chief Paul Davis all left last year. plans and augments our position as a leading credit asset manager. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. (212) 810-5300, BlackRock Inc. (NYSE:BLK) Tennenbaum Capital Partners Fund Manager Profile | Preqin In an interview last December with trade publication PERE, Valentine said a primary theme she will be focusing on this year is growing more selective in examining individual assets. Previously, she was Head of Client Solutions at Two Sigma Advisors. client assets across multi-strategy credit, leveraged finance, and BlackRock wraps up Tennenbaum Capital Partners acquisition Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. By offering a growing array of alternatives, traditional asset managers tap into stickier fees and revenue and boost organic growth, they wrote. 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 look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Larry Fink/Reuters, Tyler Le/Insider. to our clients, we provide the investment and technology solutions they "So we understand that there could be normative attrition and churn. Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform. Edmentum (edmentum.com), a global education leader and a pioneer in online teaching and learning solutions, has raised $25 million in incremental financing from New Mountain Finance Corporation and Tennenbaum Capital Partners.The financing will allow the extension of the company's debt maturity and comes at a time of escalating growth, perpetuated by well-performing Edmentum programs under . market cycles, diverse expertise, and proven origination capabilities, You must click the activation link in order to complete your subscription. companies. 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. A key element of Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. BlackRock Completes Acquisition of Tennenbaum Capital Partners "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. TCPs nearly 90-person team has joined 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. 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). March 18, 2022 . Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. 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. Another person said: "BlackRock doesn't pay that well. | Twitter: @blackrock BlackRock Completes Acquisition of Tennenbaum Capital Partners investors worldwide. TCP complements BlackRocks Global Credit business with seasoned And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she said. geographies.. 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 capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. investor.relations@tcpcapital.com. Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. Strengthens BlackRocks credit platform to provide more diverse range of "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. Over a Dozen Staff Leave BlackRock's Private Credit Biz After The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. Private markets are "a major strategic area of focus at BlackRock," Morgan Stanley analysts led by Betsy Graseck wrote in a research report in June. In 2018, Keenan helped steer the firm's acquisition of Tennenbaum Capital Partners, an investment manager that expanded the alternatives unit's foothold in the competitive private credit market. Management has no ownership stake in the fund. Stay up to date with what you want to know. 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. Phil Tseng, who co-heads US private capital with Vig and who also joined BlackRock through the TCP acquisition, said managing investment talent well goes hand-in-hand with driving returns for clients. BlackRock has prioritized growing its $320 billion alternative business in recent years, with a focus on private market investing. 480 Washington Boulevard alternative to traditional fixed income allocations. range of alternative investment products and solutions to meet their 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. | Blog: www.blackrockblog.com 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.

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