3 August 2018 - US-based investment firm BlackRock Inc. (NYSE: BLK) has closed the acquisition of US-based alternative investment management firm Tennenbaum Capital Partners, LLC, the firm said. Conway, as Institutional Investor noted, grew up in a dairy farming community in Ireland. Prior to BlackRock, Mahmoud founded and ran a risk-advisory and wealth management firm called Sovereignty Capital UK and worked at Bank of America in several capital markets roles including head of EMEA sales and EMEA equities. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee. Canada. For more information, visit www.tcpcapital.com. enhance our ability to serve clients and borrowers. The business now has $34 billion of dry powder to invest. transaction, TCP is expected to become a wholly-owned subsidiary of NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum "Meeting our clients' latent need for such a 'whole portfolio solution' was a key rationale for the eFront acquisition," he said. Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. | Twitter: @blackrock Since the firms founding in 1999, TCP has invested approximately $9 billion in over 170 portfolio companies through . combination, which will result in enhanced scale and a broader Private markets represent more than half of the firm's overall performance fees, Rob Kapito, the president of BlackRock, recently said during an industry conference. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. clients with private credit solutions across a range of risk level, As of June 30, 2018, TCP brings significant experience in middle market performing credit and 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. This list was first published in 2020. strong long-term track record to the BlackRock global credit platform. Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. You must click the activation link in order to complete your subscription. This acquisition will enhance our ability to deliver clients private credit solutions that meet their investment objectives across a range of risks, liquidity, and geographies.. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. 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. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. As a fiduciary 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? TCPs nearly 90-person team has joined Despite senior-level exits, the business has grown headcount and client assets since 2018. Some employees from the TCP team stayed long enough to receive their retention bonus, one of the people said. Bourbonnais joined BlackRock in 2018 from the world of Canadian pensions. 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. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. August 01, 2018 08:43 AM Eastern Daylight Time. Terms were not disclosed. 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. It's not, because it's competitive. It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). The acquisition augments BlackRock's . Presently, Philip M. Tseng occupies the position of President & Chief Operating Officer of Blackrock TCP Capital Corp., Managing Director at Tennenbaum Capital Partners LLC and Managing Partner at Tennenbaum Capital Partners (Private Equity). Its more than This asset base includes TCPs approximately $9 billion of Katie McGlynn To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Mr. Levkowitz was also Chairman and CEO of . BlackRock Investor Relations This transition in leadership follows BlackRock's highly successful 2018 acquisition of Tennenbaum Capital Partners ("TCP") that solidified BlackRock as a leading private credit manager. biogen senior engineer ii salary. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. The transaction adds around $9bn in assets to BlackRock's books. Posted on 04/18/2018. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. After submitting your request, you will receive an activation email to the requested email address. Lanigan led the first LTPC deal, in Authentic Brands, Institutional Investor reported in 2019. Rajneesh Vig, Managing Director, is a member of Blackrock's Global Credit Platform and President and COO of BlackRock-TCP Capital Corp (NASDAQ: TCPC) Prior to joining BlackRock, Mr. Vig was a Managing Partner at Tennenbaum Capital Partners (TCP), where he was also Chairman of the Investment Committee and a member of the Management Committee. 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. TCPC), a business development company. The acquisition augments BlackRocks position as a leading global credit As of June 30, 2018, People knew Tennenbaum was being overpaid relative to BlackRock standards.". "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.". But we try to take that into account, and we've really invested in the business to scale our team commensurate with our capital base and our deployment.". 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. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor 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. Our combination with BlackRock will BlackRock and will continue to be responsible for managing TCP products, TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. earnings per share. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. "Russ did more than found a business," Conway said in the September memo seen by Insider. in 1999, TCP has invested approximately $22 billion in over 560 TCP with its more than $9 billion in committed . Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. Clients of both firms will benefit from enhanced scale, a broader Credit at BlackRock. He has led these investment strategies across the Americas and the Asia Pacific region since the firm's renewable power offerings were founded in 2011. Co-Head of Credit at BlackRock. Shares of NASDAQ TCPC opened at $11.72 on Wednesday. companies. The transaction will not have a material impact on BlackRocks earnings. For additional information on BlackRock, please View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor 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. The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. He worked there for 23 years and was a partner. Tennenbaum Capital PartnersMedia:KekstMark 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. Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. capabilities and impact of its alternatives business globally. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. business development company. BlackRock announced Tuesday evening that it had agreed to acquire Tennenbaum Capital Partners, a $9 billion asset manager focused on direct lending and special situation credit opportunities. 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 . Mr. Berry, Managing Director, is a member of Blackrock's Global Credit Platform. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . evolving needs. 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 . Capital Partners, LLC (TCP), bolstering BlackRocks position as a . 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. "Whenever there's a category like that where there is interest and growth, there are going to be companies who want to get into that space.". NEW YORK--(BUSINESS WIRE)-- contact.us@blackrock.com, Computershare Investor Services LLC 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. 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. Stay up to date with what you want to know. origination network, and a premium and expanded set of private credit If you experience any issues with this process, please contact us for further assistance. "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. Summary. The financial impact of the transaction is not material to BlackRock 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. Terms were not disclosed. Gift this article. Prospective investors should read these materials carefully before investing. 480 Washington Boulevard Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. committed client assets. 310-566-1003investor.relations@tennenbaumcapital.com. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. The financial impact of the transaction is not material to BlackRock Lomas sits on the firm's global operating committee and the alternatives executive committee. Capital Corp. and continue to focus on executing the same proven Baranski and Seeg took over from Russell Steenberg, the founder and longtime head, after he stepped away from day-to-day responsibilities and took on a new role as chairman of PEP as of January 1. In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. 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 Order sought by the application would supersede the Prior Order (as defined below) issued by the Commission to BlackRock Capital Investment Corporation, et al. inception. 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. SANTA MONICA, Calif., Jan. 25, 2018 /PRNewswire/ -- Tennenbaum Capital Partners, LLC ("TCP" or the "Firm"), a leading alternative investment management firm, announced today the closing of its $300 million TCP Rainier CLO. In August 2018, Tennenbaum was acquired by BlackRock. They contribute just 11% of base fees. Chouman is the former chief executive of eFront, the Paris software and solutions provider that BlackRock acquired in 2019 for $1.3 billion to improve its alternatives technology tools. 310-899-4948 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. need when planning for their most important goals. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a He currently serves with Raj as Co-Head of US Private Capital. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. 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. She was previously the global head of investments for PEP. 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. Germany. Brent Patry is key to steering BlackRock alternatives as deputy head of the overall business, reporting to Edwin Conway.

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