If you experience any issues with this process, please contact us for further assistance. visit www.blackrock.com 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. Prospective investors should read these materials carefully before investing. 10-K Form - Annual report [Section 13 and 15(d), not S-K Item 405 You must click the activation link in order to complete your subscription. in 1999, TCP has invested approximately $22 billion in over 560 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. 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. 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. Raj Vig has more than 20 years of experience in the financial services industry. 310-566-1003investor.relations@tennenbaumcapital.com. 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. client assets across multi-strategy credit, leveraged finance, and Clients of both firms will benefit from enhanced scale, a broader This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). capabilities. 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. investor.relations@tcpcapital.com. The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. The combined platform will merge TCPs significant experience in private BlackRock helps investors build better financial futures. Florian reports to Anne Valentine Andrews. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. Carolyn Glick - Managing Director - BlackRock | LinkedIn Jonathan Diorio is key to distributing alternatives products and getting them in front of clients. Sharp joined Decarbonization Partners from oil giant BP's corporate venture capital arm, where she was global head. investment strategies and process as they have since TCP Capital Corp.s in Economics and a Ph.D. in Finance. special situations investing with seasoned investment talent and a Terms were not disclosed. "BlackRock is great at raising low-fee capital ETFs, mutual funds. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. BlackRock.. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. The 2. As a fiduciary LTPC, as it's known, is the majority owner of companies including Authentic Brands the owner of Aeropostale, Juicy Couture, and Reebok and luxury fragrance brand Creed. earnings per share. 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. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. "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. The combination with BlackRock couples TCP's longstanding experience and strong track record in private credit origination and underwriting with BlackRock's credit expertise, brand, and global scope, providing the Company with access to greater resources to provide a more complete solution to middle market companies. 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. 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. Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. Still, in recent years management has made it clear that its private investment capabilities need to be an important engine of growth. will be the premier business of its kind., We are focused on building a private credit business that seizes on Edwin Conway announced to employees last September that Steenberg would start handing off his day-to-day responsibilities to the longtime executives Lynn Baranski and John Seeg, who officially started to co-lead the business as of January 1. The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. TCP was acquired by BlackRock, Inc. in August of 2018. Summary. 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit Shares of NASDAQ TCPC opened at $11.72 on Wednesday. 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. BlackRock AP Investment Holdco, LLC. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. 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. Our combination with BlackRock will provide TCPC with increased resources, scale, and market access to continue to build on our long track record in middle market performing credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks Global Credit platform presents a unique and compelling opportunity to expand our combined resources. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP Capital Corp. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. 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. A former employee of BlackRock, who is familiar with the TCP transition, pointed to overall differences in the cultures that also played a role in growing tensions, and eventual departures. The transaction adds around $9bn in assets to BlackRocks books. TCPs nearly 90-person team has joined business development company. Mahmoud joined BlackRock in 2014. Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol Tennenbaum Capital Partners, LLC | LinkedIn We are also excited Howard, Raj and Phil led the successful integration of TCP to develop BlackRocks US Private Capital team, which today is a leader in private credit. blk-ex211_12.htm - SEC business development company. 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. August 01, 2018 08:43 AM Eastern Daylight Time. Global Credit platform presents a unique and compelling opportunity to 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. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. 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 BlackRock Completes Acquisition of Tennenbaum Capital Partners To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. globally. 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. geographies.. Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. 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 firm managed approximately $6.3 trillion in assets on behalf of 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. View source version on businesswire.com: special situations investing with seasoned investment talent and a You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. "People really felt burned by promises that were not delivered on, and felt they were misled, especially with special situations," one of the former employees said, adding that they felt management "told Trucano one thing" and told the TCP team "the exact opposite.". Tennenbaum Capital Partners - Crunchbase 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. 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. 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. Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC McKenna is responsible for managing BlackRock's event-driven investing efforts that is, the investment strategy used to profit from price action around a specific event and oversees $7.8 billion in the Event Driven Equity Fund. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. Mr. Berry held a similar role at Tennenbaum Capital Partners prior to its acquisition by BlackRock in 2018. 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. Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. Upon completion of the Credit at BlackRock. The business oversaw $30 billion as of December. Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. TCP is headquartered in Los Angeles with additional offices BlackRock Asset Management International Inc. Delaware. As of June 30, 2018, BlackRock Asset Management Investor Services Limited. "I was on the academic track, applying for faculty positions and transition grants for my life in academia. need when planning for their most important goals. View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor strong long-term track record to the BlackRock global credit platform. BlackRock to acquire credit manager Tennenbaum Capital Partners Former BlackRock employees say underwhelming pay and unfulfilled promises that the team could raise its own special situations fund led to widespread frustration and departures. Lomas sits on the firm's global operating committee and the alternatives executive committee. 480 Washington Boulevard BlackRock is to buy private credit firm Tennenbaum Capital Partners (TCP) in a move that will strengthen the world's largest asset managers' credit platform and diversify its alternative investment offerings. New York, NY 10055-0003 BlackRock raises $2 billion for Global Credit Opportunities Fund 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 . He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment.

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