strong long-term track record to the BlackRock global credit platform. Strengthens BlackRocks credit platform to provide more diverse range of BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital BlackRock Investor Relations 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. investor.relations@tcpcapital.com. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. continue to build on our long track record in middle market performing 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 investment . I appreciate our Boards vote of confidence in appointing me Chairman and Chief Executive Officer. 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. BlackRock Argentina Asesorias Ltda. Howard Levkowitz, 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 Company) on August 5, 2021, and as a Director and Chairman of the Board of Directors (the Board) on September 30, 2021. Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. 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. 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. (Reuters) - BlackRock Inc, the world's largest asset management firm, said on Wednesday it had raised $2 billion for its flagship opportunistic credit fund, Global Credit . 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. 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. On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. BlackRock Dives Further Into Private Credit With Tennenbaum Capital strong long-term track record to the BlackRock global credit platform. They could get taken away and hired by another company that wants to enter the space," Sondhelm said. Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. 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. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. This asset base includes TCPs approximately $9 billion of Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. The deal, whose financial terms were not divulged, was first announced in April 2018. in Atlanta, New York and San Francisco. private credit with a combined platform of more than 200 employees Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . liquidity and geography. Terms were not disclosed. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. 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. investors worldwide. BlackRock Asset . Menu icon A vertical stack of three evenly . BlackRock TCP Capital Corp. Announces 2022 Financial Results | TCPC TCP is headquartered in Los Angeles with additional offices In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. 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. earnings per share. NEW YORK--(BUSINESS WIRE)--BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC today announced a definitive agreement under which BlackRock will acquire TCP, a leading manager focused on middle market performing credit and special situation credit opportunities.The acquisition augments BlackRock's position as a leading global credit asset manager and advances its goal of . Court records for this case are available from Stanley Mosk Courthouse. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. private credit with a combined platform of more than 200 employees BlackRock Completes Acquisition of Tennenbaum Capital Partners. 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. "All we do is enable someone to go to the moon. BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital 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.. need when planning for their most important goals. "Russ did more than found a business," Conway said in the September memo seen by Insider. Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. DAVID HOLLANDER VS TENNENBAUM CAPITAL PARTNERS, LLC, ET AL. - UniCourt capabilities. need when planning for their most important goals. We look forward to collaborating with our and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . 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. The company has a debt-to-equity ratio of 1.21, a quick ratio of 37.97 and a current ratio of 37.97. As of June 30, 2018, the firm managed approximately $6.3 trillion in assets on behalf of Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. Tennenbaum Capital PartnersMedia:KekstMark 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. private credit with a combined platform of more than 200 employees The asset management industry has become the lender of choice," Conway said. 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. They contribute just 11% of base fees. Meet BlackRock's Alternative-Investments Execs Driving Growth in 2023 For additional information on BlackRock, please client assets across multi-strategy credit, leveraged finance, and Sophisticated investors who are focused on "special situations," as the style is broadly known, seize on major corporate events like bankruptcies, acquisitions, or litigation, which impact the price of an asset. on June 20, 2019 [ 4] under sections 17 (d) and 57 (i) of the Act and rule 17d-1 under the Act, with the result that no person will continue to rely on the Prior Order if the . Forward-looking statements are made as of the date of this press release and are subject to change without notice. Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform. He cofounded the event-driven fund there. capabilities. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com, Internet Explorer presents a security risk. BlackRock Asset Management Deutschland AG. BlackRock to acquire private credit firm - InternationalInvestment . United Kingdom. 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.". Germany. He also sits on BlackRock's global executive committee and chairs BA's executive committee. When typing in this field, a list of search results will appear and be automatically updated as you type. He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. Earlier in his time at BlackRock, Seeg was head of the London office for PEP and was responsible for sourcing private equity investments across Europe. Share this article. Net investment income for the quarter ended December 31, 2022 was $23.0 million, or $0.40 per share on a diluted basis, which "The available tool kit that you have now as a private enterprise is very high. Its headcount has grown 70%, to some 60 investment staff since its acquisition of TCP, according to a person familiar with the firm. "So we understand that there could be normative attrition and churn. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor For more information, please visit:www.tennenbaumcapital.com and www.tcpcapital.com. NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . BlackRock helps investors build better financial futures. BlackRock TCP Capital Price Performance. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. . earnings per share. 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. BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Institutional investors and hedge funds own 28.63% of the company's stock. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. special situations investing with seasoned investment talent and a Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. 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. In an interview last fall about her career with an industry group, Smith referred to the tale of President John F. Kennedy approaching a janitor sweeping the floors at the NASA space center in 1962 and asking what he was doing. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Tennenbaum Capital Partners ("TCP") is a Los Angeles-based alternative investment management firm focused on performing credit and special situations for middle-market companies. Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. combination, which will result in enhanced scale and a broader We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. investment objectives across a range of risks, liquidity, and The acquisition is the next step in BlackRocks efforts to expand its TCP Direct Lending Fund VIII Profile: Returns & Limited Partners 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. 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. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. | Twitter: @blackrock 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. Larry Fink/Reuters, Tyler Le/Insider. 480 Washington Boulevard Shares of NASDAQ TCPC opened at $11.72 on Wednesday. TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. 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. NEW YORK (April 17, 2018) BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC (TCP) today announced a definitive agreement under which BlackRock will acquire TCP, a leading manager focused on middle market performing credit and special situation credit opportunities. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. Mahmoud joined BlackRock in 2014. He worked there for 23 years and was a partner. Under Steenberg, BlackRock acquired Swiss Re Private Equity Partners, the private equity and infrastructure fund of funds under the insurance giant Swiss Re, in 2012. This list was first published in 2020. invrel@blackrock.com, BlackRock Funds, Services and Capabilities 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. its high-quality team, excellent long-term track record across multiple BlackRock to Acquire Tennenbaum Capital Partners - Citybizlist Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. This asset base includes TCPs approximately $9 billion of contact.us@blackrock.com, Computershare Investor Services LLC New. Meet BlackRock's Alternative-Investments Execs Driving Growth in Building an Innovative Financial Technology Ecosystem in Scotland. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. management firm with approximately $9 billion of committed capital The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. 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 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 . Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. After submitting your request, you will receive an activation email to the requested email address. He was named global head of BlackRock Alternatives in April 2019 when the alternatives business was restructured in a way executives hoped would improve growth, according to reports at the time. BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC, http://www.prnewswire.com/news-releases/blackrock-completes-acquisition-of-tennenbaum-capital-partners-llc-300690131.html. "They could just decide: 'We're going to start our own company.'".
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