Global Mergers and Acquisitions (M&A) Deals in the In UK IFAs, Investment Managers, & Platforms, Craven Street Wealth snaps up London-based Bernard Barrett Associates, Credit Suisse targets rich Asian clients with higher deposit rates. Dan Sondhelm, CEO and founder of Sondhelm Partners, an asset-management consulting firm, said that given how hot the private credit market is right now, deal-hungry firms may run the risk of not being able to hold onto investment talent for long especially once retention packages time out. "They could just decide: 'We're going to start our own company.'". 10-K Form - Annual report [Section 13 and 15(d), not S-K Item 405 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. New. 0; 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 . If you experience any issues with this process, please contact us for further assistance. Capital Corp. and continue to focus on executing the same proven 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. capabilities. PDF BlackRock Capital Investment Corporation, et al. - SEC The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform. The business now has $34 billion of dry powder to invest. He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. 480 Washington Boulevard McKenna also worked at Caxton Associates and Citigroup. TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. The combined platform will merge TCPs significant experience in private performing credit and special situations investing with BlackRocks global scale, industry expertise, and portfolio and risk management capabilities. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. The fund is located in Santa Monica, California and invests in the United States. Jim Keenan, a longtime BlackRock executive, has led the firm's credit platform since 2006. TCP is based in Los Angeles and has approximately $9 billion of earnings. 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. Prospective investors should read these materials carefully before investing. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. [email protected], BlackRock Funds, Services and Capabilities (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. 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). The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. 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. BlackRock to acquire Tennenbaum Capital Partners LLC BlackRock Completes Acquisition of Tennenbaum Capital Partners "I've always been a builder of teams and a builder of businesses," he told the podcast Capital Allocators in 2019. Net investment income for the quarter ended December 31, 2022 was $23.0 million, or $0.40 per share on a diluted basis, which Before she became the investment chief of the group, she served as a senior portfolio manager and primary deputy to the group's former investment boss. Media:Farrell Denby, [email protected] Capital Partners, LLC (TCP), bolstering BlackRocks position as a Semer, 212-521-4800orFinancial ProfilesMoira Conlon, This is TCP's third CLO issuance in the past 12 months. leading global credit manager and enhancing its ability to provide 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. credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks 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. 'The acquisition is the next step in BlackRock's efforts to expand its capabilities and impact of its alternatives business . Shares of NASDAQ TCPC opened at $11.72 on Wednesday. Chan joined BlackRock in 2012 and cofounded the group a year later. Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. The capital-markets executive Brent Patry's role was expanded last fall to include the role of deputy head of alternatives. TCP manages funds and accounts on behalf of global BlackRock declined to comment on the former employees' assertion. Cloud in Banking & Payments Filings Trends Q3 2022, Whos saying what? 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. 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. BlackRock to acquire private credit firm - InternationalInvestment "Russ did more than found a business," Conway said in the September memo seen by Insider. "It's not to say that the private credit market is easy to manage talent. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the "Company") announced today that BlackRock, Inc. (NYSE: BLK) ("BlackRock . BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Tennenbaum Capital Partners Portfolio Investments, Tennenbaum Capital NEW YORK--(BUSINESS WIRE)-- Metrica Srl:Acquisition,Acquisition Analysis & Reports - Discovery 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. BlackRock said when it acquired TCP that a "key element" of the deal was TCP's senior management team including Leitner, Levkowitz, Tseng, and Vig sticking around. BlackRock Bolsters Global Credit Business with Acquisition of TCP By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. BlackRock Asset Management Investor Services Limited. earnings per share. Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. pioneered nearly two decades ago. Menu icon A vertical stack of three evenly . BlackRock Asset Management Deutschland AG. Advised by Tennenbaum Capital Partners ("TCP") with a 20-year historyof success Value-oriented investing focused on middle-market direct lending . BlackRock to buy Tennenbaum Capital; five partners to stay on board 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. The business oversaw $30 billion as of December. Since co-founding TCP more than two decades ago, Howard has built a culture of strong investment performance. BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Tennenbaum Capital Partners Fund Manager Profile | Preqin He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. TCP brings significant experience in middle market performing credit and special situations . BlackRock Completes Acquisition of Tennenbaum Capital Partners, LLC BlackRock Alternative Investors. 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. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. BlackRock TCP Capital Corp. (TCPC) - Yahoo! Our thought leadership in investing, risk management, portfolio construction and trading solutions. globally. The business builds "bespoke customized exposure for clients through hedge-fund exposure," Edwin Conway said of the group during an industry conference in 2020. Read more Show less. Prospective investors should read these materials carefully before investing. diversification are increasingly turning to private credit where both strong long-term track record to the BlackRock global credit platform. Upon completion of the Raj Vig has more than 20 years of experience in the financial services industry. US asset management giant BlackRock is set to purchase Los Angeles-based boutique Tennenbaum Capital Partners, focused on middle market performing credit and special. Canada. Media:Farrell Denby, [email protected] Howard will serve as Chairman of BlackRocks US Private Capital business until the end of the year. Posted on 04/18/2018. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). A key element of business development company. BlackRock helps investors build better financial futures. Tennenbaum is a manager focused on middle market performing credit and special situation credit opportunities. BlackRock raises $2 billion for Global Credit Opportunities Fund Menu icon A vertical stack of three evenly . BlackRock and will continue to be responsible for managing TCP products, View source version on businesswire.com: 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. 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. Florian reports to Anne Valentine Andrews. need when planning for their most important goals. 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. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. BlackRock AP Investment Holdco, LLC. In August 2018, Tennenbaum was acquired by BlackRock. TCP is based in Los Angeles and has approximately $9 billion of committed client capital as of December 31, 2017. BlackRock to Acquire Tennenbaum Capital Partners - Citybizlist Forward-looking statements are made as of the date of this press release and are subject to change without notice. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the Risk Factors section of the Companys Form 10-K for the year ended December 31, 2020, and the Companys subsequent periodic filings with the SEC. Now, Baranski uses the size and range of what BlackRock offers as part of her team's pitch. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. You can sign up for additional alert options at any time. 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 . "There are other opportunities right now. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. The transaction adds around $9bn in assets to BlackRocks books. special situations investing with seasoned investment talent and a Meet BlackRock's Alternative-Investments Execs Driving Growth in 2023 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. He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. 55 East 52nd Street After submitting your request, you will receive an activation email to the requested email address. "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. 5 Competitive Advantages of BlackRock Global Credit Expertise $105 billion(1) in AUM across credit As a fiduciary Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. They contribute just 11% of base fees. Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. "When you join a big company like BlackRock, it's just a lot more political. 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 leading alternative investment manager. Our combination with BlackRock will NEW YORK--(BUSINESS WIRE)-- The acquisition of TCP accelerates our growth Colm Lanigan plays a key role in steering BlackRock's Long Term Private Capital strategy. It's not, because it's competitive. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. "All we do is enable someone to go to the moon. He was previously responsible for the institutional client business, or ICB, for Europe, the Middle East, and Africa and was global head of the ICB's financial institutions group. 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. Building an Innovative Financial Technology Ecosystem in Scotland. will be the premier business of its kind., We are focused on building a private credit business that seizes on Giordano reports to Anne Valentine Andrews. TCPCs investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. 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. "Notably, our leverage remains relatively modest, and we have ample room to take advantage of the current attractive market conditions for deployment. evolving needs. | LinkedIn: www.linkedin.com/company/blackrock. inception. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. TCP brings significant experience in middle market performing credit and 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 leading alternative investment manager. 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. Sign up for notifications from Insider! 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. Capital Partners, LLC (TCP), bolstering BlackRocks position as a There is a lot more capital coming into this space," Tseng told Insider. Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Other senior departures who did not join BlackRock through the TCP deal included Michael Zugay, former head of US private capital; Alex Dashiell, a former managing director in USPC and a member of its investment committee; and Aaron Kless, former head of USPC investment strategies.