You kind of have to stick out," the person said. Smith joined the firm in 2004 and was named co-head of the business alongside the group's cofounder Bryan White in 2015, Bloomberg News reported at the time. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. TCP brings significant experience in middle market performing credit and special situations . (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 . Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. "It's not to say that the private credit market is easy to manage talent. 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. has demonstrated strong performance over nearly two decades. acquisition of Tennenbaum Capital Partners. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. His appointment was seen as another move to bulk up BlackRock's alternatives business. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. Levkowitz, Philip Tseng, and Rajneesh Vig). Together, BlackRock and TCP expect to offer clients the firm managed approximately $6.317 trillion in assets on behalf of The financial impact of the transaction is not material to BlackRock BlackRock Alternative Investors. Subscriber Benefit. She was previously the global head of investments for PEP. Discovery Company profile page for Metrica Srl including technical research,competitor monitor,market trends,company profile& stock symbol She is a graduate of Arizona State University where she earned a B.S. That is the ultimate validation, or not, of success performance and fundraising," Vig said. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. For more information, please He is also on the board of California Science Center Foundation. Tennenbaum Capital Partners, LLC (TCP) is a leading multi-strategy alternative investment management firm focused primarily on credit opportunities. In 2020, Michael Leitner, a managing director responsible for co-leading direct lending and special situations strategies, left. 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. 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. A key element of the transaction is the continuity of TCPs successful senior management team, including all five partners (Lee Landrum, Michael Leitner, Howard Levkowitz, Philip Tseng, and Rajneesh Vig). The transaction adds around $9bn in assets to BlackRock's books. 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. portfolio allocation and risk, said David Blumer, Global Head of For additional information on BlackRock, please We are (800) 903-8567, BlackRock Completes Acquisition of Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180801005501/en/. Weldon is based in London. . Our thought leadership in investing, risk management, portfolio construction and trading solutions. capabilities. He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. https://www.businesswire.com/news/home/20210601006057/en/, BlackRock TCP Capital Corp. TCP manages funds and accounts on behalf of global institutional investors. Previously, she was Head of Client Solutions at Two Sigma Advisors. will be the premier business of its kind., We are focused on building a private credit business that seizes on . Edwin Conway oversees the wider alternative-investment strategy across nontraditional assets like private equity, hedge funds, and infrastructure. liquidity and geography. Raj Vig has more than 20 years of experience in the financial services industry. Despite senior-level exits, the business has grown headcount and client assets since 2018. The acquisition augments BlackRock's . development company, TCP Capital Corp. (NASDAQ:TCPC). The combined platform will merge TCPs significant experience in private With Prior to co-founding TCP in 1996, Mr. Holdsworth worked as an investment banker and in real estate. 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. 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. He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. So-called alternatives, those assets such as infrastructure and private equity meant for sophisticated investors, make up just 3% of the nearly $9 trillion of assets that BlackRock manages. committed client assets. 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. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team . 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. The acquisition augments BlackRocks position as a leading global credit This asset base includes TCPs approximately $9 billion of 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. He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. View source version on businesswire.com: https://www.businesswire.com/news/home/20180417006773/en/, For BlackRockMedia:Tara Terms were not disclosed. When typing in this field, a list of search results will appear and be automatically updated as you type. 2. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. This is TCP's third CLO issuance in the past 12 months. BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. Read more Show less. Lomas sits on the firm's global operating committee and the alternatives executive committee. August 01, 2018 08:43 AM Eastern Daylight Time. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor Capital Corp., said, We are excited about the growth opportunities for Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. At BlackRock Inc., we promise to treat your data with respect and will not share your information with any third party. TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. He joined BlackRock in 2019 from the Abu Dhabi Investment Authority, the sovereign wealth fund giant, where he was head of private equities for the Americas. "Our aim is to be the clear global leader," Conway said in the memo. in-demand moment for the private credit market, big traditional asset managers are going after. Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC 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. Since then, however, more than a dozen professionals have left the 35-person investment team that joined from Los Angeles-based TCP, Insider has learned. 80-person team, which will join BlackRock as part of the transaction, Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. 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. Another person said: "BlackRock doesn't pay that well. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. The 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. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. "We talk to our managers and management teams about looking into the future how we can also introduce them to our credit teams, to get access to the debt markets. Strengthens BlackRock's credit platform to provide more diverse range of solutions for clients Complementary acquisition assures continuity of TCP leadership, strategy, and products. In connection with the transaction, the Company's name was changed from TCP Capital Corp. to BlackRock TCP . 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. Around 90 TCP employees will migrate to BlackRock as part of the deal and retain management of TCP products, including the investments of business development company TCP Capital. TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Description. Russell Steenberg built what would become BlackRock's original alternative asset offering when, in 1999, he joined Merrill Lynch's asset management business to build its private equity unit. 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. He cofounded the event-driven fund there. Giordano reports to Anne Valentine Andrews. 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. Howard Levkowitz, a Managing Partner of TCP and Chairman and CEO of TCP Capital Corp., said, We are excited about the growth opportunities for our business as we continue to employ the successful strategy we pioneered nearly two decades ago. investors worldwide. (800) 903-8567, BlackRock, Inc. to Acquire Private Credit Manager Tennenbaum Capital Partners, https://www.businesswire.com/news/home/20180417006773/en/. "So we understand that there could be normative attrition and churn. 55 East 52nd Street contact.us@blackrock.com, Computershare Investor Services LLC Baranski has been there, virtually, since the beginning she said in an interview last fall with SALT that she joined PEP before it closed on its first fund. Behind the firm's push: already-low fees under pressure in BlackRock's core fund business, the fast-expanding private markets, and demand from clients. Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. BlackRock.. "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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Keenan sits on several senior committees within BlackRock, including the global operating committee and the executive committee of BlackRock Alternatives. investment strategies and process as they have since TCP Capital Corp.s After submitting your request, you will receive an activation email to the requested email address. Prior to TCP, he managed various departments of a major investment bank. Senior-level members of the TCP investment team, at the principal level and above, were offered four- or five-year retention packages, one of the former BlackRock employees told Insider. This transition in leadership follows BlackRocks highly successful 2018 acquisition of Tennenbaum Capital Partners (TCP) that solidified BlackRock as a leading private credit manager. We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. "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. 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. credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks investment talent and a strong long-term track record at a time when 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. Before Morgan Stanley, she was a director at Macquarie. Meanwhile last year BlackRock fired the former co-heads of secondaries and liquidity solutions, along with a third managing director, after they said they planned to leave for Apollo Global Management together, Bloomberg reported. BlackRock and will continue to be responsible for managing TCP products, Is this a year of opportunity for investments in China? The acquisition is the next step in BlackRocks efforts to expand its capabilities. TCP brings significant experience in middle market performing credit and Howard Levkowitz, Chairman and CEO of BlackRock TCP Capital Corp. said, Im pleased to announce the well-deserved promotion of Raj Vig and appointment of Phil Tseng. investor.relations@tcpcapital.com. investment objectives across a range of risks, liquidity, and plans and augments our position as a leading credit asset manager. 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.
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