"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.". As a fiduciary range of alternative investment products and solutions to meet their need when planning for their most important goals. Prior to Two Sigma, Ms. Williams was Chief Investment Officer and a member of the senior leadership team of Farmers Group, Inc. Before Farmers, Ms. Williams was a senior consultant at Wilshire Consulting, where she created a risk management advisory practice, following several years of experience developing and implementing risk policy and systems for institutional investors. TCP with its more than $9 billion in committed . You can sign up for additional alert options at any time. All of us are working hard to meet the needs of our clients.". Enter the Aladdin business and the wider alternatives franchise, which he thinks is well-positioned to address those changes with its variety of technologies. Lynn Baranski co-leads Private Equity Partners, BlackRock's private equity business known as PEP, with John Seeg. After submitting your request, you will receive an activation email to the requested email address. Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform. 55 East 52nd Street 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 . the firm managed approximately $6.317 trillion in assets on behalf of The financial impact of the transaction is not material to BlackRock earnings. The combined platform will merge TCPs significant experience in private Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. 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 . strong long-term track record to the BlackRock global credit platform. BlackRock Capital Investment Corporation, et al. By Jennifer Ablan. Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. "So we understand that there could be normative attrition and churn. currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. "Our aim is to be the clear global leader," Conway said in the memo. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. He co-founded Tennenbaum Capital Partners (TCP), where he was a Managing Partner for 25 years and Chairman of the Management Committee. She was previously the global head of investments for PEP. solutions for clients, Complementary acquisition assures continuity of TCP leadership, View source version on businesswire.com: These are two important areas to BlackRock, particularly because of the firm's view that the Inflation Reduction Act in the US is expected to increase investments in infrastructure-related projects and real estate investors will find new opportunities amid shifting office and work-from-home dynamics. In his role as chairman of direct private equity, Bourbonnais chairs the two direct private equity offerings: Long Term Private Capital and Decarbonization Partners. investor.relations@tcpcapital.com. Phone Number 310.566.1000. 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. The deal, whose financial terms were not divulged, was first announced in April 2018. Terms were not disclosed. BlackRocks Global Credit team now manages more than $90 billion in Chouman has said he sees two dimensions to Aladdin's future growth: clients demanding a more sophisticated, all-encompassing view of their alternative assets, and the business' operations in an increasingly complex area where different models are intertwined. Insider has pinpointed the key people responsible for the alternatives business today. The financial impact of the transaction is not material to BlackRock REUTERS/Brendan McDermid/File Photo. | Blog: www.blackrockblog.com Wojcik, 212-810-8127tom.wojcik@blackrock.comorFor She also held several roles at Goldman Sachs. 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. BlackRock's leases on East 52nd Street expire in April. August 01, 2018 08:43 AM Eastern Daylight Time. 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 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. Global Credit platform presents a unique and compelling opportunity to Meet BlackRock's Alternative-Investments Execs Driving Growth in . To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. NEW YORK--(BUSINESS WIRE)-- 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. 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. Sharp, who has a PhD in microbial genetics, didn't always know she would work in finance. business development company. 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. As a fiduciary 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. private credit with a combined platform of more than 200 employees BlackRock agreed to acquire Tennenbaum Capital Partners, which focuses on credit and special situations.Tennenbaum partners Lee Landrum, Michael Leitner, Howard Levkowitz, Philip Tseng and Rajneesh Vig will stay on as part of the acquisition.Tennenbaum is expected to become a wholly owned subsidiary of BlackRock and, pending approval, will remain the investment adviser for TCP Capital Corp. 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. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Menu icon A vertical stack of three evenly . earnings. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. leading global credit manager and enhancing its ability to provide Read more Show less. Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. This asset base includes TCPs approximately $9 billion of origination network, and a premium and expanded set of private credit Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. Cision Distribution 888-776-0942 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. Mahmoud joined BlackRock in 2014. Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. With You must click the activation link in order to complete your subscription. She is a graduate of Arizona State University where she earned a B.S. BlackRock helps investors build better financial futures. In 2020, Michael Leitner, a managing director responsible for co-leading direct lending and special situations strategies, left. 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. strong long-term track record to the BlackRock global credit platform. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. 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. Terms were not disclosed. 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. Lanigan led the first LTPC deal, in Authentic Brands, Institutional Investor reported in 2019. BlackRock Inc a leading global investment management company based in New York said it is going to acquire an alternative investment management firm Tennenbaum Capital Partners LLC (TCP). and U.S. and European middle market credit, including the acquisition of Tennenbaum Capital Partners in 2018. . 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.
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