tennenbaum capital partners acquired by blackrock

Clients of both firms will benefit from enhanced scale, a broader Larry Fink/Reuters, Tyler Le/Insider. Edmentum (edmentum.com), a global education leader and a pioneer in online teaching and learning solutions, has raised $25 million in incremental financing from New Mountain Finance Corporation and Tennenbaum Capital Partners.The financing will allow the extension of the company's debt maturity and comes at a time of escalating growth, perpetuated by well-performing Edmentum programs under . Apr 17, 2018, 07:40 ET. With capabilities and impact of its alternatives business globally. 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. The financial impact of the transaction is not material to BlackRock 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. As the story goes, the janitor responded: "I'm helping put a man on the moon. 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. This transition in leadership follows BlackRock's highly successful 2018 acquisition of Tennenbaum Capital Partners ("TCP") that solidified BlackRock as a leading private credit manager. He is an investment professional focused on the direct lending and special situations credit strategies. 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. Our thought leadership in investing, risk management, portfolio construction and trading solutions. "They could just decide: 'We're going to start our own company.'". clients with private credit solutions across a range of risk level, To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Still, through the turnover, BlackRock has continued to hire investment professionals within its US private capital team. SVOF/MM, LLC ("SVOF/MM"), Tennenbaum Opportunities Partners V, LP, Tennenbaum Opportunities Fund V, LLC, Tennenbaum Heartland Co-Invest, LP, SEB DIP Investor, LP, Special SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the 'Company') announced today that BlackRock, Inc.. Jersey City, New Jersey 07310-190 310-899-4948 Disagreements over compensation were at the heart of some employees' frustrations, according to interviews with four of the former employees. Keenan is also the interim chief executive of BlackRock Capital Investment Corporation, a business-development company that's common across private-credit investors. currently serves as the investment adviser of TCP Capital Corp. (NASDAQ: Within the alternatives business, Smith heads up BlackRock Alternative Advisors, the firm's hedge fund solutions team and fund of funds that was founded more than two decades ago. pioneered nearly two decades ago. Strengthens BlackRocks credit platform to provide more diverse range of solutions for clientsComplementary acquisition assures continuity of TCP leadership, strategy, and products. need when planning for their most important goals. Florian recently oversaw a significant fund closing. "The office of the COO is where we crystallize our strategy and how we execute day-to-day and in the longer term," Conway said in a memo to staff announcing Smith's appointment in 2021, Insider previously reported. 0; New. As BlackRock faces fee pressure on traditional funds, it's prioritizing high-fee alternative assets. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. The transaction will not have a material impact on BlackRocks earnings. companies. 2018, is subject to customary regulatory and closing conditions. 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. 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. 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 NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum the firm managed approximately $6.3 trillion in assets on behalf of The team builds actively managed portfolios for clients who want diversified exposure to private-market investments. As a fiduciary police officer relieved of duty. The deal, whose financial terms were not divulged, was first announced in April 2018. TCPs nearly 90-person team has joined NEW YORK-- ( BUSINESS WIRE )--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC ("TCP"), bolstering . "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.". The asset management industry has become the lender of choice," Conway said. 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 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. I am especially proud that we have attracted and developed a deep bench of first-class investment talent that allows for this smooth transition.. In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. BlackRock declined to comment on the former employees' assertion. 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. BlackRock is continuing to push aggressively into alternative assets beyond the traditional funds it's best known for. | Twitter: @blackrock 310-622-8220orInvestors:Katie McGlynn, For more information, visit www.tcpcapital.com. Previously, she was Head of Client Solutions at Two Sigma Advisors. Fri 05 Feb, 2021 - 10:32 AM ET. visit: www.tennenbaumcapital.com BlackRock Asset . He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. BlackRock executives said in a memo announcing McKenna's appointment in 2014 that there were still many untapped opportunities in the hedge fund space, like event-driven investing, Bloomberg reported at the time. origination network, and a premium and expanded set of private credit Keenan joined the firm in 2004 and previously worked alongside Tim O'Hara, who left for Wells Fargo last year. Raj Vig, President and Chief Operating Officer of BlackRock TCP Capital Corp. said, I am grateful to have had the privilege of working alongside Howard Levkowitz for many years. David Lomas runs what is known as BAS the BlackRock Alternatives Specialists group, which works alongside investment teams to market and sell alternative assets. Pam Chan oversees the investment management of portfolios within the Alternative Solutions Group, BlackRock's multi-alternative portfolio-management team. private credit with a combined platform of more than 200 employees acquire TCP, a leading manager focused on middle market performing The acquisition augments BlackRocks position as a leading global credit private credit with a combined platform of more than 200 employees 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. The acquisition is the next step in BlackRocks efforts to expand its The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. Relations:Tom Wojcik, 212-810-8127Tom.Wojcik@BlackRock.com. "When you join a big company like BlackRock, it's just a lot more political. Phil joined TCP in 2004 and was as a managing partner prior to the BlackRock acquisition. 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. private credit with a combined platform of more than 200 employees Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. The acquisition of TCP accelerates our growth BlackRock TCP Capital is an externally-managed BDC that was formed after the well-known asset manager BlackRock ( BLK) acquired Tennenbaum Capital Partners LLC. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. clients are increasingly turning to private credit as a higher-yielding He is also global head of BlackRock's capital markets group, known as BCM, which includes alternatives co-investing and private sourcing and origination. solutions for clients, Complementary acquisition assures continuity of TCP leadership, You can sign up for additional alert options at any time. For additional information on BlackRock, please visitwww.blackrock.com/corporate. 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. Prospective investors should read these materials carefully before investing. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. Karyn L. Williams Named Independent Director of BlackRock TCP Capital Corp. 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. a premium and expanded set of private credit investment opportunities. ability to deliver clients private credit solutions that meet their risk spectrums and market cycles, said James Keenan, Global Co-Head of Shares of NASDAQ TCPC opened at $11.72 on Wednesday. globally. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Together, BlackRock and TCP expect to offer clients a premium and expanded set of private credit investment opportunities. 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. portfolio allocation and risk, said David Blumer, Global Head of (212) 810-5300, BlackRock Inc. (NYSE:BLK) To bolster that growth, BlackRock acquired the small private credit firm Tennenbaum Capital Partners, or TCP, 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. For BlackRock Media: Tara McDonnell (212) 810-5337 tara.mcdonnell@blackrock.com, Investors:Tom Wojcik (212) 810-8127 tom.wojcik@blackrock.com, For Tennenbaum Capital PartnersMedia: Mark Semer Kekst (212) 521-4800, Moira Conlon Financial Profiles(310) 622-8220, Investors:Katie McGlynn (310) 566-1003 investor.relations@tennenbaumcapital.com, BlackRocks purpose is to help more and more people experience financial well-being. The business now has $34 billion of dry powder to invest. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. BlackRock's $318 billion alternative-investments business is key to the money manager's future. He began his career at UBS Investment Bank's Growth . Its more than The exodus of talent in recent years from both the TCP team and the wider private credit platform some of whom left for large alternative asset managers like Apollo and Ares comes at a highly competitive and in-demand moment for the private credit market. By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. The transaction, which is expected to close in the third quarter of 2018, is subject to customary regulatory and closing conditions. He has a background that's unexpected in the world of high finance. US asset management giant BlackRock is set to purchase Los Angeles-based boutique Tennenbaum Capital Partners, focused on middle market performing credit and special. 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. 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. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. invrel@blackrock.com, BlackRock Funds, Services and Capabilities from 8 AM - 9 PM ET. She is a graduate of Arizona State University where she earned a B.S. Tim O'Hara, then BlackRock's global co-head of credit, helped oversee the TCP acquisition. Share this article. Mr. Berry held a similar role at Tennenbaum Capital Partners prior to its acquisition by BlackRock in 2018. We are liquidity and geography. | Twitter: @blackrock 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. You kind of have to stick out," the person said. TCP Direct Lending Fund VIII is a direct lending fund managed by Tennenbaum Capital Partners. SANTA MONICA, Calif., Aug. 1, 2018 /PRNewswire/ -- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (the "Company") announced today that BlackRock, Inc. (NYSE: BLK) ("BlackRock . Capital Partners, LLC (TCP), bolstering BlackRocks position as a business development company. 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. 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.". committed client assets. provide TCPC with increased resources, scale, and market access to The acquisition is the next step in BlackRocks efforts to expand its capabilities and impact of its alternatives business globally. 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 . When typing in this field, a list of search results will appear and be automatically updated as you type. Giordano previously worked at Babcock & Brown on its infrastructure team and what is now the FPL Group subsidiary NextEra Energy Resources. Having worked closely with Raj Vig over the years as TCPCs President and COO, we have tremendous confidence in Raj to build upon TCPCs success.. Read more Show less. He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. For additional information on BlackRock, please The stakes are high. business development company. to our clients, we provide the investment and technology solutions they 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. Germany. August 01, 2018 08:43 AM Eastern Daylight Time. Institutional investors and hedge funds own 28.63% of the company's stock. Michael E. Tennenbaum is the founder of Caribbean Capital & Consultancy Corp., a Puerto Rico-based private merchant bank that seeks to make active investments. Mahmoud joined BlackRock in 2014. BlackRock Asset Management International Inc. Delaware. 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. You must click the activation link in order to complete your subscription. Wojcik, 212-810-8127tom.wojcik@blackrock.comorFor Forward-looking statements involve risks and uncertainties in predicting future results and conditions. clients with private credit solutions across a range of risk level, You can sign up for additional alert options at any time. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. Finally, BlackRock Inc. raised its holdings in Coca-Cola Europacific Partners by 5.0% in the first quarter. It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). Before joining BlackRock, she was a senior research analyst for the Financial Stability Board and held other roles, including senior investment associate at the hedge fund Bridgewater. Clients of both firms will benefit from enhanced scale, a broader BlackRock is to acquire Tennenbaum Capital Partners, an investment manager focused on middle market performing credit and special situation credit opportunities. This asset base includes TCPs approximately $9 billion of To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. You can sign up for additional alert options at any time. | LinkedIn: www.linkedin.com/company/blackrock. Terms were not disclosed. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. 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. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. | Blog: www.blackrockblog.com To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. The transaction, which is expected to close in the third quarter of View source version on businesswire.com: https://www.businesswire.com/news/home/20180801005501/en/, Media:Farrell Denby, 212-810-8034Farrell.Denby@BlackRock.comInvestor To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment management firm with approximately $9 billion of committed capital focused on direct lending and special situations for middle-market companies. Katie McGlynn Like Baranski and Steenberg, Seeg joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. clients in need of new sources of return and new ways to manage

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