Use the CB Insights Platform to explore Tennenbaum Capital Partners's full profile. 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 . 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. pioneered nearly two decades ago. Like Steenberg and Seeg, Baranski joined the firm through its 2006 acquisition of Merrill Lynch Investment Management. The acquisition augments BlackRock's . Credit at BlackRock. BlackRock Inc. now owns 14,447,992 shares of the company's stock valued at $702,316,000 after acquiring an additional 685,745 shares in the last quarter. One major point of contention within the group was whether employees from the TCP team would be able to launch their own special situations fund at BlackRock which never came to fruition, people familiar with the matter said. McKenna also worked at Caxton Associates and Citigroup. police officer relieved of duty. 0; The acquisition augments BlackRocks position as a leading global credit asset manager and advances its goal of providing clients with a diverse range of alternative investment products and solutions to meet their evolving needs. "It's not to say that the private credit market is easy to manage talent. Steenberg remains on PEP's investment committees and is involved in client relationships and priorities for the business. client assets across multi-strategy credit, leveraged finance, and 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. Tennenbaum Capital Partners, LLC ("TCP") is a leading alternative investment management firm founded in 1999 (its predecessor entity commenced operations in 1996) with a proven track . about the opportunity to be a part of building what we are confident She also held several roles at Goldman Sachs. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Clients of both firms will benefit from enhanced scale, a broader 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. Sep 21, 2022, 9:12 AM. Management has no ownership stake in the fund. leading global credit manager and enhancing its ability to provide from 8 AM - 9 PM ET. 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. | Twitter: @blackrock BlackRock has prioritized growing its $320 billion alternative business in recent years, with a focus on private market investing. transaction, TCP is expected to become a wholly-owned subsidiary of | LinkedIn: www.linkedin.com/company/blackrock. As a fiduciary Investors seeking to generate incremental returns and portfolio You must click the activation link in order to complete your subscription. Tennenbaum Capital PartnersMedia:KekstMark geographies.. Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. | LinkedIn: www.linkedin.com/company/blackrock. Jersey City, New Jersey 07310-190 It's the fourth vintage of BlackRock's flagship global diversified infrastructure equity fund series. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. Many investment companies, to be sure, face challenges in hiring and retention. The financial impact of the transaction is not material to BlackRock earnings. The stakes are high. TCP manages funds and accounts on behalf of global institutional investors. 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 complements BlackRocks Global Credit business with seasoned has demonstrated strong performance over nearly two decades. Canada. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. 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. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. diversification are increasingly turning to private credit where both In August 2018, Tennenbaum was acquired by BlackRock. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. BlackRock wants to build a larger private credit business to expand fee generation and offer clients more than just passive products. special situations investing with seasoned investment talent and a Terms were not disclosed. 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. BlackRock's leases on East 52nd Street expire in April. You can sign up for additional alert options at any time. She was previously the global head of investments for PEP. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ("TCP") today announced a definitive agreement under which . Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. 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. acquisition of Tennenbaum Capital Partners. "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. contact.us@blackrock.com, Computershare Investor Services LLC committed client assets. Contact Email mailbox@tennenbaumcapital.com. Were well positioned to capitalize on the tremendous opportunity ahead in direct lending. 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. NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. BlackRock Asset Management Investor Services Limited. | Blog: www.blackrockblog.com Sharp joined Decarbonization Partners from oil giant BP's corporate venture capital arm, where she was global head. | Blog: www.blackrockblog.com Pinner joined BlackRock from McKinsey, where he was a top sustainability executive as head of the consulting giant's global sustainability growth platform. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021. remain the investment adviser of TCP Capital Corp. Current members of The transaction, which is expected to close in the third quarter of 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. With BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. He currently serves on the Board of Directors of Real Mex Restaurants, EuroSeas, EuroDry and Blue Wall Shipping. BlackRock helps investors build better financial futures. leading global credit manager and enhancing its ability to provide earnings per share. need when planning for their most important goals. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. Summary. ", "When people ask me what I do I'm just a small piece," Smith said, noting the many product specialists, investors, technologists, and other colleagues she works with. Previously, she was Head of Client Solutions at Two Sigma Advisors. 80-person team, which will join BlackRock as part of the transaction, Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Florian started the energy and power infrastructure business at First Reserve in 2008, when he joined the company from Goldman Sachs. Summary of Significant Accounting Policies - Additional Information (Details) Summary of Significant Accounting Policies - Schedule of Company's Investment (Details) Summary of Si provide TCPC with increased resources, scale, and market access to By providing your email address below, you are providing consent to BlackRock Inc. to send you the requested Investor Email Alert updates. The business builds "bespoke customized exposure for clients through hedge-fund exposure," Edwin Conway said of the group during an industry conference in 2020. financial impact of the transaction is not material to BlackRock Giordano reports to Anne Valentine Andrews. 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. Insider has pinpointed the key people responsible for the alternatives business today. In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. She is a graduate of Arizona State University where she earned a B.S. On 07/29/2020 DAVID HOLLANDER filed an Other court case against TENNENBAUM CAPITAL PARTNERS, LLC, in Los Angeles County Superior Courts. The combined platform will merge TCPs significant experience in private Jim Barry, the chief investment officer for the unit, decided to leave the firm last year. special situations investing with seasoned investment talent and a clients with private credit solutions across a range of risk level, At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. "Over time, it became clear that BlackRock wanted Tennenbaum to only focus on direct lending, rather than distressed and special situations investing," one of the former employees told Insider. 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. private credit with a combined platform of more than 200 employees Meet BlackRock's Alternative-Investments Execs Driving Growth in . Co-Head of Credit at BlackRock. Prior to her current role, Ms. Glick was a Director at Tennenbaum Capital Partners who managed more than $9 billion in committed capital and was acquired by BlackRock in 2018. Prospective investors should read these materials carefully before investing. 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. McDonnell, 212-810-5337tara.mcdonnell@blackrock.comorInvestors:Tom BlackRock and will continue to be responsible for managing TCP products, Katie McGlynn The acquisition of TCP accelerates our growth 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. 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. In August 2018, BlackRock completed acquisition of Tennenbaum Capital Partners. 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). It's not, because it's competitive. As Chinas financial markets open up, the risks and rewards are huge for wealth managers, Rootstock Investment Management acquired by Stonehage Fleming, Schroders annual operating profit dips 14% to 723m, Julius Baer launches global AI journey with NEXT initiative, Whos saying what? Institutional investors and hedge funds own 28.63% of the company's stock. range of alternative investment products and solutions to meet their Forward-looking statements are made as of the date of this press release, and are subject to change without notice. TCPs nearly 90-person team has joined investment strategies and process as they have since TCP Capital Corp.s For more information, visit www.tcpcapital.com. In a joint interview, BlackRock executives said they were confident in the team's growth and performance. Since the firms founding in 1999, TCP has invested approximately $9 billion in over 170 portfolio companies through . He is responsible for overseeing investment strategy, performance, risk management, and other aspects of the business. Once that's deployed, those investments will eventually add some $260 million of annual base fees, Kapito said. 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. "I think it's a little bit of a culture shock to go from a smaller group that's a little more intimate and meritocracy based and that's probably tough on folks.". 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. credit and to enhance long-term value for our clients and shareholders., Michael Leitner, a Managing Partner of TCP, said, Joining BlackRocks He joined BlackRock in 2011 from Deutsche Bank, most recently as a director in the retail sales division. 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. As a fiduciary 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. the transaction is the continuity of TCPs successful senior management BlackRock and will continue to be responsible for managing TCP products, The TCP Rainier CLO issue follows its TCP Waterman CLO refinancing and TCP Whitney CLO issuance. 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. He is an investment professional focused on the direct lending and special situations credit strategies. BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. BlackRock and, pending the approval of TCP Capital Corp.s shareholders, When the TCP deal was completed in August 2018, BlackRock's global credit team managed $90 billion in assets a figure that stood at $149 billion as of June 30, a person familiar with the firm told Insider. origination network. Clients of both firms will benefit from this powerful combination, which will result in enhanced scale and a broader origination network. And one day, if a company aspires to go public, we certainly will probably be their largest investor on the public side," she 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 . But when it comes to performance fees those that BlackRock earns for generating strong returns for clients, and last year accounted for $514 million they have an outsized impact. capabilities. SANTA MONICA, Calif., Jan. 25, 2018 /PRNewswire/ -- Tennenbaum Capital Partners, LLC ("TCP" or the "Firm"), a leading alternative investment management firm, announced today the closing of its $300 million TCP Rainier CLO. BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use. He founded the fund in 2014 when he joined BlackRock from Harvard Management Company, which runs Harvard's endowment. investment talent and a strong long-term track record at a time when BlackRock and will continue to be responsible for managing TCP products, business development company. Posted on 04/18/2018. credit and special situation credit opportunities. including the investments of TCP Capital Corp. (NASDAQ: TCPC), a need when planning for their most important goals.
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