Investors seeking to generate incremental returns and portfolio strategy, and products. strong long-term track record to the BlackRock global credit platform. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. Ms. Williams is the Founder of Hightree Group, an independent advisory business in the institutional investor market that is focused on providing clients with straightforward, cost-effective, and unconflicted advice on governance and policy. Its headcount has grown 70%, to some 60 investment staff since its acquisition of TCP, according to a person familiar with the firm. 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. business development company. The Company's shareholders will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities. Dan Sondhelm commented for this Insider article about why demand for private credit has created opportunities for top executives to join other firms or become an entrepreneur. investors worldwide. As a fiduciary | Blog: www.blackrockblog.com He joined BlackRock in 2017 when the firm acquired funds from First Reserve, a private-equity firm that invests exclusively in the energy sector. It also manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ:TCPC). 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). But it's never really been good at raising high-fee capital," a former employee said. 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. . need when planning for their most important goals. focused on direct lending and special situations for middle-market TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. 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. Chan joined BlackRock in 2012 and cofounded the group a year later. Building an Innovative Financial Technology Ecosystem in Scotland. In 2022 he was also named a board member of BlackRock's recently formed Saudi Arabia business. He has led these investment strategies across the Americas and the Asia Pacific region since the firm's renewable power offerings were founded in 2011. TCP is the perfect complement to the existing credit business at We look forward to collaborating with our new colleagues and leveraging BlackRocks unparalleled resources to enhance our ability to serve clients and borrowers. 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. Howard and Raj built TCPC into a top-performing BDC with an impressive track record of consistently delivering strong shareholder returns. committed client assets. We have worked together as partners for more than 15 years and together we built an industry-leading private credit platform. This asset base includes TCPs approximately $9 billion of BlackRock announced Tuesday evening that it had agreed to acquire Tennenbaum Capital Partners, a $9 billion asset manager focused on direct lending and special situation credit opportunities. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. performing credit and special situations investing with BlackRocks By providing your email address below, you are providing consent to Blackrock TCP Capital Corp. to send you the requested Investor Email Alert updates. Capital Partners, LLC (TCP), bolstering BlackRocks position as a Meet BlackRock's Alternative-Investments Execs Driving Growth in . Terms were not disclosed. 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. View source version on businesswire.com: "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.". Credit at BlackRock. our business as we continue to employ the successful strategy we With BlackRock and will continue to be responsible for managing TCP products, earnings per share. 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. BlackRock and will continue to be responsible for managing TCP products, clients are increasingly turning to private credit as a higher-yielding NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Prior to TCP, Mr. Donohue held various roles within GE Capital's Media and Telecom group from 2000 to 2006. Court records for this case are available from Stanley Mosk Courthouse. and www.tcpcapital.com. The business oversaw $30 billion as of December. 310-899-4948 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. 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? Jim Barry, the chief investment officer for the unit, decided to leave the firm last year. ", "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. management firm with approximately $9 billion of committed capital "I was on the academic track, applying for faculty positions and transition grants for my life in academia. Co-Head of Credit at BlackRock. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. BlackRock Alternative Investors. to our clients, we provide the investment and technology solutions they It also manages a publicly-traded business August 01, 2018 08:43 AM Eastern Daylight Time. Global Credit platform presents a unique and compelling opportunity to BlackRock is better known for its low-cost exchange-traded funds than its alternative assets prowess. "There are other opportunities right now. "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. Franklin Templeton, T. Rowe Price, AllianceBernstein, and PGIM have all announced alternative asset acquisitions since 2021. . Capital Partners, LLC (TCP), bolstering BlackRocks position as a Apr 17, 2018, 07:40 ET. NEW YORK, April 17, 2018 /PRNewswire/ -- BlackRock Inc. (NYSE: BLK) and Tennenbaum Capital Partners, LLC ("TCP") today announced a definitive agreement under which . In a joint interview, BlackRock executives said they were confident in the team's growth and performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. "The available tool kit that you have now as a private enterprise is very high. special situations investing with seasoned investment talent and a 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. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. TCPs nearly 90-person team has joined Respondents state that BlackRock, Inc., which acquired TCP in 2018, keeps information about its employees, employees' specific . BlackRock Asset Management Investor Services Limited. Before Morgan Stanley, she was a director at Macquarie. 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.. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. https://www.businesswire.com/news/home/20210601006057/en/, BlackRock TCP Capital Corp. 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. private credit with a combined platform of more than 200 employees Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager. expand our combined resources. 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. alternative to traditional fixed income allocations. Anne Valentine Andrews oversees the alternatives unit's infrastructure and real estate investments. You must click the activation link in order to complete your subscription. Asia Pacific, June 21, 2019 BlackRocks wholly foreign-owned enterprise in Shanghai, BlackRock Investment Management (Shanghai) Co., Ltd BlackRock issued a client bulletin on March 2nd outlining our approach to companies that manufacture and sell civilian firearms. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. This acquisition will enhance our ability to deliver clients private credit solutions that meet their investment objectives across a range of risks, liquidity, and geographies.. 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. We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. Copies are available on the SECs website at www.sec.gov and the Companys website at www.tcpcapital.com. 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. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). The recent tragedy in Florida has put a spotlight on the role of companies that manufacture and distribute civilian firearms. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. Description. All of us are working hard to meet the needs of our clients.". | LinkedIn: www.linkedin.com/company/blackrock. This asset base includes TCPs approximately $9 billion of 310-622-8220orInvestors:Katie McGlynn, He began his career at UBS Investment Bank's Growth .