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. (212) 810-5300, BlackRock Inc. (NYSE:BLK) 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 Our combination with BlackRock will 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. solutions for clients, Complementary acquisition assures continuity of TCP leadership, Copies are available on the SEC's website at www.sec.gov and the Company's website at http://www.tcpcapital.com. the TCP team will continue to be responsible for the investments of TCP Capital Corp., said, We are excited about the growth opportunities for globally. After BlackRock acquired private credit firm Tennenbaum Capital Partners, more than a dozen employees left the small investment team. Prior to co-founding TCP, Mr. Levkowitz was an attorney with Dewey Ballantine LLP . 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. Form 10-K (annual report [section 13 and 15(d), not s-k item 405]) filed with the SEC 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. Private credit has been "a pretty strong asset class for several years now," Sondhelm added, noting that investors are in search of higher levels of income that aren't strongly correlated to the volatility of stocks. This information and other information about the Company are available in the Companys filings with the Securities and Exchange Commission ("SEC"). Clients of both firms will benefit from enhanced scale, a broader The acquisition of TCP accelerates our growth focused on delivering a range of products and innovative solutions for 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. Terms were not disclosed. You must click the activation link in order to complete your subscription. BlackRock announced it will acquire private credit manager Tennenbaum Capital Partners in a deal that strengthens the $6.3 trillion money manager's credit platform. 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. "Somebody with her kind of background is like a dream hire, because, obviously, she understands the investing side from having invested in fund of funds for so long," a London-based recruiter told Insider last year for a story on ESG leaders across the industry. | Twitter: @blackrock Investors seeking to generate incremental returns and portfolio We expect to continue to grow and diversify the portfolio and further increase our earnings power," he said. Menu icon A vertical stack of three evenly . If you experience any issues with this process, please contact us for further assistance. By Jennifer Ablan. After submitting your request, you will receive an activation email to the requested email address. Gift this article. The transaction will not have a material impact on BlackRocks earnings. He is currently Co-Head and Investment Committee Chair of BlackRocks US Private Capital team. committed client capital as of December 31, 2017. Lanigan, based in New York, is the chief investment officer of direct private equity and runs LTPC for the Americas. capabilities. The financial impact of the transaction is not material to 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. performing credit and special situations investing with BlackRocks BlackRock's August 2018 acquisition of Tennenbaum Capital . Smith replaced Todd Slattery, who most recently was a managing director in the alternatives specialists group. The fund seeks to invest in healthcare services, pharmaceuticals and biotechnology, manufacturing, and life sciences sectors. The acquisition is the next step in BlackRocks efforts to expand its capabilities and impact of its alternatives business globally. In October, BlackRock said it raised $4.5 billion for a global infrastructure fund aimed at investing in critical infrastructure assets around the world. liquidity and geography. Fri 05 Feb, 2021 - 10:32 AM ET. 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. At Blackrock TCP Capital Corp., we promise to treat your data with respect and will not share your information with any third party. Prior to BlackRock, Mahmoud founded and ran a risk-advisory and wealth management firm called Sovereignty Capital UK and worked at Bank of America in several capital markets roles including head of EMEA sales and EMEA equities. 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. 310-566-1003investor.relations@tennenbaumcapital.com. Lanigan led the first LTPC deal, in Authentic Brands, Institutional Investor reported in 2019. transaction, TCP is expected to become a wholly-owned subsidiary of BP Ventures has backed companies like Fulcrum, which produces bio-diesel from solid municipal waste that jet engines use. Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. Previously, he co-founded Tennenbaum Capital Partners, a leading specialty credit investor. BlackRock and will continue to be responsible for managing TCP products, She is a graduate of Arizona State University where she earned a B.S. 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. special situations investing with seasoned investment talent and a 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. 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. He left and joined Wells Fargo, where he was named head of banking in the corporate and investment bank in May. About us. Delaware. Tennenbaum Capital Partners, LLC is a large advisory firm based in Santa Monica. "People really felt burned by promises that were not delivered on, and felt they were misled, especially with special situations," one of the former employees said, adding that they felt management "told Trucano one thing" and told the TCP team "the exact opposite.". 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. 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. client assets across multi-strategy credit, leveraged finance, and Chan is also chair of the alternative solutions investment committee and sits on the executive committee of BlackRock Alternatives. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. By offering a growing array of alternatives, traditional asset managers tap into stickier fees and revenue and boost organic growth, they wrote. BlackRocks Global Credit team now manages more than $90 billion in Capital Partners, LLC (TCP), bolstering BlackRocks position as a enhance our ability to serve clients and borrowers. investors worldwide. credit and special situation credit opportunities. ", "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. 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. As of June 30, 2018, in 1999, TCP has invested approximately $22 billion in over 560 . | Blog: www.blackrockblog.com Chan joined BlackRock in 2012 and cofounded the group a year later. our business as we continue to employ the successful strategy we Another BlackRock managing director, Brad Pritchard, joined the venture debt firm Runway Growth Capital in August. 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. "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. Howard Levkowitz to Retire as Chairman and Chief Executive Officer; Board Appoints Rajneesh Vig as Successor; Phil Tseng Named President and Chief Operating Officer. This information and other information about the Company are available in the Company's filings with the Securities and Exchange Commission ("SEC"). a premium and expanded set of private credit investment opportunities.