BlackRock Completes Acquisition of Tennenbaum Capital Partners
NEW YORK--(BUSINESS WIRE)--Aug 1, 2018--BlackRock, Inc. (NYSE:BLK) has completed the acquisition of Tennenbaum Capital Partners, LLC (“TCP”), bolstering BlackRock’s position as a leading global credit manager and enhancing its ability to provide clients with private credit solutions across a range of risk level, liquidity and geography.
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. Clients of both firms will benefit from enhanced scale, a broader origination network, and a premium and expanded set of private credit capabilities.
BlackRock’s Global Credit team now manages more than $90 billion in client assets across multi-strategy credit, leveraged finance, and private credit with a combined platform of more than 200 employees globally. This asset base includes TCP’s approximately $9 billion of committed client assets. TCP’s nearly 90-person team has joined BlackRock and will continue to be responsible for managing TCP products, including the investments of TCP Capital Corp. (NASDAQ: TCPC), a business development company.
The financial impact of the transaction is not material to BlackRock earnings per share. Terms were not disclosed.
BlackRock helps investors build better financial futures. As a fiduciary to our clients, we provide the investment and technology solutions they need when planning for their most important goals. As of June 30, 2018, the firm managed approximately $6.3 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock.
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Farrell Denby, 212-810-8034
Tom Wojcik, 212-810-8127
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING CONSULTING FINANCE OTHER PROFESSIONAL SERVICES
SOURCE: BlackRock, Inc.
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PUB: 08/01/2018 08:43 AM/DISC: 08/01/2018 08:43 AM