On April 17, 2018, BlackRock announced its plan to acquire Tennenbaum Capital Partners.
BlackRock Inc. (“BlackRock”) will acquire Tennenbaum Capital Partners, LLC (“Tennenbaum”), and Tennenbaum will become a wholly owned subsidiary of BlackRock. Tennenbaum’s senior management team, including partners Lee Landrum, Michael Leitner, Howard Levkowitz, Philip Tseng, and Rajneesh Vig will continue their investment advisory roles following the transaction. The transaction is expected to close in the third quarter of 2018 subject to regulatory approvals and closing conditions. Further terms were not disclosed.
BlackRock (NYSE: BLK), founded in 1988 and based in New York, is a global investment management corporation that provides investment and risk management services to retail and institutional clients. BlackRock has approximately $6.317 trillion in assets under management as of March 31, 2018.
Tennenbaum, founded in 1999 and based in Los Angeles, is an alternative investment management firm and investment adviser to TCP Capital Corp. (NASDAQ: TCPC) that specializes in direct lending and special situations. Tennenbaum has approximately $9 billion of committed client capital as of December 31, 2017
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