International Finance

BlackRock to acquire Tennenbaum Capital Partners LLC to advance its offerings

BlackRock, Tennenbaum Capital Partners LLC, TCP, investment management, alternative investment management, investment
The acquisition will help both the companies to expand their offerings to their clients

BlackRock Inc a leading global investment management company based in New York said it is going to acquire an alternative investment management firm Tennenbaum Capital Partners LLC (TCP).

The merger of the two companies will boost each other’s offerings. While the acquisition will further help BlackRock as a global credit asset manager and will also broaden its range of alternative investment offerings, TCP will also be able to improve its product and service offerings.

Tim O’Hara, Global Co-Head of Credit at BlackRock said: “Investors seeking to generate incremental returns and portfolio diversification are increasingly turning to private credit where both expertise and platform scale can drive returns. 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.”

Michael Leitner, a Managing Partner of TCP, said, “Joining BlackRock’s Global Credit platform presents a unique and compelling opportunity to expand our combined resources. We look forward to collaborating with our new colleagues and leveraging BlackRock’s unparalleled resources to enhance our ability to serve clients and borrowers. We are also excited about the opportunity to be a part of building what we are confident will be the premier business of its kind.”

“We are focused on building a private credit business that seizes on long-term secular trends to deliver for clients the best results across risk spectrums and market cycles,” said James Keenan, Global Co-Head of Credit at BlackRock. “The acquisition of TCP accelerates our growth plans and augments our position as a leading credit asset manager. With its high-quality team, excellent long-term track record across multiple market cycles, diverse expertise, and proven origination capabilities, TCP is the perfect complement to the existing credit business at BlackRock.”

“The acquisition is the next step in BlackRock’s efforts to expand its capabilities and impact of its alternatives business globally. We are focused on delivering a range of products and innovative solutions for clients in need of new sources of return and new ways to manage portfolio allocation and risk,” said David Blumer, Global Head of BlackRock Alternative Investors.

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