Investment manager BlackRock has closed the acquisition of Tennenbaum Capital Partners (TCP), a US-based private credit manager.
The deal, whose financial terms were not divulged, was first announced in April 2018.
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The transaction adds around $9bn in assets to BlackRock’s books. Around 90 TCP employees will migrate to BlackRock as part of the deal and retain management of TCP products, including the investments of business development company TCP Capital.
BlackRock’s global credit team now oversees assets of over $90bn across multi-strategy credit, leveraged finance, as well as private credit and employs more than 200 people.
“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 said in a statement.
The transaction will not have a material impact on BlackRock’s earnings.
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