BlackRock TCP Capital Corp. Announces Leadership Transition

Strategic Insights -

Rajneesh Vig, a veteran of the financial services industry with over 20 years of experience, will succeed Howard M. Levkowitz as Chairman and Chief Executive Officer of BlackRock TCP Capital Corp. effective August 5, 2021. Levkowitz, a co-founder of Tennenbaum Capital Partners, will retire from his role as Chief Executive Officer on August 5, 2021, and as Director and Chairman of the Board on September 30, 2021. The leadership transition follows BlackRock's successful acquisition of Tennenbaum Capital Partners in 2018, solidifying BlackRock as a leading private credit manager.

The leadership change has been welcomed by the Board of Directors, who praised Levkowitz for his leadership and vision, as well as his many contributions to the company over the years. Vig, who has served as President and Chief Operating Officer of TCPC since its initial public offering in 2012, has been instrumental in the growth of the US Private Capital team at BlackRock. Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021.

Key Takeaways:

  • Rajneesh Vig will succeed Howard M. Levkowitz as Chairman and Chief Executive Officer of BlackRock TCP Capital Corp. effective August 5, 2021.
  • Levkowitz, a co-founder of Tennenbaum Capital Partners, will retire from his role as Chief Executive Officer on August 5, 2021, and as Director and Chairman of the Board on September 30, 2021.
  • Phil Tseng will assume the role of Chief Operating Officer on August 5, 2021, and President on September 30, 2021.
  • Vig has over 20 years of experience in the financial services industry and has served as TCPC's President and Chief Operating Officer since its IPO in 2012.
  • Tseng has been a managing partner at Tennenbaum Capital Partners since 2004 and is currently Co-Head of BlackRock's US Private Capital team.

Statistics:

  • Over 20 years of experience in the financial services industry for Rajneesh Vig.
  • 15 years of partnership between Howard Levkowitz, Raj Vig, and Phil Tseng in building the US Private Capital team at BlackRock.
  • A record of consistently delivering strong shareholder returns under TCPC's leadership.
  • TCPC invests primarily in middle-market companies, with a focus on established market positions, strong regional or national operations, differentiated products and services, and sustainable competitive advantages.

Sources:

  • (c) 1995-2021 Cybernet Data Systems, Inc. All Rights Reserved
  • BlackRock TCP Capital Corp. Press Release, dated June 1, 2021
  • BlackRock TCP Capital Corp. Form 8-K filing, dated June 1, 2021
  • Howard M. Levkowitz's letter of resignation, dated June 1, 2021