Tennenbaum Capital Partners

Historically, investment decisions were led by founder Michael Tennenbaum alongside Managing Partners Howard Levkowitz and David Lee. The investment committee reviewed and approved each transaction, emphasizing credit protection and downside analysis. Following the 2018 acquisition by BlackRock, the team was integrated into BlackRock's alternatives platform, with portfolio management continuing under the existing leadership team for legacy and successor vehicles.

In August 2018, BlackRock acquired TCP and integrated it into its alternatives business. The firm's strategies were largely continued through a publicly traded business development company, BlackRock TCP Capital Corp., and other private credit vehicles managed by the same core team under the BlackRock brand. The acquisition provided BlackRock with an established private credit platform and a specialized middle-market lending team.

TCP focused on specialty lending, including senior secured loans, mezzanine debt, structured equity, and rescue or turnaround financing. The firm targeted middle-market companies across sectors including enterprise software, healthcare services, and industrial technology, often structuring complex transactions that required customized capital solutions rather than plain-vanilla senior debt.

While TCP was primarily a credit manager, the firm also provided structured equity and equity co-investments alongside its debt positions. The equity component was typically a minority position attached to a credit transaction, aligning the firm's interests with borrowers while maintaining its identity as a credit-first investor.

No. Since the 2018 acquisition by BlackRock, Tennenbaum Capital Partners no longer operates as an independent firm. The brand has been largely folded into BlackRock's alternatives business, though the legacy public vehicle — BlackRock TCP Capital Corp. — continues to trade and be managed by the former TCP team.