# Tennenbaum Capital Partners

Tennenbaum Capital Partners is an Asset Manager based in Santa Monica, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Santa Monica, United States
- **Region:** North America
- **Address:** Santa Monica, CA, United States
- **Founded:** 1999
- **Assets under management:** Undisclosed
- **Website:** tennenbaumcapital.com
- **LinkedIn:** https://www.linkedin.com/company/tennenbaum-capital-partners-llc

## Regulatory record

- **CRD number:** 113203
- **SEC file number:** 801-60384
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/113203

## About

Tennenbaum Capital Partners is an SEC-registered investment adviser in SANTA MONICA, CA, registered since 2001. The firm manages approximately $3.2 billion in regulatory assets. It has 10 employees and 7 investment advisers.

## Sectors

- Private Credit
- Industrial Tech
- Enterprise Software
- Healthcare Services

## People

- Michael Tennenbaum — Founder
- David F. K. Lee — Managing Partner
- Howard Levkowitz — Managing Partner

## Questions

### Who runs investment decisions at 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.

### What happened to Tennenbaum Capital Partners after the BlackRock acquisition?

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.

### What types of financing did TCP provide?

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.

### Is Tennenbaum Capital Partners still operating independently?

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.

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Last updated: 2026-06-03T20:00:00.000Z

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