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BlackRock TCP Capital Corp. Announces Leadership Transitions

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BlackRock TCP Capital Corp. (NASDAQ: TCPC) has announced significant leadership transitions effective November 6, 2024. Rajneesh Vig will resign as Chairman and CEO but remain on the Board until January 31, 2025. Phil Tseng, current President, will succeed Vig as Chairman, CEO, and Co-Chief Investment Officer. Jason Mehring, current COO, will become President. Patrick Wolfe will be appointed COO, and Dan Worrell will join Tseng as Co-Chief Investment Officer.

These changes aim to position TCPC for its next growth phase in the private credit market. The Board of Directors expressed confidence in the new leadership team's ability to leverage BlackRock's platform and continue delivering strong shareholder returns. The transition is expected to be seamless, with the company maintaining its focus on supporting middle market companies' capital needs.

BlackRock TCP Capital Corp. (NASDAQ: TCPC) ha annunciato significative transizioni di leadership che entreranno in vigore il 6 novembre 2024. Rajneesh Vig si dimetter脿 da Presidente e CEO, ma rimarr脿 nel Consiglio fino al 31 gennaio 2025. Phil Tseng, attuale Presidente, succeder脿 a Vig come Presidente, CEO e Co-Chief Investment Officer. Jason Mehring, attuale COO, diventer脿 Presidente. Patrick Wolfe sar脿 nominato COO e Dan Worrell si unir脿 a Tseng come Co-Chief Investment Officer.

Questi cambiamenti mirano a posizionare TCPC per la sua prossima fase di crescita nel mercato del credito privato. Il Consiglio di Amministrazione ha espresso fiducia nella capacit脿 del nuovo team di leadership di sfruttare la piattaforma di BlackRock e continuare a garantire forti rendimenti per gli azionisti. La transizione dovrebbe avvenire senza intoppi, con l'azienda che mantiene il suo focus nel supportare le esigenze di capitale delle aziende di medie dimensioni.

BlackRock TCP Capital Corp. (NASDAQ: TCPC) ha anunciado importantes transiciones de liderazgo que entrar谩n en efecto el 6 de noviembre de 2024. Rajneesh Vig renunciar谩 como Presidente y CEO, pero permanecer谩 en la Junta hasta el 31 de enero de 2025. Phil Tseng, actual Presidente, suceder谩 a Vig como Presidente, CEO y Co-Chief Investment Officer. Jason Mehring, actual COO, se convertir谩 en Presidente. Patrick Wolfe ser谩 nombrado COO, y Dan Worrell se unir谩 a Tseng como Co-Chief Investment Officer.

Estos cambios tienen como objetivo posicionar a TCPC para su pr贸xima fase de crecimiento en el mercado de cr茅dito privado. La Junta de Directores expres贸 confianza en la capacidad del nuevo equipo de liderazgo para aprovechar la plataforma de BlackRock y continuar ofreciendo fuertes retornos a los accionistas. Se espera que la transici贸n sea fluida, manteniendo la empresa su enfoque en apoyar las necesidades de capital de las empresas de mercado medio.

敫旊灆搿 TCP 旌愴敿韮 旖旐嵓霠堨澊靺(NASDAQ: TCPC)電 2024雲 11鞗 6鞚茧秬搿 欷戩殧頃 毽崝鞁 氤頇毳 氚滍憸頄堨姷雼堧嫟. Rajneesh Vig電 須岇灔 瓴 CEO歆侅棎靹 靷瀯頃橁矤歆毵, 2025雲 1鞗 31鞚缄箤歆 鞚挫偓須岇棎 雮晞鞛堨潉 瓴冹瀰雼堧嫟. 順勳灛 靷灔鞚 Phil Tseng臧 Vig毳 鞚挫柎 須岇灔, CEO 氚 瓿惦彊 斓滉碃 韴瀽 毂呾瀯鞛愲 旆瀯頃╇媹雼. 順勳灛 COO鞚 Jason Mehring電 靷灔鞚 霅╇媹雼. Patrick Wolfe電 COO搿 鞛勲獏霅橂┌, Dan Worrell鞚 Tseng瓿 頃粯 瓿惦彊 斓滉碃 韴瀽 毂呾瀯鞛愲 頃╇頃╇媹雼.

鞚措煬頃 氤頇旊姅 TCPC臧 靷 鞁犾毄 鞁滌灔鞐愳劀 雼れ潓 靹膘灔 雼硠鞐 雽牍勴暊 靾 鞛堧弰搿 頃橁赴 鞙勴暔鞛呺媹雼. 鞚挫偓須岆姅 靸堧鞖 毽崝鞁 韺鞚 敫旊灆搿濎潣 頂岆灚韽检潉 頇滌毄頃橃棳 瓿勳啀頃挫劀 臧曤牓頃 欤检< 靾橃澋鞚 鞝滉车頃 靾 鞛堨潉 瓴冹澊霛 氙筷碃 鞛堨姷雼堧嫟. 鞚 鞝勴櫂鞚 鞗愴櫆頃橁矊 歆勴枆霅 瓴冹溂搿 旮半寑霅橂┌, 須岇偓電 欷戧皠 鞁滌灔 旮办梾鞚 鞛愲掣 鞖旉惮毳 歆鞗愴晿電 雿 欷戩爯鞚 霊愱碃 鞛堨姷雼堧嫟.

BlackRock TCP Capital Corp. (NASDAQ: TCPC) a annonc茅 d'importantes transitions de leadership qui entreront en vigueur le 6 novembre 2024. Rajneesh Vig d茅missionnera en tant que Pr茅sident et CEO, mais restera au Conseil jusqu'au 31 janvier 2025. Phil Tseng, l'actuel Pr茅sident, succ茅dera 脿 Vig en tant que Pr茅sident, CEO et Co-Chief Investment Officer. Jason Mehring, l'actuel COO, deviendra Pr茅sident. Patrick Wolfe sera nomm茅 COO, et Dan Worrell rejoindra Tseng en tant que Co-Chief Investment Officer.

Ces changements visent 脿 positionner TCPC pour sa prochaine phase de croissance sur le march茅 du cr茅dit priv茅. Le Conseil d'Administration a exprim茅 sa confiance dans la capacit茅 de la nouvelle 茅quipe de direction 脿 tirer parti de la plateforme de BlackRock et 脿 continuer de fournir d'importants rendements aux actionnaires. La transition devrait 锚tre fluide, l'entreprise conservant son accent sur le soutien aux besoins en capital des entreprises de taille interm茅diaire.

BlackRock TCP Capital Corp. (NASDAQ: TCPC) hat bedeutende 贵眉丑谤耻苍驳蝉飞别肠丑蝉别濒 bekannt gegeben, die am 6. November 2024 in Kraft treten. Rajneesh Vig wird als Vorsitzender und CEO zur眉cktreten, bleibt jedoch bis zum 31. Januar 2025 im Vorstand. Phil Tseng, derzeitiger Pr盲sident, wird Vig als Vorsitzender, CEO und Co-Chief Investment Officer nachfolgen. Jason Mehring, aktueller COO, wird Pr盲sident. Patrick Wolfe wird zum COO ernannt und Dan Worrell wird sich Tseng als Co-Chief Investment Officer anschlie脽en.

Diese Ver盲nderungen zielen darauf ab, TCPC f眉r die n盲chste Wachstumsphase im Privatkreditmarkt zu positionieren. Der Vorstand 盲u脽erte Vertrauen in die F盲higkeit des neuen F眉hrungsteams, die Plattform von BlackRock zu nutzen und weiterhin starke Renditen f眉r die Aktion盲re zu erzielen. Der 脺bergang wird als nahtlos erwartet, wobei das Unternehmen weiterhin den Fokus auf die Unterst眉tzung der Kapitalbed眉rfnisse von mittelst盲ndischen Unternehmen legt.

Positive
  • Smooth leadership transition planned with current executives taking on new roles
  • Continuity maintained with Phil Tseng, a long-time executive, becoming CEO
  • Board of Directors expresses confidence in the new leadership team
  • Company positioned to leverage BlackRock's platform for future growth
Negative
  • Departure of experienced CEO Rajneesh Vig may cause short-term uncertainty
  • Potential disruption in company strategy or operations during leadership change

SANTA MONICA, Calif.--(BUSINESS WIRE)-- BlackRock TCP Capital Corp. (NASDAQ: TCPC) today announced the following leadership transitions effective November 6, 2024:

  • Chairman of the Board and Chief Executive Officer Rajneesh Vig will resign his position as Chairman of the Board and CEO and will continue to serve on the Company鈥檚 Board of Directors until January 31, 2025 to ensure a smooth transition. Raj Vig made the decision to step back from those roles and to pursue other opportunities outside of BlackRock, Inc.
  • President Phil Tseng will succeed Raj Vig as Chairman of the Board of Directors and Chief Executive Officer. He has also been named Co-Chief Investment Officer.
  • Chief Operating Officer Jason Mehring will assume the role of President.
  • Patrick Wolfe, a senior investment professional with BlackRock鈥檚 US Private Capital platform, has been appointed Chief Operating Officer.
  • Dan Worrell, a senior investment professional with BlackRock鈥檚 US Private Capital platform, has been named Co-Chief Investment Officer with Phil Tseng.

Rajneesh Vig, BlackRock TCP Capital Corp. Chairman and CEO, said, 鈥淚t has been an honor to lead BlackRock TCPC Capital Corp. over the past several years and to play a key role in the development and growth of the firm since 2006. Having partnered closely with Phil Tseng over a long and productive time, I know our team is in great hands and positioned for the next phase of growth and success.鈥

Phil Tseng, BlackRock TCP Capital Corp. President, said, 鈥淚t has been a privilege to work alongside Raj, and I appreciate our Board鈥檚 vote of confidence in appointing me Chairman and Chief Executive Officer. I am excited to lead TCPC going forward with the support of my long-time colleagues Jason Mehring, Patrick Wolfe and Dan Worrell. Private credit continues to play a significant role in the growth of our economy, and we are uniquely positioned to help middle market companies access the capital they need to grow their businesses. I look forward to a seamless transition as our talented and dedicated team continues to leverage the strength of the BlackRock platform to create value for our borrowers and our shareholders.鈥

Eric Draut, Lead Independent Director of BlackRock TCP Capital Corp., said, 鈥淥n behalf of our entire Board of Directors, I want to thank Raj Vig for his leadership and his many contributions to the company, including guiding the successful merger of BCIC and TCPC. Over the past decade, Raj helped to strategically develop TCPC into a top-performing BDC with a track record of consistently delivering strong shareholder returns. Having worked closely with Phil Tseng in his role as TCPC鈥檚 President, the Board has tremendous confidence in Phil to successfully lead the company and team forward.鈥

ABOUT BLACKROCK TCP CAPITAL CORP.:

(NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. TCPC lends primarily to companies with established market positions, strong regional or national operations, differentiated products and services and sustainable competitive advantages, investing across industries in which it has significant knowledge and expertise. TCPC鈥檚 investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. TCPC is a publicly traded business development company, or BDC, regulated under the Investment Company Act of 1940 and is externally managed by its advisor, a wholly owned, indirect subsidiary of BlackRock, Inc. For more information, visit .

FORWARD-LOOKING STATEMENTS

Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. This information and other information about the Company are available in the Company鈥檚 filings with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC鈥檚 website at and the Company鈥檚 website at . Prospective investors should read these materials carefully before investing.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in general economic conditions or changes in the conditions of the industries in which the Company makes investments, risks associated with the availability and terms of financing, changes in interest rates, availability of transactions, and regulatory changes. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the 鈥淩isk Factors鈥 section of the Company鈥檚 Form 10-K for the year ended December 31, 2023, and the Company鈥檚 subsequent periodic filings with the SEC. Copies are available on the SEC鈥檚 website at and the Company鈥檚 website at . Forward-looking statements are made as of the date of this press release and are subject to change without notice. The company has no duty and does not undertake any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise.

BlackRock TCP Capital Corp.

Michaela Murray

310-566-1094

investor.relations@tcpcapital.com

Source: BlackRock TCP Capital Corp.

FAQ

When will the leadership changes at BlackRock TCP Capital Corp (TCPC) take effect?

The leadership transitions at BlackRock TCP Capital Corp (TCPC) will take effect on November 6, 2024.

Who will be the new CEO of BlackRock TCP Capital Corp (TCPC)?

Phil Tseng, currently the President of TCPC, will succeed Rajneesh Vig as the new Chairman and CEO of BlackRock TCP Capital Corp.

Why is Rajneesh Vig stepping down as CEO of BlackRock TCP Capital Corp (TCPC)?

Rajneesh Vig made the decision to step back from his roles as Chairman and CEO to pursue other opportunities outside of BlackRock, Inc.

What other leadership changes are happening at BlackRock TCP Capital Corp (TCPC)?

Jason Mehring will become President, Patrick Wolfe will be appointed COO, and Dan Worrell will join Phil Tseng as Co-Chief Investment Officer.

BlackRock TCP Capital Corp.

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Asset Management
Financial Services
United States of America
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