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BlackRock TCP Capital Corp

BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, small businesses, debt securities, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments. It typically invests in communication services, public relations services, television, wireless telecommunication services, apparel, textile mills, restaurants, retailing, energy, oil and gas extraction, Patent owners and Lessors, Federal and Federally- Sponsored Credit agencies, insurance, hospital and healthcare centers, Biotechnology, engineering services, heavy electrical equipment, tax accounting, scientific and related consulting services, charter freight air transportation, Information technology consulting, application hosting services, software diagram and design, computer aided design, communication equipment, electronics manufacturing equipment, computer components, chemicals. It seeks to invest in the United States. The fund typically invests in debt between $10 million and $35 million in companies with enterprise values between $100 million and $1500 million including complex situations. It prefers to make equity investments in companies for an ownership stake.

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BlackRock Explores Sale of TCPC's Remaining $671 Million Loan Portfolio

BlackRock is exploring the sale of BlackRock TCP Capital Corp.'s remaining $671 million loan portfolio as part of an effort to clean up a weaker legacy asset. The move follows TCPC's recent sale of roughly $523 million of investments across 78 portfolio companies, which helped strengthen its balance sheet and lower leverage. The board is also evaluating options such as returning capital to shareholders, reinvesting proceeds, or pursuing a merger. BlackRock significantly expanded its private-credit presence through the acquisition of HPS Investment Partners, completed in July 2025, which brought $165 billion of client assets under management and $118 billion of fee-paying AUM. Per Bloomberg, Ares Management is among firms approached for the TCPC loan portfolio, while KKR continues to view private credit as an attractive long-term opportunity despite rising defaults.
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BlackRock TCP Capital CEO Phil Tseng departs amid valuation probe and mounting losses

Phil Tseng is leaving his role as chief executive officer of BlackRock TCP Capital Corp., a publicly traded business development company that is part of BlackRock’s private credit platform, according to sources familiar with the matter. The departure comes as the fund faces ongoing losses, significant asset markdowns, and a federal investigation into its valuation practices. Total markdowns reached $35 million in the first quarter, and in January the fund reported an estimated 19% decline in net asset value, largely tied to portfolio restructurings. BlackRock executives were questioned by the Manhattan U.S. Attorney’s Office in May regarding the fund’s valuation practices, and later that month BlackRock slashed TCP Capital’s value by approximately 5%. BlackRock acquired HPS Investment Partners, which included TCP Capital, for about $12 billion last year, and has been rapidly expanding into private credit despite recent market turmoil.
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