Phil Tseng, chief executive officer of BlackRock TCP Capital Corp, is preparing to leave the asset manager following a period of losses at the listed private credit vehicle, according to a report by Bloomberg.
Tseng is reportedly remaining with the firm for now, while the timing and terms of his departure have not yet been finalised.
BlackRock TCP Capital Corp, also known as TCPC, is a publicly traded business development company focused on private credit loans. The vehicle has come under pressure this year after troubled investments led to two reductions in net asset value, including a 19% markdown in January and a further 5% reduction in May.
The fund is also facing scrutiny from federal prosecutors in the Manhattan US Attorney’s office over its valuation practices. Tseng joined BlackRock through its 2018 acquisition of Tennenbaum Capital Partners, where he was previously a managing partner. He has also overseen other US direct lending strategies at BlackRock, including its non-traded Private Credit Fund.
