BlackRock's Phil Tseng to Exit Private Credit Fund as SEC Probe Follows Months of Losses
Updated
Updated · Bloomberg · Jul 1
BlackRock's Phil Tseng to Exit Private Credit Fund as SEC Probe Follows Months of Losses
2 articles · Updated · Bloomberg · Jul 1
Summary
Phil Tseng is preparing to step down as CEO of BlackRock TCP Capital Corp., though he remains a BlackRock employee for now and the timing of his departure is still unclear.
The planned exit follows months of losses tied to soured loans at the publicly traded private credit fund and scrutiny of its valuation practices.
BlackRock TCP Capital has been under pressure since revelations that US regulators were probing how the unit valued assets, deepening concerns around the beleaguered fund.
The leadership change adds to the fallout for BlackRock's private credit business as investors weigh loan performance, valuations and oversight at one of the firm's listed vehicles.