TCP CAPITAL, LLC

Thesis

TCP Capital, LLC, operating through entities like BlackRock TCP Capital Corp. and Tennenbaum Capital Partners, LLC, is a financial firm primarily focused on the middle-market lending and private credit space. Their core strategy involves providing senior secured lending to established middle-market companies and small businesses, aiming for high total returns through current income and capital appreciation with an emphasis on principal protection. A significant portion of their portfolio has historically been in floating-rate debt. Geographically, their focus is primarily North America. TCP Capital, LLC, as an advisor to BlackRock TCP Capital Corp., functions as a business development company (BDC), engaging in direct loan origination and secondary investments across the capital structure. BlackRock's Global Credit platform, which includes TCP, manages over $98 billion in assets. BlackRock TCP Capital Corp. reported a portfolio fair value of approximately $1.7 billion as of September 30, 2025, with investments in 149 companies. Tennenbaum Capital Partners, LLC previously managed approximately $9 billion in committed capital. TCP Venture Capital specifically targets early-stage technology companies willing to locate in Baltimore, Maryland. Specific check size details are not provided. The firm is registered as a Florida Limited Liability Company with a principal address in Miami Beach, FL.