BlackRock TCP Capital Corp. announces changes in management positions

SANTA MONICA, California, September 16, 2024–(BUSINESS WIRE)–BlackRock TCP Capital Corp. (NASDAQ: TCPC) announced today that the following executive changes will occur effective November 6, 2024:

• Chairman of the Board and Chief Executive Officer Rajneesh Vig will step down as Chairman of the Board and Chief Executive Officer and will continue to serve as a member of the Company’s Board of Directors until January 31, 2025 to ensure a smooth transition. Raj Vig has made the decision to retire from these roles and pursue other opportunities outside of BlackRock, Inc.

• President Phil Tseng will succeed Raja Vig as chairman of the board and chief executive officer. He was also named co-chief investment officer.

• Chief Operating Officer Jason Mehring will assume the role of president.

• Patrick Wolfe, senior investment officer at BlackRock’s U.S. Private Capital platform, has been named chief operating officer.

• Dan Worrell, senior investment officer at BlackRock’s U.S. Private Capital platform, has been named co-chief investment officer along with Phil Tseng.

Rajneesh Vig, president and CEO of BlackRock TCP Capital Corp., said: “It has been an honor to lead BlackRock TCPC Capital Corp. over the last few years and have played a key role in the company’s development and growth since 2006. Having worked closely with Phil Tseng for a long and productive time, I know our team is in good hands and prepared for the next phase of growth and success.

Phil Tseng, president of BlackRock TCP Capital Corp., said: “It has been an honor to work with Raj and I appreciate the vote of confidence from our Board of Directors in appointing me president and CEO. I am excited to lead TCPC in the future 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 capital needed for the development of their enterprises. I look forward to a smooth transition as our talented and dedicated team continues to leverage the power of the BlackRock platform to create value for our borrowers and our shareholders.”

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Eric Draut, lead independent director of BlackRock TCP Capital Corp., said: “On behalf of our entire Board of Directors, I want to thank Raj Vig for his leadership and the many contributions he has made to the company, including leading the successful merger of BCIC and TCPC. Over the past decade, Raj has helped strategically transform TCPC into a top-performing BDC with a track record of consistently delivering strong shareholder returns. Having worked closely with Phil Tseng as President of TCPC, the Board has great confidence in Phil to successfully lead the company and the team forward.”

ABOUT BLACKROCK TCP CAPITAL CORP.:

BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to mid-market and small businesses. TCPC lends primarily to companies with an established market position, strong regional or national operations, differentiated products and services, and sustainable competitive advantages, investing in a variety of industries in which it has significant knowledge and experience. TCPC’s investment objective is to achieve high total return through current income and capital appreciation, with an emphasis on capital preservation. TCPC is a publicly traded business development company, or BDC, governed by the Investment Company Act of 1940 and externally managed by its advisor, an indirect wholly owned subsidiary of BlackRock, Inc. More information can be found at www.tcpcapital.com.

Forward-Looking Statements

Potential investors considering investing in BlackRock TCP Capital Corp. should carefully consider the Company’s investment objectives, risks and expenses before investing. This information and other information about the Company is available in the Company’s filings with the Securities and Exchange Commission (the “SEC”). Copies are available on the SEC’s website at www.sec.gov and on the Company’s website at www.tcpcapital.com. 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 the estimates, projections, beliefs and assumptions of the Company’s management at the time such statements are made and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results may differ materially from those anticipated in these forward-looking statements due to a number of factors, including, but not limited to, changes in general economic conditions or changes in the conditions of the industries in which the Company invests, risks relating to the availability and conditions of financing, changes in interest rates, availability transactions, regulatory changes. Certain factors that could cause actual results to differ materially from those contained in forward-looking statements are included in the “Risk Factors” section of the Company’s Form 10-K for the year ended December 31, 2023 and in the Company’s subsequent periodic reports SEC. Copies are available on the SEC’s website at www.sec.gov and on the Company’s website at www.tcpcapital.com. Forward-looking statements are made as of the date of this press release and are subject to change without notice. The Company undertakes no obligation, and disclaims any obligation, to update or revise any forward-looking statements whether whether they be based on the occurrence of future events, the receipt of new information or otherwise.

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Communication

BlackRock TCP Capital Corp.
Michael Murray
310-566-1094
[email protected]