BlackRock Private Credit Fund CEO Exits After Months of Losses and Valuation Probe
The head of BlackRock Inc.’s TCP Credit Private Credit Fund is leaving the firm, a departure that follows months of investment losses on soured loans and a United States regulatory probe into the unit’s valuation practices, according to reporting cited by financial outlets. The departing executive has been identified as Tseng, chief executive of the TCP Credit fund.
TCP Credit operates as part of BlackRock’s private credit platform, which extends corporate loans and financing directly to businesses and investors. Private credit managers have faced increased regulatory and industry scrutiny over how they price assets and value distressed debt during periods of shifting credit conditions. Tseng’s exit marks one of the earliest personnel changes to follow disclosures regarding the unit’s performance and valuation methodology.
From the sources (2 posts)
@negligible_cap*BLACKROCK'S TSENG TO EXIT AS CEO OF TCP PRIVATE CREDIT FUND $TCPC CEO leaving “The head of BlackRock Inc.’s beleaguered private credit fund is in the process of leaving the firm, a move that follows months of losses on soured loans and r
@businessThe head of BlackRock’s beleaguered private credit fund is leaving the firm after months of losses on soured loans and revelations of a US regulatory probe into the unit’s valuation practices