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The chief executive officer of private credit fund BlackRock TCP Capital Corp. is departing the firm during ongoing losses, significant asset markdowns and federal scrutiny over valuation practices.

Sources familiar with the matter revealed to Bloomberg that Phil Tseng will be leaving the firm, although it is unclear exactly when the departure will take place or who may be replacing him in the role.

TCP Capital is a publicly traded business development company that provides loans and investments to middle-market, small businesses. The fund has struggled recently due to increased pressure from distressed loans, asset markdowns and declining returns. Total markdowns were $35 million in the first quarter.

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In January, TCP Capital announced an estimated 19% decline in Net Asset Value (NAV), largely tied to portfolio restructurings primarily around e-commerce stocks and the bankrupt Renovo Home Partners, Seeking Alpha reported at the time. Following the announcement, shares of the stock dropped more than 14%.

In May, BlackRock executives had been questioned by the Manhattan U.S. Attorney's Office in an investigation into the fund's valuation practices following markdowns on certain assets.Β Β 

Later that same month, BlackRock slashed the value of TCP Capital by approximately 5%.Β  Despite the decline, the company said it executed "improving credit quality" during the quarter.

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BlackRock has been rapidly expanding into the private credit space in recent months, despite recent turmoil in the market. Investors have become increasingly concerned that the software sector will become irrelevant due to advancements in artificial intelligence.

The firm announced plans to expand its private credit capabilities on Preqin, adding analytics and research tools designed to provide standardized intelligence across the private credit market.

Last year, BlackRock acquired HPS Investment Partners for approximately $12 billion, including TCP Capital. As a result of the acquisition, the firm created Private Financing Solutions (PFS), which combined the firms' private credit, GP and LP solutions, and private and liquid CLO businesses into one integrated platform.

Photo: Shutterstock

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