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BlackRock TCP Capital CEO Phil Tseng Departs After Fund Markdowns
Phil Tseng has resigned as chief executive officer of BlackRock TCP Capital Corp. (NASDAQ:TCPC), a publicly traded private credit fund, according to a company filing. The departure, effective Aug. 31, follows a period of asset markdowns and government scrutiny over valuation practices that prompted parent company BlackRock Inc. to overhaul the fund's investment strategy last month.
Leadership Transition
BlackRock has appointed Jason Mehring as the new director, board chair, and chief executive officer, effective Sept. 2. Mehring, a managing director at BlackRock, previously served as the fund's president from Nov. 6, 2024, until his new appointment. He is a senior member of the investment team within BlackRock’s Private Financing Solutions platform and leads the firm’s U.S. core middle market direct lending strategy.
Succeeding Mehring as president is Dan Worrell, who also assumed his new role on Sept. 2. Worrell, previously the fund's co-chief investment officer, is also a managing director and senior investment team member within the Private Financing Solutions platform.
Tseng, who also stepped down as director, board chair, and co-chief investment officer, will remain a BlackRock employee until Oct. 1 to facilitate a smooth transition. He was also removed as a voting member of the fund's investment committee.
AdContext for the Shake-up
The leadership change occurs in the wake of significant challenges for the fund, including asset write-downs and regulatory scrutiny of its valuation methods. These issues led BlackRock to initiate a comprehensive overhaul of TCPC's investment strategy in the preceding month.
Despite the timing, the filing stated that Tseng’s resignation was to pursue other business opportunities and was not the result of any disagreement with the company or BlackRock. For investors, this executive shuffle signals a definitive shift in strategy and oversight at a time when the private credit sector is facing increased attention.
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