BlackRock TCP boss to depart amid private credit valuation probe: Bloomberg
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The news: The CEO of BlackRock’s troubled private credit fund TCPC, Phil Tseng, is in the process of leaving the firm, following months of losses on soured loans and a US regulatory probe into the unit’s valuation practices, Bloomberg reported, citing unnamed sources.
Tseng runs the publicly traded BlackRock TCP Capital Corp and remains an employee for now. But according to the report, it is unclear when he will depart or whether plans have been finalised.
What they said: A BlackRock representative declined to comment when contacted by Bloomberg. Tseng also declined to comment through a company spokesperson.
The context: The TCPC fund has been marked down twice this year (by 19% in January and 5% in May) after a series of troubled investments.
Meanwhile, federal prosecutors at the Manhattan US Attorney’s office have been scrutinising the fund’s valuation practices and have questioned executives as part of the probe, according to the report.
TCPC shares have slumped over 35% so far this year.
BlackRock acquired HPS Investment Partners in 2025 for about USD12 billion to expand in the USD1.8 trillion private credit market, and HPS executives have since become more involved in TCPC’s operations.
The source: Bloomberg
