BlackRock TCP Capital CEO Phil Tseng resigns after fund markdowns

On August 31, Phil Tseng stepped down as chief executive of BlackRock TCP Capital Corp. after markdowns and government scrutiny prompted BlackRock Inc. to overhauls the fund's investment strategy, according to a recent filing. Tseng relinquished his roles as director, board chair, CEO, and co-chief investment officer of the publicly traded private credit fund (NASDAQ:TCPC) on the same day.

He will continue to work for BlackRock until October 1st to ensure a seamless transition of duties. Jason Mehring took on the roles of director, board chair, and CEO of BlackRock TCP Capital Corp. on September 2nd. Mehring, a managing director at BlackRock, had previously served as the president of the fund from November 6, 2024 until September 2nd.

He leads BlackRock's U.S. core middle market direct lending strategy within the firm's Private Financing Solutions platform. Dan Worrell was appointed president of the fund on September 2nd, moving from his position as co-chief investment officer. Worrell, also a managing director at BlackRock, is another senior member of the investment team within the Private Financing Solutions platform.

Tseng's resignation was attributed to him seeking other business opportunities outside of BlackRock and was not due to any disagreements with the company or BlackRock. Upon Tseng's departure, he was also removed as a voting member of the fund's investment committee effective August 31st.