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 revelations of a US regulatory probe into the unit’s valuation practices.
Phil Tseng, chief executive officer of the publicly-traded BlackRock TCP Capital Corp., remains an employee of the world’s largest asset manager for now, according to people familiar with the matter. It’s unclear when he’ll depart and plans haven’t been finalized, the people said, asking not to be identified discussing non-public information.
A representative for BlackRock declined to comment. Tseng also declined to comment via the company spokesperson.
The fund, known as TCPC, has long been a challenge for BlackRock, which has sought to expand aggressively into private credit in recent quarters. After struggling for years to keep up with leaders in the $1.8 trillion market, BlackRock acquired HPS Investment Partners in 2025 for about $12 billion to extend its capabilities beyond its legacy funds, which included TCPC.
Since the deal, HPS executives have been increasingly involved in the day-to-day operations of the TCPC fund.
BlackRock TCP Capital Corp. is a publicly traded business development company that pools together private credit loans. The vehicle has struggled after a series of troubled investments forced it to mark down the net value of its assets twice this year — by 19% in January and 5% in May.
Federal prosecutors at the Manhattan US Attorney’s office have also been scrutinizing the fund’s valuation practices in recent months and have questioned executives as part of the probe, Bloomberg News reported in May.
Shares of TCPC had slumped 39% so far this year through the close of trading on Tuesday.
Tseng was previously a managing partner at Tennenbaum Capital Partners, a private credit manager BlackRock acquired in 2018. He has also led other US direct-lending funds at BlackRock, including its non-traded Private Credit Fund.
Written by: Olivia Fishlow and Silla Brush — With assistance from Ellen DiMauro @Bloomberg
The post “ BlackRock’s Tseng to Exit as CEO of Troubled Private Credit Fund” first appeared on Bloomberg