Phil Tseng to leave BlackRock TCP Capital CEO post - Bloomberg

[BDC concept is shown by businessman.]
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Phil Tseng is set to step down as CEO of BlackRock TCP Capital (TCPC [https://seekingalpha.com/symbol/TCPC]), Bloomberg News [https://www.bloomberg.com/news/articles/2026-07-01/blackrock-s-tseng-to-exit-as-ceo-of-troubled-private-credit-fund] reported on Wednesday, citing people familiar with the matter.

BlackRock TCP is a publicly traded business development company, externally managed by an indirect subsidiary of the world's largest asset manager, BlackRock (BLK [https://seekingalpha.com/symbol/BLK]).

Tseng's departure date was unclear as of now, with the plan still not finalized, according to the sources who asked not to be identified discussing non-public information.

The private credit fund is said to have struggled after it marked down [https://seekingalpha.com/news/4561246-blackrock-writes-down-a-second-private-loan-to-zero] the net value of its assets twice in 2026—by 19% in January and 5% in May.

The U.S. Attorney's Office for the Southern District of New York, which encompasses the boroughs of Manhattan and the Bronx in New York City, was reportedly investigating [https://seekingalpha.com/news/4594131-blackrock-private-credit-fund-valuation-practices-under-investigation---report] the fund for its valuation practices.

Notably, a majority of publicly traded BDCs have turned unprofitable due to falling asset values and ​rising costs, an analysis by Reuters [https://www.reuters.com/legal/transactional/warning-sign-analysis-shows-publicly-traded-credit-funds-are-unprofitable-2026-07-01/] showed.

Loan losses and debt costs have jumped across 53 publicly traded BDCs, with a number of them utilizing ​more off-balance-sheet borrowing, according to an analysis of balance sheet data from S&P Global Market Intelligence.

Non-traded BDCs have recently attracted attention on surging redemption requests [https://seekingalpha.com/news/4600007-cliffwater-private-credit-fund-caps-withdrawals-at-5-after-receiving-17-of-redemption-requests-in-q2---report].

The Reuters report marks pressure building in the visible part of the private credit market.

Notable listed BDCs: (ARCC [https://seekingalpha.com/symbol/ARCC]), (MAIN [https://seekingalpha.com/symbol/MAIN]), (BXSL [https://seekingalpha.com/symbol/BXSL]), (HTGC [https://seekingalpha.com/symbol/HTGC]), (OBDC [https://seekingalpha.com/symbol/OBDC]), (GBDC [https://seekingalpha.com/symbol/GBDC]), (CSWC [https://seekingalpha.com/symbol/CSWC])

MORE ON BLACKROCK TCP CAPITAL

* BlackRock TCP Capital Corp 2026 Q1 - Results - Earnings Call Presentation [https://seekingalpha.com/article/4903461-blackrock-tcp-capital-corp-2026-q1-results-earnings-call-presentation]
* BlackRock TCP Capital: Patiently Waiting For Signs Of A Revival [https://seekingalpha.com/article/4901193-blackrock-tcp-capital-patiently-waiting-for-signs-of-a-revival]
* BlackRock TCP Capital Corp (TCPC) Q1 2026 Earnings Call Transcript [https://seekingalpha.com/article/4900514-blackrock-tcp-capital-corp-tcpc-q1-2026-earnings-call-transcript]
* BlackRock private credit fund valuation practices under investigation - report [https://seekingalpha.com/news/4594131-blackrock-private-credit-fund-valuation-practices-under-investigation---report]
* BlackRock TCP Capital targets 0.9-1.2x leverage while reporting 2.8% nonaccruals and $0.17 dividend [https://seekingalpha.com/news/4588889-blackrock-tcp-capital-targets-0_9minus-1_2x-leverage-while-reporting-2_8-percent-nonaccruals]