Holding company CNO Financial Group, Inc. (NYSE: CNO) made a non-controlling minority investment in Tennenbaum Capital Partners, LLC, a Los Angeles-based investment management firm with over $6 billion in committed capital under management.
The financial terms of this transaction were not disclosed.
TCP will continue to operate on a stand-alone basis under its present executive leadership.
In addition, CNO makes general account investments over a period of time of approximately $250m across TCP’s managed funds and strategies, to assist in, and benefit from, TCP’s investment management skill and the overall platform’s continued growth in assets under management. The commitments include investments in TCP’s direct lending and special situation strategies and a $30m commitment to its publicly traded business development company, TCP Capital Corp. (NASDAQ: TCPC).
Since its founding, TCP has invested more than $16 billion in over 425 companies.