BlackRock's Tseng to Exit as CEO of Troubled TCP Capital Private Credit Fund
- Phil Tseng is stepping down as CEO of BlackRock TCP Capital Corp (TCPC) amid multiple asset markdowns in 2026 (19% in January, 5% in May) and a federal probe by the U.S. Attorney's Office into the fund's valuation practices (Bloomberg).
- The departure intensifies concerns swirling around private credit after Pimco separately warned of a widening 'confidence gap' as the credit loss cycle begins.
- BlackRock said it will appoint an interim leader and begin a formal search for Tseng's successor, with the transition expected within weeks.