Leadership Changes at BlackRock TCP Capital Corp.
Phil Tseng resigned from his roles as chief executive officer, director, board chair and co‑chief investment officer of BlackRock TCP Capital Corp., the publicly traded private credit fund listed on NASDAQ under the ticker TCPC, effective 31 August 2026. The filing notes that Tseng will remain a BlackRock employee until 1 October 2026 to ensure a smooth transition of responsibilities and that his resignation is to pursue other business opportunities outside of BlackRock, not the result of any disagreement with the company. Concurrently, Tseng was removed as a voting member of the fund’s investment committee effective the same date.
On 2 September 2026, Jason Mehring was appointed director, board chair and chief executive officer of BlackRock TCP Capital Corp. Mehring is a managing director at BlackRock and previously served as president of the fund from 6 November 2024 until his new appointment. He is a senior member of the investment team within BlackRock’s Private Financing Solutions platform and leads the firm’s U.S. core middle‑market direct lending strategy.
The same filing announced that Dan Worrell, also a managing director at BlackRock and senior member of the Private Financing Solutions investment team, was appointed president of the fund on 2 September 2026, moving from his prior position as co‑chief investment officer.
These leadership changes follow a period of fund markdowns and heightened government scrutiny of the fund’s valuation practices, which led BlackRock Inc. to overhaul the fund’s investment strategy in the preceding month. The restructuring aims to address the concerns raised by regulators and to stabilize the fund’s performance.