The chief executive officer of private credit fund BlackRock TCP Capital Corp. (NASDAQ:TCPC) is departing the firm during ongoing losses, significant asset markdowns and federal scrutiny over valuation practices.
Sources familiar with the matter revealed to Bloomberg that Phil Tseng will be leaving the firm, although it is unclear exactly when the departure will take place or who may be replacing him in the role.
TCP Capital is a publicly traded business development company that provides loans and investments to middle-market, small businesses. The fund has struggled recently due to increased pressure from distressed loans, asset markdowns and declining returns. Total markdowns were $35 million in the first quarter.
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