BlackRock’s private credit fund head Phil Tseng departs amid NAV meltdown and regulatory scrutiny

Phil Tseng, the executive who ran BlackRock TCP Capital Corp., is stepping down from all roles at the private credit fund effective August 31, 2026. His exit follows a brutal stretch for TCPC that includes massive portfolio markdowns, a stock price in freefall, and active investigations by both the SEC and the US Attorney’s Office into how the fund valued its assets. The numbers behind the exit TCPC’s net asset value dropped 19% in January 2026 alone. Then in May, another markdown of roughly 5% hit. The Q1 damage totaled around $35 million in writedowns, driven largely by distressed loans connected to e-commerce aggregators and the bankruptcy of a company called Renovo Home Partners. TCPC shares have fallen more than 35% year-to-date in 2026, trading at a steep discount to the fund’s already-reduced NAV. Jason Mehring has been tapped as the new CEO and board chair starting September 2, 2026. Dan Worrell will serve as president. The appointments represent BlackRock’s attempt to stabilize a vehicle that has become one of the more visible headaches in its sprawling alternatives business. How TCPC got here BlackRock acquired Tennenbaum Capital Partners back in 2018, which gave it contr...