BlackRock Private Credit Fund
09/16/2024 | Press release | Distributed by Public on 09/16/2024 14:08
Management Change/Compensation Form 8 K
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers. |
Resignation of Rajneesh Vig as Chair and Chief Executive Officer of the Company
On September 16, 2024, Rajneesh Vig informed BlackRock Private Credit Fund (the "Company") of his resignation from his positions as Chair of the Board of Trustees of the Company and as Chief Executive Officer ("CEO") of the Company, effective as of the close of business on November 6, 2024, to pursue other business opportunities outside of BlackRock, Inc., and entered into an agreement regarding the terms and timing of his separation from BlackRock, Inc. Mr. Vig's resignation is not the result of any disagreement with the Company or with BlackRock, Inc. Mr. Vig will continue to serve as a Trustee of the Company (and as a director of TCPC and BDLC, each defined below) and an employee of BlackRock, Inc. until the close of business on January 31, 2025 and February 1, 2025, respectively, in order to ensure the smooth transition of his responsibilities.
Appointment of Philip Tseng as Chief Executive Officer of the Company
On September 16, 2024, the Board of the Company appointed Philip Tseng to serve as CEO of the Company, effective as of the close of business on November 6, 2024. Mr. Tseng will serve as CEO until his resignation or removal by the Board. Mr. Tseng is a Managing Director of BlackRock, Inc. Mr. Tseng serves on the Board of Directors of BlackRock Direct Lending Corp. ("BDLC") and BlackRock TCP Capital Corp. ("TCPC"). Mr. Tseng will continue to serve as President of the Company, TCPC and BDLC until the close of business on November 6, 2024. Mr. Tseng also was named Chair of the Board and CEO of BDLC and TCPC, each effective as of the close of business on November 6, 2024.
Appointment of Other Officers of the Company
In addition, the Board of the Company appointed the following persons to the following positions for the Company and each of BDLC and TCPC effective as of the close of business on November 6, 2024:
| · | Jason Mehring to the position of President |
| · | Patrick Wolfe to the position of Chief Operating Officer |
| · | Dan Worrell to the position of Co-Chief Investment Officer |
| · | Philip Tseng to the position of Co-Chief Investment Officer |