Philip Tseng's resignation and transition timeline
BlackRock TCP Capital Corp. disclosed in a Sept. 4, 2026 Form 8-K filing that Philip Tseng resigned as Director, Chair of the Board, Chief Executive Officer and Co-Chief Investment Officer of the company effective Aug. 31, 2026, and from equivalent roles at affiliated BlackRock Private Credit Fund and BlackRock Direct Lending Corp. The company stated his departure was not the result of any disagreement on matters of operations, policies or practices. Tseng stepped down as a voting member of Tennenbaum Capital Partners' investment committee, and will remain a BlackRock, Inc. employee until Oct. 1, 2026 to help transition his responsibilities.
Mehring named chair and CEO; Worrell elevated to president
Effective Sept. 2, 2026, the board appointed Jason Mehring as Director, Board Chair and CEO of BlackRock TCP Capital Corp., and as Chair and CEO of the affiliated credit funds. Mehring, who previously served as President, was also added as a voting member of the investment committee alongside Dan Worrell, Rob DiPaolo, Vikas Keswani, Michael Fenstermacher and Grishma Parekh. On the same date, Worrell moved from Co-Chief Investment Officer to President across the same entities, completing a leadership reshuffle. The remaining listed executive officers — Patrick Wolfe, Erik L. Cuellar, Charles C. S. Park and Diana Huffman — retained their roles.
Continuity for the U.S. middle market lending strategy
The leadership changes are positioned to preserve continuity in BlackRock TCP Capital's U.S. core middle market direct lending franchise. The company operates within BlackRock's Private Financing Solutions platform, structuring and executing private secured investments through a centralized investment committee process. Mehring's elevation from President to Chair and CEO, paired with Worrell's move to President, keeps a familiar senior team in place while redistributing investment-committee voting rights following Tseng's exit.
Market context
Separately, BlackRock TCP Capital shares were indicated modestly higher in pre-market trading on Sept. 4, 2026, the day the leadership change was disclosed. An analyst price target on TCPC of $4.00 with a Hold rating was cited in coverage of the announcement.
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