Philip Tseng resigned as CEO of BlackRock TCP Capital (TCPC), effective August 31, 2026. Jason Mehring, a BlackRock managing director and former company president, succeeded him on September 2.
Dan Worrell, previously the co-chief investment officer, has been appointed as the new president.
The leadership transition follows a 19% reduction in the fund's net asset value in January 2026. The company recorded an additional 5% markdown to its net asset value in May 2026.
Federal prosecutors are reportedly investigating the business development company's valuation practices. Official filings state Tseng is leaving to pursue other opportunities and cited no disagreements with the firm.