Phil Tseng is set to step down as CEO of BlackRock TCP Capital (TCPC), according to Bloomberg. The departure date remains unclear. TCPC, a publicly traded business development company managed by BlackRock, has faced challenges including asset mark-downs and an investigation by the U.S. Attorney's Office into its valuation practices. This event highlights broader pressures in the private credit market, where many BDCs are struggling with unprofitability due to falling asset values and rising costs.