BlackRock Private Equity Partners (PEP) has successfully closed of the BlackRock Private Equity Opportunities ELTIF (PE ELTIF), an investment strategy offering access to global private equity direct co-investment opportunities with a focus on Europe.
The Fund secured total commitments of EUR509 million (cGBP600 million), exceeding its initial target and becoming one of the largest European Long-Term Investment Funds (ELTIFs) raised in Europe, to date.
The Fund is BlackRock’s first under its ELTIF platform which aims to regularly bring new private market products to its European client base. The PE ELTIF builds upon PEP’s successful 20+ year private equity direct co-investment track record. Its long-term investment themes’ focus on consolidation, corporate carve-outs and family owned or small-cap opportunities, key sectors targeted include Media & Technology, Healthcare, and Industrial & Business Services.
BlackRock raised capital in partnership with 10 European wealth managers that benefitted from the new European ELTIF regulation which allows broadened distribution of private market funds to end-investors across Europe. Additionally, the Fund secured a total of 25 institutional investors across Europe seeking access to an attractive private equity direct co-investment offering, including some of Europe’s largest pension funds, insurance companies, family offices, foundations, and asset managers.
“We are delighted to be closing one of the largest Private Equity ELTIFs in Europe, a milestone achievement by BlackRock Private Equity Partners. This fund is intended to provide both Wealth and Institutional clients the opportunity to invest in the real economy, supporting sustainable growth in Europe. This successful close demonstrates the strength of the BlackRock Alternative Investors ecosystem, in which clients benefit from differentiated sourcing and diverse deal flow, a strong investment and risk culture, alongside market leading data insights and a fully integrated ESG strategy,” said Russ Steenberg, Managing Director and Global Head of Private Equity Partners.
Following the success of the private equity strategy, BlackRock intends to launch additional strategies annually, starting with infrastructure.
