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Laxman Pai, Opalesque Asia: The world largest asset manager BlackRock said it would begin investing in private companies with a new fund that is designed to be less risky than traditional buyout funds.
BlackRock said that it raised $2.75bn of seed capital for its Long Term Private Capital (LTPC) fund, a perpetual fund that will make long-term investments in companies.
"LTPC is the newest offering from BlackRock Alternative Investors (BAI) and was built in collaboration with institutional clients seeking a new and innovative way to take long-term positions in private companies," said the release.
The asset manager said it has $1.25 billion in hand and that the rest of the committed capital will become available as the fund increases in size.
"Cornerstone investors committed the seed capital for the fund that includes $1.25 billion in current commitments by the investors and BlackRock and an additional $1.5 billion when the fund reaches its target of $10 billion to $12 billion," it explained.
BlackRock built the LTPC investment platform from the ground up. Led by André Bourbonnais, the LTPC team is now seeking sizeable investments in high-quality companies interested in a long-term strategic source of capital.
LTPC is a crucial new component in BAI's comprehensive alternative investing capabilities that range from real assets and hedge fund solutions to private equity and private credit, said the release.
"For institutional inv...................... To view our full article Click here
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