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Laxman Pai, Opalesque Asia:

The world's largest asset manager BlackRock Inc. has raised $3 billion to invest in the private equity secondary market to expand its presence in illiquid alternative investments.

The capital raised by BlackRock Private Equity Partners included $2.4 billion for its debut Secondaries and Liquidity Solutions Fund, which exceeded an initial target of $1.5 billion. The Fund is among the largest debut funds ever raised to buy secondhand private equity stakes.

According to WSJ, secondary funds have been one of the fastest-growing parts of the private-equity industry over the past year, with investor demand surging even after the pandemic hit.

Such funds raised $16.72 billion globally this year through late March, nearly keeping up the record pace of last year, when they collected $80.86 billion in total, according to data-tracking firm Preqin Ltd.

According to a press release from BlackRock Alternative Investors, contributors to the fund included more than 70 institutional investors, including public and private pension funds, insurance companies, sovereign wealth funds, endowments, and high-net-worth individuals.

"The success of this debut secondaries fundraise demonstrates the confidence our investors have placed in our strategy, which leverages the unique and expansive capabilities of the broader BlackRock platform, paired with our differentiated focus on mid-sized transactions," said Steve Lessar and Konnin Tam, co-heads of the......................

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