NEW YORK–(BUSINESS WIRE)–BlackRock Private Equity Partners today announced that it has successfully closed on over USD$3 billion in total capital commitments for its debut Secondaries & Liquidity Solutions (SLS) strategy. Capital raised includes USD$2.4 billion for its Secondaries & Liquidity Solutions Fund (the “Fund”), exceeding its initial target of USD$1.5 billion, and additional secondaries capital raised alongside the Fund. Together, this represents the largest fundraise for an inaugural private equity secondaries strategy globally to date.¹

More than 70 institutional investors around the world committed capital to the fundraise, including public and private pension funds, insurance companies, sovereign wealth funds, endowments, foundations, family offices and high-net-worth individuals. Institutional investors who participated in the fundraise include new and existing investors to BlackRock Private Equity Partners as well as BlackRock Alternative Investors.

“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 BlackRock Secondaries & Liquidity Solutions team.

“Private markets growth is driving further secondaries supply, and we believe that the secondary market is poised for strong future growth as limited partners and general partners alike seek more creative ways to access liquidity and realize value,” added Veena Isaac, managing director of the BlackRock Secondaries & Liquidity Solutions team.

BlackRock’s Secondaries & Liquidity Solutions (SLS) strategy seeks to capture attractive opportunities in mid-sized secondary transactions by providing liquidity solutions to limited partners and general partners of private markets firms. SLS was formed as the dedicated secondaries team within BlackRock Private Equity Partners with the hiring of Steve Lessar and Konnin Tam, co-heads of SLS, in 2018, in addition to Veena Isaac, managing director, in 2019. Today, the platform has built an experienced and tenured investment team that has a shared history of collaboration in secondaries investing over the past two decades. SLS has completed over 15 transactions across various secondary transaction types, deploying a significant amount of capital around the markets dislocation at the beginning of the COVID-19 pandemic.

“As a leader in private markets investing, we have seen how secondary transactions have evolved from being an attractive segment of the private equity industry to a more widely adopted strategy for portfolio management and diversification across the full spectrum of alternative asset classes,” said Edwin Conway, Global Head of BlackRock Alternative Investors. “We are pleased to have developed a secondaries offering that will help to deliver differentiated investment solutions to investors across our alternatives platform.”

The Fund seeks to take advantage of an evolving secondaries market that is well-positioned to capitalize on various forms of market dislocation, as well as structural growth drivers around a maturing global private equity space. SLS is highly selective in seeking top risk-return opportunities across both traditional and non-traditional secondaries, including single and multi-fund portfolios, manager-led restructurings, and other opportunistic investments.

BlackRock Alternative Investors provides a comprehensive range of private equity strategies and solutions, including BlackRock Private Equity Partners, which encompasses commingled private equity programs and custom separate accounts focused on investing in Primary Funds, Direct Co-investments, and Secondaries through the Secondaries & Liquidity Solutions team. BlackRock Long Term Private Capital is the firm’s direct private equity strategy. Together, these private equity strategies manage over USD$26 billion in client capital and commitments as of December 31, 2020.

About BlackRock Alternative Investors

BlackRock Alternative Investors serve investors seeking outperformance in real estate, infrastructure, private equity, credit, hedge funds and alternative solutions. We strive to bring our investors the highest quality investments by drawing upon our global footprint, superior execution capabilities and position as a preferred partner. BlackRock manages USD$259 billion in alternative investments and commitments on behalf of clients worldwide as of December 31, 2020.

THE INFORMATION CONTAINED HEREIN, TOGETHER WITH THE PERFORMANCE RESULTS PRESENTED, IS PROPRIETARY IN NATURE AND HAS BEEN PROVIDED TO YOU ON A CONFIDENTIAL BASIS, AND MAY NOT BE REPRODUCED, COPIED OR DISTRIBUTED WITHOUT THE PRIOR CONSENT OF BLACKROCK.

Risk Warnings

Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time.

Fund Specific Risks

Restriction on withdrawal. The Fund is not intended to be a short-term investment and has no certainty of returns. An investment in the Fund is a long-term commitment. It is anticipated that there may be a significant period of time (up to ten years or more) before all of the Fund’s Portfolio Investments are fully realised. And Interests in the Fund nor any Fund investments are expected to be, freely assignable or transferable. Except in extremely limited circumstances, withdrawals from the Fund will not be permitted, and it is not anticipated that the Fund will be permitted to withdraw from its Investments. Investors must be prepared to bear the risks of owning Interests, including the obligation to make capital contributions, for an extended period of time.

Lack of available investments. The Fund will be competing for exposure to investments in a highly competitive market, against other funds, as well as individuals, financial institutions, strategic players and other investors, some of which may have greater resources than the Investment Manager. The availability of investment opportunities generally will be subject to market conditions. There can be no assurance that the Fund will be able to locate, attain and exit investments that satisfy its investment objectives, or that the Fund will be able to fully invest its committed capital.

Concentration risk. The Fund may participate in a limited number of investments and so the return of the Fund may be materially and adversely affected by any unfavourable performance of even a single investment. In addition, investors have no assurance as to the degree of diversification of the fund’s investments, either by geographic region or transaction type. To the extent the Fund has concentrated investments in a particular industry, geography, vintage or any other characteristic, its investments will become more susceptible to fluctuations in value resulting from adverse economic and business conditions.

Valuation risk. The Fund will be exposed to securities and other assets that will not have readily assessable market values. The valuation of such securities and other assets is inherently subjective and subject to increased risk that the information utilised to value such assets or to create the price models may be inaccurate or subject to other error. Due to a wide variety of market factors and the nature of the securities and assets to which the Fund will be exposed, there is no guarantee that any value determined will represent the value that will be realised on the eventual disposition of the Fund’s investments or that would, in fact, be realised upon an immediate disposition of such investment.

Important information

This document is marketing material.

BlackRock Secondaries & Liquidity Solutions (Lux) SCSp (“the Fund” or “SLS”) is domiciled in Luxembourg.

These materials have been provided to you on a confidential basis for information purposes only, are subject to modification, change or supplement without prior notice to you (including without limitation any information pertaining to strategies used), and do not constitute investment advice or recommendation and should not be relied upon by you in evaluating the merits of investing in any securities referred to herein. The information presented herein is provided solely as reference material with respect to PEP and its activities. It does not constitute an offer to sell or a solicitation of an offer to buy any interests in any PEP fund (each, a “PEP Fund” and, collectively, the “PEP Funds”). Any such offering will occur only at such time that a private placement memorandum (“PPM”) of a PEP Fund is made available and only in accordance with the terms and conditions set forth in the PPM. Prospective investors are strongly urged to review the PPM when available for more complete information (including the risk factors described therein). All information provided herein is qualified by reference to the PPM. There can be no assurance that a PEP Fund’s investment objectives will be achieved and investment results may vary substantially over time. Investment in a PEP Fund is not intended to be a complete investment program for any investor.

PEP is not making any recommendation or soliciting any action based upon the information contained herein. This information is furnished to you with the express understanding that it does not constitute: (i) an offer, solicitation or recommendation to invest in a particular investment in any jurisdiction; (ii) a means by which any such investment may be offered or sold; or (iii) advice or an expression of PEP’s view as to whether a particular investment is appropriate for you and meets your financial objectives.

The information contained in these materials has been compiled as of March 2021, unless otherwise stated herein. Where the information is from third party sources, the information is from sources believed to be reliable, but none of the PEP Funds, their placement agent, BlackRock, Inc., PEP, PEP Funds’ advisers or any of their respective affiliates, or the partners, officers or employees (as the case may be) of any of them, has independently verified any of the information contained herein or assumes any liability for it. Additionally, none of these parties is required to provide recipients of this document with updates, modifications, or amendments to the information, opinions, estimates, or forecasts described herein should BlackRock, its affiliates, or any third party sources determine that such currently set forth communication becomes inaccurate.

Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of BlackRock as a whole or any part thereof and no assurances are made as to their accuracy.

This material is for distribution to Professional Clients (as defined by the FCA or MiFID Rules) and Qualified Investors only and should not be relied upon by any other persons.

Until 31 December 2020, issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.

From 1 January 2021, in the event the United Kingdom and the European Union do not enter into an arrangement which permits United Kingdom firms to offer and provide financial services into the European Economic Area, the issuer of this material is:

(i) BlackRock Investment Management (UK) Limited for all outside of the European Economic Area; and

(ii) BlackRock (Netherlands) B.V. for in the European Economic Area,

BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311. For your protection telephone calls are usually recorded.

When this document is issued in the EEA, it is issued by BlackRock (Netherlands) B.V.: Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Trade Register No. 17068311. For more information, please see the website: www.blackrock.com. For your protection, telephone calls are usually recorded. BlackRock is a trading name of BlackRock (Netherlands) B.V.

For distribution in the European Economic Area (EEA): This material has been created for use by prospective Professional Investors in Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Malta, the Netherlands, Norway, Portugal, Spain, and Sweden.

As at the date of this document, the Fund has been notified, registered or approved (as the case may be and howsoever described) in accordance with the local law/regulations implementing the AIFMD for marketing to professional investors into the above mentioned member state(s) of the EEA (each a “Member State”).

For Investors in Germany: Shares of the Fund may in particular not be distributed or marketed in any way to German retail or semi-professional investors if the Fund is not admitted for distribution to these investor categories by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht).

For Investors in the UK: In the UK this document is directed only at persons who are professional clients or eligible counterparties for the purposes of the Financial Conduct Authority’s Conduct of Business Sourcebook. The opportunity to invest in the Fund is only available to such persons in the UK and this document must not be relied or acted upon by any other persons in the UK.

For Qualified Investors in Switzerland: For Qualified Investors only. This document is marketing material. This document shall be exclusively made available to, and directed at, qualified investors as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended (“CISA”). The BlackRock Secondaries & Liquidity Solutions (Lux) SCSp is domiciled in Luxembourg. Fund has not been registered with the Swiss Financial Market Supervisory Authority (FINMA). Representative in Switzerland is BlackRock Asset Management Switzerland Limited, Bahnhofstrasse 39, CH-8001 Zurich and the Paying Agent in Switzerland is State Street Bank International GmbH, München, Zweigniederlassung Zürich, Beethovenstrasse 19, CH -8002 Zürich. The Fund’s confidential Private Placement Memorandum and/or any other offering materials and the annual and semi-annual reports, if applicable, of the Fund/s are available free of charge from the representative in Switzerland. Investors should read the fund specific risks in the Prospectus and any other offering material.

For Investors in Monaco: The Fund may not be offered or sold, directly or indirectly, to the public in Monaco other than by a Monaco Bank or a duly authorized Monegasque intermediary acting as a professional institutional investor which has such knowledge and experience in financial and business matters as to be capable of evaluating the risks and merits of an investment in the Fund. Consequently, this Prospectus may only be communicated to (i) banks, and (ii) portfolio management companies duly licensed by the “Commission de Contrôle des Activités Financières by virtue of Law n° 1.338, of September 7, 2007, and authorized under Law n° 1.144 of July 26, 1991. Such regulated intermediaries may in turn communicate this presentation to potential investors.

For investors in Israel: BlackRock Investment Management (UK) Limited is not licensed under Israel’s Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”). No action has been taken or will be taken in Israel that would permit a public offering or distribution of the products mentioned in this document to the public in Israel. The products mentioned in this document have not been approved by the Israel Securities Authority. In addition, the products mentioned in this document are not regulated under the provisions of Israel’s Joint Investment Trusts Law, 5754-1994 (the “Joint Investment Trusts Law”). This document has not been approved by the Israel Securities Authority and will only be distributed to Israeli residents in a manner that will not constitute “an offer to the public” under sections 15 and 15a of the Israel Securities Law, 5728-1968 (the “Securities Law”) or section 25 of the Joint Investment Trusts Law, as applicable.

This document and the products mentioned herein are being offered to those categories of investors listed in the First Addendum (the “Addendum”) to the Securities Law, (“Institutional Investors”); in all cases under circumstances that will fall within the private placement or other exemptions of the Joint Investment Trusts Law, the Securities Law and any applicable guidelines, pronouncements or rulings issued from time to time by the Israel Securities Authority. This document may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been sent. Nothing in this document should be considered investment advice or investment marketing as defined in the Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995. This document does not constitute an offer to sell or solicitation of an offer to buy any securities, nor does it constitute an offer to sell to or solicitation of an offer to buy from any person or persons in any state or other jurisdiction in which such offer or solicitation would be unlawful, or in which the person making such offer or solicitation is not qualified to do so, or to a person or persons to whom it is unlawful to make such offer or solicitation.

For existing Investors: In relation to other Member States, you have received this document because, according to our records, you are currently an existing investor within the fund. If you are not an investor in the named fund or you are not the intended recipient or have received this document in error, please notify the sender immediately and destroy the message in its entirety (whether in electronic or hard copy format), without disclosing its contents to anyone.

If you are an intermediary or third party distributor, you must only disseminate this material to other Professional Investors as permitted in the above specified jurisdictions and in accordance with applicable laws and regulations.

Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.

This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.

THE INFORMATION CONTAINED HEREIN, TOGETHER WITH THE PERFORMANCE RESULTS PRESENTED, IS PROPRIETARY IN NATURE AND HAS BEEN PROVIDED TO YOU ON A CONFIDENTIAL BASIS, AND MAY NOT BE REPRODUCED, COPIED OR DISTRIBUTED WITHOUT THE PRIOR CONSENT OF BLACKROCK.

© 2021 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, BUILD ON BLACKROCK and SO WHAT DO I DO WITH MY MONEY are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

Definitions and disclosures

General disclosures

These materials have been provided to you on a confidential basis for information purposes only, are subject to modification, change or supplement without prior notice to you (including without limitation any information pertaining to strategies used), and do not constitute investment advice or recommendation and should not be relied upon by you in evaluating the merits of investing in any securities referred to herein. The information presented herein is provided solely as reference material with respect to PEP and its activities. It does not constitute an offer to sell or a solicitation of an offer to buy any interests in any PEP fund (each, a “PEP Fund” and, collectively, the “PEP Funds”). Any such offering will occur only at such time that a private placement memorandum (“PPM”) of a PEP Fund is made available and only in accordance with the terms and conditions set forth in the PPM. Prospective investors are strongly urged to review the PPM when available for more complete information (including the risk factors described therein). All information provided herein is qualified by reference to the PPM. There can be no assurance that a PEP Fund’s investment objectives will be achieved and investment results may vary substantially over time. Investment in a PEP Fund is not intended to be a complete investment program for any investor.

PEP is not making any recommendation or soliciting any action based upon the information contained herein. This information is furnished to you with the express understanding that it does not constitute: (i) an offer, solicitation or recommendation to invest in a particular investment in any jurisdiction; (ii) a means by which any such investment may be offered or sold; or (iii) advice or an expression of PEP’s view as to whether a particular investment is appropriate for you and meets your financial objectives.

The information contained in these materials has been compiled as of March 2021, unless otherwise stated herein. Where the information is from third party sources, the information is from sources believed to be reliable, but none of the PEP Funds, their placement agent, BlackRock, Inc., PEP, PEP Funds’ advisers or any of their respective affiliates, or the partners, officers or employees (as the case may be) of any of them, has independently verified any of the information contained herein or assumes any liability for it. Additionally, none of these parties is required to provide recipients of this document with updates, modifications, or amendments to the information, opinions, estimates, or forecasts described herein should BlackRock, its affiliates, or any third party sources determine that such currently set forth communication becomes inaccurate.

Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change.

Contacts

Media Contact
Christopher Beattie

+1 646 231-8518

christopher.beattie@blackrock.com

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