BlackRock has hauled in more than $3bn for its debut secondaries and liquidity solutions strategy, including $2.4bn for the biggest inaugural PE secondaries fundraise to date.
The investment giant easily beat its initial $1.5bn target for its Secondaries & Liquidity Solutions Fund, and raised more than $600m of additional secondaries capital alongside the vehicle.
BlackRock SLS team managing director Veena Isaac said, “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.”
The firm saidm SLS would target mid-sized secondary transactions by providing liquidity solutions to LPs and GPs.
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, and Isaac in 2019.
The firm said SLS has already completed more than 15 transactions and deployed “a significant amount of capital” around the market dislocation at the beginning of the Covid-19 pandemic.
SLS is highly selective in seeking top risk-return opportunities across both traditional and non-traditional secondaries, the firm added, including single and multi-fund portfolios, manager-led restructurings and other opportunistic investments.
BlackRock was managing more than $26bn of client capital and commitments through its private equity strategy at the start of the year.
Together, these private equity strategies manage over USD$26 billion in client capital and commitments as of December 31, 2020.
Earlier this year BlackRock rebounded from a disappointing Asian real estate in 2017 by soaring to a $1.175bn close for its successor vehicle.
BlackRock only managed to collect $500m for its Asia Property Fund IV in its final close four years ago, half of the $1bn it had been hoping to raise for the vehicle at its launch in 2014.
But sticking to that goal for Fund V has worked out this time around, with the firm passing that total thanks to a strong re-up rate from Fund IV LPs.
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Source: https://www.altassets.net/private-equity-news/by-pe-sector/secondaries-by-pe-sector/blackrock-brings-in-over-3bn-for-new-pe-secondaries-strategy-including-sectors-biggest-first-time-fundraise.html
