Bulletin
Investor Alert

press release

March 31, 2021, 7:00 a.m. EDT

BlackRock Raises USD$3 Billion for Debut Secondaries & Liquidity Solutions Strategy

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. 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.

Past performance is not indicative of future results. The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuations may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially.

All investments risk the loss of capital. No guarantee or representation is made that any private equity investment or fund offered or sponsored by PEP will achieve its investment objective. In addition, there are risks associated with investing in private equity that are not applicable to typical investments in the public equity markets. These risks include, but are not limited to, the following: private equity investments are speculative and involve a high degree of risk; an investor could lose all or a substantial amount of his or her investment; interests in private equity investments are illiquid and there is no secondary market nor is one expected to develop for interests in such investments or any fund offered or sponsored by PEP; there are significant restrictions on transferring private equity investments; private equity investments experience volatile performance; private equity funds are often concentrated and lack diversification and regulatory oversight; private equity funds have high fees and expenses (including “carried interest”) that will reduce such investments’ returns and a private equity investment or a fund offered or sponsored PEP may invest in other funds which themselves charge management fees and carried interest (typically, 20% of the net profits generated by the fund and paid to the manager); a private equity investor has an ongoing financial commitment to make contributions to such funds, is subject to severe consequences in cases of default and may have to recontribute distributions to private equity investments; and funds offered or sponsored by PEP can be subject to various conflicts of interest arising from the fact that many private equity sponsors, including BlackRock, are global financial services firms which provide a broad array of financial services and are, in some cases, related to other large financial services firms. Private equity funds may make a limited number of investments. These investments may be in start-up ventures with little or no operating histories or in companies that may utilize significant leverage and will involve a high degree of risk. In addition, a PEP Fund may make minority equity investments where such PEP Fund may not be able to protect its investment or control or influence effectively the business or affairs of such entities. The performance of a PEP Fund may be substantially adversely affected by a single investment. A PEP Fund may obtain rights to substantially influence the conduct of the management of companies in which it invests, including its members serving on the board of directors. This or other measures could expose the assets of a PEP Fund to claims by a portfolio company, its security holders, its creditors and others. Also, private equity investments may be highly leveraged, which increases the risk of investment losses. For a more extensive discussion of the risks associated with an investment in such funds, you should carefully review the “Certain Risk Factors” and “Potential Conflicts of Interest” sections of the respective PEP Fund’s PPM.

Please note that, generally, an investor in a PEP Fund may not transfer, assign, or otherwise dispose of his/her/its interests in such PEP Fund (the “Interests”), except with the prior written consent of the general partner of the relevant PEP Fund, which has sole discretion regarding the granting of such consent. In addition, investors who do not fund their capital commitments when due will be subject to severe penalties, including forfeiture of their Interests. Investors should carefully review the relevant PEP Fund’s PPM, when it becomes available, and, specifically, the “Certain Risk Factors” section.

Interests have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or any other U.S. or non-U.S. securities laws, will not be offered or sold in the United States or to U.S. persons unless the securities are registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available, and will be offered and sold for investment pursuant to an exemption from the registration requirements of the Securities Act and in compliance with any other applicable U.S. and non-U.S. securities laws. The Interests may not be transferred or resold except as permitted under the Securities Act and any applicable U.S. or non-U.S. securities laws. The Interests have not been recommended by any U.S. federal, other U.S. or non-U.S. securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of these materials. Any representation to the contrary is a criminal offense. Interests are not insured by the U.S. Federal Deposit Insurance Company or any government agency, are not guaranteed by any bank and are subject to investment risks, including the loss of the principal amount invested. Investors should be aware that they may be required to bear the financial risks of an investment in the Interests for an indefinite period of time because the Interests (i) cannot be sold unless they are subsequently registered under all applicable securities laws or an exemption from registration exists and (ii) are subject to the restrictions on transfer contained in the limited partnership agreement of the relevant PEP Fund.

Private equity investments are less transparent than public investments and private equity investors are afforded less regulatory protection than investors in registered public securities. Private equity funds are sold in private placements and may be offered only to individuals who are both “qualified purchasers” (as defined in U.S. Investment Company Act of 1940, as amended) and “accredited investors” (as defined in the Securities Act) and for whom the investment is otherwise suitable.

There can be no assurance that a PEP’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.

Opinions and estimates offered herein constitute the judgment of BlackRock and are subject to change. All opinions and estimates are based on assumptions, all of which are difficult to predict and many of which are beyond the control of BlackRock. In addition, any calculations used to generate the estimates were not prepared with a view towards public disclosure or compliance with any published guidelines. In preparing this document, BlackRock has relied upon and assumed, without independent verification, the accuracy and completeness of information provided by third parties. BlackRock believes that the information provided herein is reliable; however, it does not warrant its accuracy or completeness.

The information contained herein is proprietary and confidential and may contain commercial or financial information, trade secrets and/or intellectual property of BlackRock. If this information is provided to an entity or agency that has, or is subject to, open records or open meeting laws or similar or related laws, rules, regulations or policies that do or may permit disclosure of any portion of this information to any person or entity other than the entity to which it was provided by BlackRock (collectively, “Sunshine Laws”), BlackRock hereby asserts any and all available exemption, exception, procedures, rights to prior consultation or the protection from disclosure which may be available to it under the applicable Sunshine Laws.

© 2021 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, and BUILT FOR THESE TIMES 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. No part of this document may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written consent of BlackRock. BlackRock is registered in the U.S. Patent and Trademark Office.

This document is only for your use and must not be circulated to anyone else without our consent or given or shown to the general public under any circumstances.

Issued in the United States by BlackRock Investments, LLC., a member of FINRA.

In Canada, for Permitted Clients only.

This material is solely for informational purposes and does not constitute an offer or solicitation to sell or a solicitation of an offer to buy any shares of any fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction.

For recipients in Hong Kong: This document is provided by BlackRock Asset Management North Asia Limited. The Fund mentioned herein has not been registered with the Securities and Futures Commission for offering or distribution in Hong Kong. Accordingly, this material may not be circulated or distributed, nor may the Funds be offered or sold whether directly or indirectly, to any person in Hong Kong other than to a Professional Investor as defined in the Securities and Futures Ordinance ("SFO") (Cap. 571 of the laws of Hong Kong) and any regulations there under. Investments involve risks. Past performance is not a guide to future performance. This material is provided for informational or educational purposes only and does not constitute a solicitation of any securities or BlackRock funds in any jurisdiction in which such solicitation is unlawful or to any person to whom it is unlawful. Moreover, it neither constitutes an offer to enter into an investment agreement with the recipient of this document nor an invitation to respond to it by making an offer to enter into an investment agreement. Before making an investment decision, investors should read the relevant offering documents carefully including the investment objective and risk factors relating to the Fund.

For Investors in Singapore: this information is issued by BlackRock (Singapore) Limited (company registration number:200010143N) for use only by institutional investors as defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore and should not be relied upon by or redistributed to any other persons in Singapore. The fund mentioned herein have not been registered with the Monetary Authority of Singapore for offering or distribution in Singapore. Accordingly, this information may not be circulated or distributed, nor may the funds be offered or sold whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor pursuant to Section 304 of the Securities and Futures Act ("SFA") or (ii) otherwise pursuant to and in accordance with the conditions of any other applicable provision of the SFA. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

In Australia & New Zealand, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL) for the exclusive use of the recipient, who warrants by receipt of this material that they are a wholesale client as defined under the Australian Corporations Act 2001 (Cth) and the New Zealand Financial Advisers Act 2008 respectively.

This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should therefore assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdiction.

This material is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. BIMAL is a part of the global BlackRock Group which comprises of financial product issuers and investment managers around the world. BIMAL is the issuer of financial products and acts as an investment manager in Australia. BIMAL does not offer financial products to persons in New Zealand who are retail investors (as that term is defined in the Financial Markets Conduct Act 2013 (FMCA)). This material does not constitute or relate to such an offer. To the extent that this material does constitute or relate to such an offer of financial products, the offer is only made to, and capable of acceptance by, persons in New Zealand who are wholesale investors (as that term is defined in the FMCA).

This material may include references to funds that are not registered for public distribution in Australia. Any such funds will be subject to the laws and regulations as required by their country of domicile and registration which may differ from those in Australia and therefore may not necessarily provide the same level of protection to investors as schemes registered in Australia and subject to Australian regulations and conditions.

This material has not been prepared specifically for Australian or New Zealand investors. It may contain references to dollar amounts which are not Australian or New Zealand dollars and may contain financial information which is not prepared in accordance with Australian or New Zealand law or practices. The fund(s) detailed in this material may not be registered for public distribution in Australia. The laws and regulations of any such fund’s country of domicile and registration may differ from those in Australia and therefore may not necessarily provide the same level of protection to investors as schemes registered in Australia and subject to Australian regulations and conditions.

BIMAL, its officers, employees and agents believe that the information in this material and the sources on which it is based (which may be sourced from third parties) are correct as at the date of publication. While every care has been taken in the preparation of this material, no warranty of accuracy or reliability is given and no responsibility for the information is accepted by BIMAL, its officers, employees or agents. Except where contrary to law, BIMAL excludes all liability for this information.

Any investment is subject to investment risk, including delays on the payment of withdrawal proceeds and the loss of income or the principal invested. While any forecasts, estimates and opinions in this material are made on a reasonable basis, actual future results and operations may differ materially from the forecasts, estimates and opinions set out in this material. No guarantee as to the repayment of capital or the performance of any product or rate of return referred to in this material is made by BIMAL or any entity in the BlackRock group of companies.

No part of this material may be reproduced or distributed in any manner without the prior written permission of BIMAL.

For recipients in Taiwan: Independently operated by BlackRock Investment Management (Taiwan) Limited. Address: 28F., No. 100, Songren Rd., Xinyi Dist., Taipei City 110, Taiwan. Tel: (02)23261600. The document is provided under Securities and Futures Bureau’s ruling (ref. no.:Jin-Guan-Zheng-Tou-Zi-1030045271). The Fund mentioned herein has not been registered with the SFB for offering or distribution in Taiwan. Accordingly, this material is for distribution to "Professional Investment Institutions" (as defined in the Financial Consumer Protection Act and any rules made under that Act.) and should not be relied upon by or redistributed to other persons in Taiwan.

BlackRock does not guarantee the suitability or potential value of any particular investment. Investment involves risk including possible loss of principal. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation, and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are often heightened for investments in emerging/developing markets or smaller capital markets. The information provided here is not intended to constitute financial, tax, legal or accounting advice. You should consult your own advisers on such matters.

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[1] Source: Preqin as of March 2021

View source version on businesswire.com: https://www.businesswire.com/news/home/20210331005150/en/

SOURCE: BlackRock Private Equity Partners

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COMTEX_383672967/2456/2021-03-31T07:00:24

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