BlackRock hits two-thirds mark on debut fundraise – exclusive

BlackRock Secondaries & Liquidity Solutions is understood to count SWFs and pensions among its anchor investors.

BlackRock, the world’s largest asset manager, has broken the back of fundraising on its debut secondaries fund.

The $7.43 trillion asset manager has raised just under $1 billion for BlackRock Secondaries & Liquidity Solutions, according to a source familiar with the matter. The interim close is understood to comprise capital from several anchor investors including sovereign wealth funds, pension funds and family offices.

The fund, which is allowed to continue raising until the middle of next year, is likely to hold its final close earlier than that, Secondaries Investor understands.

Secondaries Investor reported in November that BlackRock was in early talks with investors about raising $1.5 billion to invest in a mix of LP portfolios and complex deals, across strategies and on a global basis. The hard-cap of the fund is undisclosed.

Goldman Sachs Asset Management managing directors Steve Lessar and Konnin Tam joined BlackRock in July 2018 to lead BlackRock’s push into secondaries, Secondaries Investor reported.

Veena Isaac, a former partner with multi-family office Jasper Ridge Partners, and Goldman Sachs alumni Jarid Colucci and Derek Krouner are among the other senior members of the investment team, Secondaries Investor has reported. All are based in the investment manager’s New York head office.

The firm has backed several deals off its balance sheet, including the restructuring of Thomas H Lee Partners’ crisis era fund last year.

Last year, the amount of capital raised for secondaries hit $36.9 billion across 32 vehicles, down on the totals for 2017 and 2018, according to Secondaries Investor data.

BlackRock did not respond to a request for comment.