BlackRock sets target for debut secondaries fund – exclusive

The world's largest asset manager is set to come to market in 2020.

BlackRock has put a number on its debut secondaries fund as it prepares to come to market in 2020, Secondaries Investor has learned.

The $7 trillion asset manager is targeting $1.5 billion for BlackRock Secondaries & Liquidity Solutions, according to three sources familiar with the matter. The fund will invest in a mix of LP portfolios and complex deals, across strategies and on a global basis, according to one of the sources.

“They are in early-stage talks with potential cornerstone investors,” the source added.

The vehicle was registered with the US Securities and Exchange Commission in September.

Goldman Sachs managing directors Steve Lessar and Konnin Tam joined BlackRock in July last year to lead the asset manager’s push into secondaries, Secondaries Investor reported. The firm has backed several deals off its balance sheet, including the restructuring of Thomas H Lee Partners’ crisis era fund earlier this year.

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.

BlackRock had not responded to a request for comment by the time of going to press.

– Adam Le contributed to this report.