BlackRock has acquired Swiss Re Private Equity Partners (SRPEP), the European private equity and infrastructure fund of Swiss Re, in a move that expands BlackRock’s European and Asian footprint, and infrastructure investing capabilities.
SRPEP, which had $7.5 billion in total commitments as of May 31, 2012, will be integrated with BlackRock’s existing private equity fund of funds group—BlackRock Private Equity Partners (BRPEP). The team will invest in primary funds, secondaries and direct co-investment opportunities through core fund of funds, direct co-investment programs and other offerings.
“In an environment where yields are low and volatility is high, clients around the world are embracing alternatives which offer higher return potential and the ability to mitigate risk,” said Matthew Botein, managing director and head of BlackRock alternative investors.
There are no changes expected to the investment strategy or style of either business’s existing offerings, each of which will continue to be managed by members of their existing portfolio management teams.
The deal is expected to be completed by the end of the third quarter of 2012. Terms of the transaction were not disclosed.