BlackRock Inc has decided to sell four private-equity portfolios with a value of approximately $200 million, Reuters reported November 24, citing a person with knowledge of the investments.
The investments were so-called tail-end positions, nearing the end of their lifecycles, that BlackRock had initially invested in from 2000 to 2006, according to the person, who was not authorized to speak publicly about the decision.
The sale, which was first reported earlier by Bloomberg, is not BlackRock’s first such move to sell long-term private-equity investments into a sometimes-lucrative secondary market. The company’s Private Equity Partners arm sold some similar portfolios earlier this year, the person said.
A spokesman for BlackRock declined to comment.
New York-based BlackRock, the world’s largest asset manager, had $4.5 trillion in assets under management as of September 30. The firm also counts $13 billion in private-equity and alternative credit strategies among the assets it manages, as of December 31.
(Reporting by Trevor Hunnicutt, Reuters)
Photo: Laurence Fink, Chairman and CEO of Blackrock Inc, gestures at the session ‘The Global Economic Outlook’ at the World Economic Forum (WEF) in the Swiss mountain resort of January 24, 2015. REUTERS/Ruben Sprich