Financial Intermediaries
On this website, Financial Intermediaries are investors that qualify as both a Professional Client and a Qualified Investor.
In summary, a person who can both be classified as a professional client under the Markets in Financial Instruments Directive II (2014/65/EU, “MiFID”) and a qualified investor in accordance with the Prospectus Regulation ((EU) 2017/1129) will generally need to meet one or more of the following requirements:
(1) An entity required to be authorised or regulated to operate in the financial markets. The following list includes all authorised entities carrying out the characteristic activities of the entities mentioned, whether authorised by an EEA State or a third country and whether or not authorised by reference to a directive:
(a) a credit institution;
(b) an investment firm;
(c) any other authorised or regulated financial institution;
(d) an insurance company;
(e) a collective investment scheme or the management company of such a scheme;
(f) a pension fund or the management company of a pension fund;
(g) a commodity or commodity derivatives dealer;
(h) a local;
(i) any other institutional investor;
(2) a large undertaking that meets two of the following size requirements on a company basis: (i) a balance sheet total of EUR 20,000,000; (ii) an annual net turnover of EUR 40,000,000; (iii) own funds of EUR 2,000,000;
(3) a national or regional government, a public body that manages public debt, a central bank, an international or supranational institution (such as the World Bank, the IMF, the ECB, the EIB) or another similar international organization;
(4) a natural person resident in an EEA State that permits the authorisation of natural persons as qualified investors, who expressly asks to be treated as a professional client and a qualified investor and who meets at least two of the following criteria: (i) he/she has carried out transactions on securities markets at an average frequency of, at least, 10 per quarter over the previous four quarters before the application, (ii) the size of his/her financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR 500.000, (iii) he/she works or has worked for at least one year in the financial sector in a professional position which requires knowledge of securities investment.
Please note that the above summary is provided for information purposes only. If you are uncertain as to whether you can both be classified as a professional client under the Markets in Financial Instruments Directive and classed as a qualified investor under the Prospectus Directive then you should seek independent advice.
Terms and conditions
Please read this page before proceeding, as it explains certain restrictions imposed by law on the distribution of this information and the countries in which our funds are authorised for sale. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.
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The offshore funds described in the following pages are administered and managed by companies within the BlackRock Group and can be marketed in certain jurisdictions only. It is your responsibility to be aware of the applicable laws and regulations of your country of residence. Further information is available in the Prospectus or other constitutional document for each fund.
This does not constitute an offer or solicitation to sell shares in any of the funds referred to on this site, by anyone in any jurisdiction in which such offer, solicitation or distribution would be unlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.
Specifically, the funds described are not available for distribution to or investment by US investors. The units/shares will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") and, except in a transaction which does not violate the Securities Act or any other applicable US securities laws (including without limitation any applicable law of any of the States of the USA) may not be directly or indirectly offered or sold in the USA or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of a US Person.
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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.
BlackRock has not considered the suitability of this investment against your individual needs and risk tolerance. The data displayed provides summary information. Investment should be made on the basis of the relevant Prospectus which is available from the manager.
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Investors should read the offering documents for further details including the risk factors before making an investment.
Please note that while some of the BlackRock funds are "ring-fenced", others form part of a single company and are not. For BlackRock funds that do not have segregated liability status, in the event of a single BlackRock fund being unable to meet liabilities attributable to that BlackRock fund out of the assets attributable to it, the excess may be met out of the assets attributable to the other BlackRock funds within the same company. We refer you to the prospectus or other relevant terms and conditions of each BlackRock fund for further information in this regard.
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Alternative investments have become an essential tool for advisors and investors alike. Significant growth in private assets, in particular, is making investing more complex.
For illustrative and educational purposes only.
Source: BlackRock, 30 March 2020.
Investments that aim to provide diversification and downside protection, available through more liquid vehicles such as mutual funds, UCITS5 and Cayman6, and ETFs7.
A hedge fund is defined as a privately organized investment vehicle that uses its less regulated nature to generate investment opportunities that are substantially distinct from opportunities offered by traditional investment vehicles, which are subject to regulations such as those restricting their use of derivatives and leverage. Hedge fund strategies focus on idiosyncratic risk to generate absolute returns irrespective of the market environment.
Source: BlackRock, 30 March 2020.
While hedge funds strategies can be effective diversifiers and potential return enhancers, strategies can differ vastly from one another. Holding diversified exposures to multiple hedge funds strategies in the long term, whilst dynamically allocating to short-term opportunities that may present themselves in certain hedge fund strategies as we move across market cycles and regimes.
Source: BlackRock, 30 March 2020.
Discretionary and systematic approaches seeking to generate positive absolute returns through investments in a range of equity markets.
Source: BlackRock, 30 March 2020.
Strategies seeking to generate superior risk-adjusted returns by exploring a wide spectrum of transformative corporate events.
Source: BlackRock, 30 March 2020.
Relative value strategies seek to exploit temporary differences in prices of related securities.
Source: BlackRock, 30 March 2020.
Discretionary, dynamic long/short, multi-asset exposure in a daily liquidity absolute return structure.
Source: BlackRock, 30 March 2020.
Global multi-asset, long/short Style Advantage franchise offering, seeking attractive, diversified risk-adjusted returns with a low correlation to major equity and bond markets.
Source: BlackRock, 30 March 2020.
Investments that are traded less frequently and/or with low volume, making it harder to observe returns. Given the difficulties of selling and valuing illiquid investments, many investors demand a risk premium. While some investors may avoid illiquid investments at all costs, others specifically increase their allocation to illiquid investments in order to earn this risk premium.
The category of real assets focuses on investments in which the underlying assets involve direct ownership of nonfinancial assets. These assets are also known as physical assets that have value due to their substance and properties, such as real estate and infrastructure. Real estate focuses on land and improvements that are permanently affixed, like buildings. Infrastructure claims are on the income of toll roads, regulated utilities, ports, airports, and other real assets that are traditionally held and controlled by the public sector.
Source: BlackRock, 30 March 2020.
Private equity refers to equity and debt positions that, among other things, are not publicly traded. These investments primarily emerge from funding new ventures, known as venture capital; from the equity of leveraged buyouts (LBO) of existing businesses; from mezzanine financing of LBO’s or other venture; and from distressed debt resulting from the decline in the health of previously healthy firms. In private equity direct investments managers look to add value through operations.
Source: BlackRock, 30 March 2020.
Illiquid or non-core credit that offers a yield pickup over traditional investment grade credit due to illiquidity, credit worthiness or complexity. Cyclical and secular changes in credit markets drive investment opportunities. Private credit assets can provide investors diversification benefits, yield enhancement, and additional capital deployment opportunities relative to similar public assets.
Source: BlackRock, 30 March 2020.
More and more investors are shifting to alternatives to boost returns, generate income, provide diversification from traditional investments and achieve their goals. As investors shift to alternatives and these investments grow more complex, there are challenges in getting them right. We are helping to evolve the industry to overcome those challenges and defining a new kind of partnership for our clients.
BlackRock can look beyond public markets and traditional investments to find solutions in real estate, infrastructure, private equity, credit, hedge funds and multi-alternatives. We seek to deliver outperformance with true partnership. BlackRock is well equipped to meet your needs on this journey. We provide you:
* Source: BlackRock, 30 March 2020.
1 BlackRock has not considered the suitability of this investment against your individual needs and risk tolerance. To ensure you understand whether our product is suitable, please read the [Key Investor Information Document / Prospectus].
2 The [Fund’s/Strategy’s] investments may have low liquidity which often causes the value of these investments to be less predictable. In extreme cases, the [Fund/Strategy] may not be able to realise the investment at the latest market price or at a price considered fair.
3 Beta, used in capital asset pricing model (CAPM), is a measure of the volatility, or systematic risk, of a security or portfolio, in comparison to the market as a whole.
4 Reference to individual investments mentioned in this communication is for illustrative purposes only and should not be construed as investment advice or investment recommendation.
5 Undertakings for the Collective Investment in Transferable Securities.
6 A collective investment scheme domiciled in an offshore jurisdiction.
7 Exchange traded fund.
8 Discretionary and systematic approaches seeking to generate positive absolute returns through investments in a range of equity markets.