BlackRock Private Investments Fund

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting blackrock.com.

Past performance does not guarantee future results. There is no guarantee that the investments identified and selected were or will be profitable.

The Fund commenced operations 3/1/21. Performance is not shown for 1Q21 due to lack of a full quarter’s history. Total returns for the period 3/1/21-3/31/21 were -0.60% for Institutional shares. Performance for less than one year is not annualized. Performance since inception is annualized.

The Fund returns include reinvestment of dividends and capital gains. Fund performance data reflect total returns. Returns are unaudited and presented net of fees and expenses. Expenses stated as of the Fund’s most recent prospectus including Total/Net, Including Investment Related Expenses: Institutional Shares, 3.24%/1.75%.; Class D: 3.46% / 1.99%. Reflects a 1.10% contractual waiver on the management fee in place until 31 July 2026. Unless an extension of the contractual management fee waiver is approved by the Board, the Fund’s management fee will increase to 1.75% after 31 July 2026. The Fund and BlackRock Advisor, LLC (the "Advisor") agree to waive and/or reimburse certain operating and other expenses of the Fund in order to limit certain expenses to 0.50% of the Fund’s average quarterly value of the net assets of each share class. Subject to the terms of the Expense Agreement, expenses borne by the Advisor in the prior two fiscal years of the Fund are subject to recoupment by the Advisor. Such recoupment arrangement will terminate on 31 December 2027. The Fund will carry forward any waivers and/or reimbursements of fees and expenses in excess of the Expense Cap and repay the Advisor such amount provided the Fund is able to do so without exceeding the lesser of (1) the expense limit in effect at the time of the waiver or reimbursement, as applicable, or (2) the expense limit in effect at the time of recoupment after giving effect to the repayment. The Expense Agreement continues from year to year if approved by a majority of the Fund’s Independent Trustees. The current term of the Expense Agreement expires on 6/30/26. Includes acquired fund fees and expenses of the Portfolio Funds in which the Fund expects to invest. Some or all of the Portfolio Funds charge carried interest, incentive fees or allocations based on the Portfolio Funds’ performance. Acquired fund fees and expenses are based on historic returns of underlying Portfolio Funds in which the Fund expects to invest, which may change substantially over time. Institutional shares are not subject to a distribution fee or shareholder servicing fee. 

Prior to January 2024 BPIF posted NAV quarterly and beginning in 2024 is now following a monthly NAV process. Performance reflected in USD. The Fund commenced operations 3/1/21. Performance since inception is annualized.