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ALTERNATIVE INVESTMENTS

Get updates on our private market registered funds

Uncertainty may accelerate the growing opportunity in private markets. Get timely updates and the latest performance data for our current 1940 Act registered fund offerings in private equity and private credit.

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Explore BDEBT Explore BDEBT
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PRIVATE EQUITY REGISTERED

BlackRock's Private Investments Fund (BPIF)

QUARTERLY COMMENTARY

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PRIVATE CREDIT REGISTERED

BlackRock Credit Strategies Fund (CREDX)

QUARTERLY COMMENTARY

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PRIVATE CREDIT REGISTERED

BlackRock Private Credit Fund (BDEBT)

QUARTERLY COMMENTARY

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Private market insights

Private markets outlook

We discuss the past year for each asset class and explore where we believe each one is going in terms of specific opportunities, the current risks, and some of the shifts that make this a unique time in the private markets.

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See where investors are seeing the biggest opportunities across private asset classes. See the latest quarterly trends.

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You are leaving BlackRock’s website and entering a third-party website that is not controlled, maintained, or monitored by BlackRock. BlackRock is not responsible for the content or availability of the third-party website. By leaving BlackRock’s website, you will be subject to the third-party website’s terms, policies and/or notices, including those related to privacy and security, as applicable. Please review such policies and notices on the third-party website.

Incorporating alternative investments into a portfolio presents the opportunity for significant losses including the loss of your total investment. Also, some alternative investments have experienced periods of extreme volatility and in general, are not suitable for all investors. Short selling entails special risks. If a fund makes short sales in securities that increase in value, the fund will lose value. Any loss on short positions may or may not be offset by investing short sale proceeds in other investments. There are risks associated with private equity that are not applicable to typical investments in the public equity market, are generally illiquid and carry the potential for significant losses. Typically, private credit investments are in restricted securities that are not traded in public markets, can range in credit quality and are subject to substantial holding periods. Direct lending loans should be considered illiquid and vary greatly in risk due to negotiated lending terms. Infrastructure investments are long-dated, illiquid investments that are subject to operational and regulatory risks. The main risk of real estate investments is that the value of the underlying real estate may go down. Many factors may affect values, including general and local economies, vacancy rates, new construction, and zoning, environmental and tax laws. Hedge funds may not be suitable for all investors and often engage in speculative investment practices which increase investment risk; are highly illiquid; are not required to provide periodic prices or valuation; may not be subject to the same regulatory requirements as mutual funds; and often employ complex tax structures. The funds may use derivatives to hedge investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility.

Investing involves risks, including possible loss of principal.

The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer.

This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.

An investment in the Fund involves a high degree of risk and should be considered speculative. You could lose some or all of your investment. There can be no assurance that the Fund's investment objective will be achieved or that the Fund’s investment program will be successful.

Carefully consider each Fund’s investment objective, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, if applicable, or shareholder report which may be obtained by visiting the SEC Edgar database. Read the prospectus, if applicable, or shareholder report carefully before investing.

Some Important risk of BlackRock Private Investments (BPIF): The Fund's investments in private companies is subject to a number of risks. Private companies are generally not subject to SEC reporting requirements, are not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting. As a result, the Sub-Advisor may not have timely or accurate information about the business, financial condition and results of operations of the private companies in which the Fund invests. There is risk that the Fund may invest on the basis of incomplete or inaccurate information, which may adversely affect the Fund’s investment performance. Private companies in which the Fund may invest may have limited financial resources, shorter operating histories, more asset concentration risk, narrower product lines and smaller market shares than larger businesses, which tend to render such private companies more vulnerable to competitors’ actions and market conditions, as well as general economic downturns. These companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. These companies may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity. In addition, the Fund’s investment also may be structured as pay-in-kind securities with minimal or no cash interest or dividends until the company meets certain growth and liquidity objectives. Typically, investments in private companies are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that the Fund may not be able to resell some of its holdings for extended periods, which may be several years. There can be no assurance that the Fund will be able to realize the value of private company investments in a timely manner.

Some Important risks of BlackRock Private Credit Fund (BDEBT): Investing in our Common Shares involves a high degree of risk. You should purchase these securities only if you can afford a complete loss of your investment. See “Risk Factors”. Also consider the following: We have no prior operating history and there is no assurance that we will achieve our investment objective. This is a “blind pool” offering and thus you will not have the opportunity to evaluate our investments before we make them. You should not expect to be able to sell your shares regardless of how we perform. You should consider that you may not have access to the money you invest for an extended period of time. We do not intend to list our shares on any securities exchange, and we do not expect a secondary market in our shares to develop prior to any listing. Because you may be unable to sell your shares, you will be unable to reduce your exposure in any market downturn. We intend to implement a share repurchase program, but only a limited number of shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions. An investment in our Common Shares is not suitable for you if you need access to the money you invest. See “Suitability Standards” and “Share Repurchase Program in the Fund prospectus.

Important information for BlackRock Credit Strategies Fund (CREDX): Limited Operating History. The Fund is a non-diversified, closed-end management investment company with limited operating history. Non- Diversified Status. The Fund is a non-diversified fund. Having a larger percentage of assets in a smaller number of issuers makes a non-diversified fund more susceptible to risk, as one single event or occurrence can have a significant adverse impact upon the Fund. Closed-End Interval Fund; Illiquidity of Shares. The Fund is structured as an "interval fund" and designed primarily for long-term investors. An investment in the Shares, unlike an investment in a traditional listed closed-end fund, should be considered illiquid. The Shares are appropriate only for investors who are seeking an investment in less liquid or illiquid portfolio investments within an illiquid fund. An investment in the Shares is not suitable for investors who need access to the money they invest. Unlike open-end funds (commonly known as mutual funds), which generally permit redemptions on a daily basis, the Shares will not be redeemable at an investor’s option. Unlike traditional listed closed-end funds, the Fund does not intend to list the Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future. Investment Risk. An investment in the fund's Shares is subject to investment risk, including the possible loss of the entire amount that you invest. The Shares are designed for long-term investors, and the Fund should not be treated as a trading vehicle. At any point in time an investment in the fund's Shares may be worth less than the original amount invested, even after taking into accountdistributions paid by the Fund. See “Risks — Principal Risks — Investment Risk” in the Prospectus. Repurchase Offers Risk. Repurchase offers generally are funded from available cash or sales of portfolio securities but may be funded with borrowings. However, the repurchase of Shares by the Fund decreases the assets of the Fund and, therefore, may have the effect of increasing the fund's expense ratio. Repurchase offers and the need to fund repurchase obligations may also affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the fund's investment performance. Moreover, diminution in the size of the Fund through repurchases may result in untimely sales of portfolio securities, and may limit the ability of the Fund to participate in new investment opportunities. If the Fund uses leverage, repurchases of Shares may compound the adverse effects of leverage in a declining market. In addition, if the Fund borrows money to finance repurchases, interest on that borrowing will negatively affect shareholders who do not tender their Shares by increasing Fund expenses and reducing any net investment income. Certain shareholders may from time to time own or control a significant percentage of the fund's Shares. Repurchase requests by these shareholders of these Shares of the Fund may cause repurchases to be oversubscribed, with the result that shareholders may only be able to have a portion of their Shares repurchased in connection with any repurchase offer. If a repurchase offer is oversubscribed and the Fund determines not to repurchase additional Shares beyond the repurchase offer amount, or if shareholders tender an amount of Shares greater than that which the Fund is entitled to purchase, the Fund will repurchase the Shares tendered on a pro rata basis, and shareholders will have to wait until the next repurchase offer to make another repurchase request. Shareholders will be subject to the risk of NAV fluctuations during that period. Thus, there is also a risk that some shareholders, in anticipation of proration, may tender more Shares than they wish to have repurchased in a particular quarterly period, thereby increasing the likelihood that proration will occur. Affiliates of the Fund may own Shares and determine to participate in the fund's repurchase offers, which may contribute to a repurchase offer being oversubscribed and the Fund effecting repurchases on a pro rata basis. The NAV of Shares tendered in a repurchase offer may fluctuate between the date a shareholder submits a repurchase request and the Repurchase Request Deadline, and to the extent there is any delay between the Repurchase Request Deadline and the Repurchase Pricing Date. The NAV on the Repurchase Request Deadline or the Repurchase Pricing Date may be higher or lower than on the date a shareholder submits a repurchase request. See "Periodic Repurchase Offers" in the Prospectus. Distribution Payment Risk. The Fund cannot assure investors that the Fund will achieve investment results that will allow the Fund to make a specified level of cash distributions or year-to-year increases in cash distributions. All distributions will be paid at the discretion of the Board and may depend on the fund's earnings, the fund's net investment income, the fund's financial condition, maintenance of the fund's RIC status, compliance with applicable regulations and such other factors as the Board may deem relevant from time to time. In the event thatthe Fund encounters delays in locating suitable investment opportunities, all or a substantial portion of the fund's distributions may constitute a return of capital to shareholders. To the extent that the Fund pays distributions that constitute a return of capital for U.S. federal income tax purposes, it will lower an investor's tax basis in his or her Shares. A return of capital generally is a return of an investor's investment, rather than a return of earnings or gains derived from the fund's investment activities, andgenerally results in a reduction of the tax basis in the Shares. As a result from such reduction in tax basis, shareholders may be subject to tax in connection with the sale of Fund Shares, even if such Shares are sold at a loss relative to the shareholder's original investment.

Prepared by BlackRock Investments, Inc. LLC. Member FINRA

Not FDIC Insured | May Lose Value | No Bank Guarantee

MKTGM1225U/S-5028682