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BPIF

BlackRock Private Investments Fund

Invest alongside institutions and seek to amplify return potential over public markets with access to private equity investments.
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At BlackRock, we’re focused on expanding the range of alternative investments available to accredited investors. The BlackRock Private Investments Fund, BPIF, is designed to deliver access to a diversified, core portfolio of institutional private equity while removing some of the friction that’s long been associated with the asset class.
Interest in private equity—particularly among individual investors—has been growing, due in part to an increasing awareness that private markets are quite large relative to public markets. It’s estimated that private companies make up 85% of the equity market while public equities only represent 15%. Additionally, over the last three decades, the number of public companies has shrunk more than 35% while the number of private companies has grown in excess of 40%. Very simply, if investors are not accessing private markets, they’re missing a large piece of the total market opportunity. We also believe that private equity investing can add returns not readily available in the public markets. Over long periods of time – including the last 10, 15 or 20 years – private equity has outperformed public equities– and with lower volatility, creating an attractive way to amplify and diversify traditional portfolio returns.
The challenge comes in terms of how investors can access private equity. Historically, it’s been an asset class reserved for institutional investors or “qualified purchasers” – only those who meet certain strict criteria. In addition to lack of access, the mechanics of investing in private equity through a traditional limited partnership can be cumbersome, with high minimums, complex fees, capital calls and long lockups. Built specifically for accredited investors, BPIF reduces these friction points and provides efficient access to institutional private equity. It operates as an evergreen, US registered fund, providing lower investment minimums and no performance fees. Always available via quarterly subscriptions, investments are fully funded up front with no capital calls, so investors can gain immediate exposure to diversified private equity and can add to their exposure over time. Modest liquidity can be achieved through quarterly tender offers beginning in 2023. Last but not least, it eliminates K1s, and has standard 1099 tax reporting. Overall, we believe BPIF provides accredited investors access to institutional private equity, while overcoming many of the historical hurdles for individual investors.
We started our broader institutional private equity business in 1999 with a simple value proposition based on three straightforward investing strategies: 1) making direct private equity investments in companies around the world; 2) making traditional and non-traditional secondary investments, and 3) committing capital to the best Private Equity managers globally. Our bread and butter historically—and the primary strategy behind BPIF—has been our direct investing activities where we’ve deployed approximately $12 billion to nearly 300 companies around the globe over the last 23 years. We’ve built our business over the last two decades into a leading institutional private equity platform, backed by the scale and resources of BlackRock, which has culminated in one of the longest track records in the industry.
We draw on our entire private equity platform with more than 50 dedicated private equity investment professionals in the US, Europe and Asia. We bring not only the teams' network of more than 450 private equity relationships and underwriting experience, but also the differentiated aspect of BlackRock as the world’s largest asset manager. Increasingly, companies, management teams and other investors come directly to us because of BlackRock’s reputation in the marketplace and their desire to include BlackRock in their capital structure. This combination has led to a wide and deep sourcing pipeline as we consistently see more than 200 transactions per quarter, and when combined with a 3%-5% selection rate, means we see a lot of opportunities but say yes to very few. Ultimately, BPIF leverages this entire platform to invest side by side with our institutional and qualified purchaser clients in the same investments, on the same terms, underwritten by the same team.
Fund’s investment program entails risk. There can be no assurance that the investment objective of the Fund will be achieved or that its investment program will be successful. A summary of certain risks associated with an investment in the Fund is set forth below and on the following pages. It is not complete, and you should read and consider carefully the more detailed description of the risks associated with an investment in the Fund described in the Fund’s Prospectus before purchasing Shares. Capitalized terms used but not defined herein have the meanings ascribed to them in the Prospectus.
Prospectus offer: Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. This and other information about the Fund can be found in the Fund’s current prospectus (the “Prospectus”), which can be obtained by contacting BlackRock at 800-882-0052. The Prospectus should be read carefully before investing. The Fund’s investment program entails risk. There can be no assurance that the investment objective of the Fund will be achieved or that its investment program will be successful. A summary of certain risks associated with an investment in the Fund is set forth below and on the following pages. It is not complete and you should read and consider carefully the more detailed description of the risks associated with an investment in the Fund described in the Fund’s Prospectus before purchasing Shares. Capitalized terms used but not defined herein have the meanings ascribed to them in the Prospectus
USWAH0722U/S-2283657

BlackRock Private Investments Fund (BPIF)

BPIF is designed for accredited investors to access a diverse, core portfolio of institutional-caliber private equity in a registered fund structure.

Hear from our private equity fund managers about how to introduce BPIF into your portfolios.

$11.54
NAV per share1
$223
AUM2
$199.5
million in PE commitments3
Increase117
underlying portfolio companies4

Why BPIF?

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Access private markets
A core portfolio of institutional private equity investments including direct investments and secondaries.
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Easy to implement
Low investment minimums, 1099 tax reporting and no capital calls reduce friction associated with traditional private funds.
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BlackRock Edge
The scale of BlackRock's $48B5 global private equity business means exceptional deal sourcing and selection.

Historically strong asset class performance6

For investors with a long-term focus and without a high need for liquidity, private equity has historically provided strong returns.
private equity returns chart

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. For illustrative purposes only. Source: Burgiss, Bloomberg as of 12/31/23. Private Equity represented by the Burgiss Private Equity Manager Universe for the period 7/01/2003 to 09/30/2023. Burgiss data reflects quarterly time-weighted returns. Burgiss data is sourced from limited partners of these private funds and calculates results net of fees and carried interest, providing results that are updated and published on a quarterly basis. It is not possible to invest directly in an unmanaged index.

It’s more important than ever to invest in private equity

The opportunity set in public markets is shrinking, while private markets play an increasingly prominent role in economic growth.
rise in private markets chart

Statistics of U.S. Businesses, The World Bank World Federation of Exchanges database as of December 2022. Represents the latest data available through 2019. Past performance is no guarantee of future performance

A better alternative for private equity

BPIF leverages the scale and reputation of the BlackRock private equity platform to invest side by side with our institutional clients in private equity investments, on the same terms, underwritten by the same team.
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Differentiated deal flow
BPIF leverages BlackRock’s network of 450+ general partners combined with BlackRock’s access and reputation as a global asset manager.7
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See a lot, select a few
A highly disciplined selection process underpinned by rigorous investment due diligence leads to a low 3-5% historical selection rate.8
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A one-stop PE solution
A global private equity strategy investing in directs and secondaries within a single potential solution managed by the same team as our institutional funds.

Say hello to your dedicated and experienced team

BlackRock Private Equity Partners (PEP) leverages BlackRock’s scale and our deep private equity underwriting expertise to maximize the opportunity set for investors.

Stephen Kelly
PEP Founding Partner & Lead Portfolio Manager
Lynn Baranski
Global Co-Head of PEP & Portfolio Manager
John Seeg
Global Co-Head of PEP & Portfolio Manager
BPIF

BlackRock Private Investments Fund Performance

Performance

$11.54
NAV per share1
$223
AUM2
$199.5
million in PE commitments3
Increase117
underlying portfolio companies4

Historical performance & data

Access BPIF's historical performance, distribution per share, and NAV performance.
bpif historical performance tables

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

BlackRock’s private equity platform

BlackRock Private Equity Partners (PEP) taps into the firm’s robust sourcing channels to access high quality opportunities across all market cycles. PEP has $47 billion AUM and a 20+ year track record of investing across direct investments and secondaries.9

Increase450
GP relationships, including independent sponsors10
$22
billion invested across 490+ direct and secondary investments11
4%
investment selection rate12
Increase1750
deals sourced in 202213
BPIF

BlackRock Private Investments Fund Portfolio Snapshot

Portfolio positioning14

portfolio positioning chart

As of 03/31/2024

Strategy overview

strategy overview charts

Fund features

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No capital calls
Access a fully-funded diverse portfolio of PE investments on day one.
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No performance fee
BPIF has a management fee but no performance fee.
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Monthly subscriptions
An evergreen structure enables monthly subscriptions.
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Anticipates quarterly liquidity
Anticipated quarterly liquidity (up to 5% of NAV). Subject to board approval.
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Transparency
Provides regular reporting and valuation as a registered fund.
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Simplified tax reporting
Uses 1099 DIV (no K-1s).

BPIF portfolio snapshot

Explore BPIF's recent fund performance, top holdings and learn the facts on BlackRock's history in private equity management. Gain insights on up-to-date portfolio trends with BPIF and more.
bpif portfolio snapshot


Top 10 private equity holdings16

Investment Type Strategy Geography Position Size
Project Central Direct **Buyout: mega North America 7.31%
Romulus Intermediate Holdings Direct Buyout: large North America 5.82%
Project Violet16 Secondary Fund Non-traditional North America 5.13%
Project Platinum Secondary Fund Non-traditional North America 3.61%
York Space Direct Buyout: medium North America 3.30%
Project Cloud Direct Buyout: medium North America 2.65%
Project Elm Secondary Fund Non-traditional North America 2.43%
Project Tormes (STG SICAV) Secondary Fund Non-traditional Europe 2.20%
RB Rouge Direct Buyout: large North America 2.12%
Project Hawks Eye Secondary Fund Non-traditional North America 2.10%

BlackRock. Top holdings as of 3/31/24. The above Investments were selected to illustrate the top 10 holdings in the fund shown as a percentage of NAV. The information above is not a prediction of future performance or any assurance that comparable investment opportunities will be available at the time of investment. It is non-representative of all underlying investments made by the Investment Team and it should not be assumed that Investment Team will invest in comparable investments, or that any future Investments made by Investment Team will be successful. To the extent that these investments prove to be profitable, it should not be assumed that the Investment Team’s other investments will be profitable or will be as profitable. The composition, sectors, holdings and other characteristics of the Fund are as of the period shown and are subject to change without notice.

BPIF

BlackRock Private Investments Fund Resources

See all filings on EDGAR

To view all remaining SEC filings and historical documents on BPIF view the EDGAR collection of resources.
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