BlackRock, which has $6.8tn in total assets, hired Steve Lessar and Konnin Tam from Goldman Sachs in 2018 to build a secondaries team as part of the firm’s Private Equity Partners arm
BlackRock has raised $3bn for its debut strategy focused on buying secondhand private equity fund stakes. The Secondaries & Liquidity Solutions (SLS) strategy includes a $2.4bn fund, which exceeded its target of $1.5bn, and additional secondaries capital raised alongside the fund. It is the largest private equity secondaries first-time fundraise to date, according to Preqin, BlackRock said.
BlackRock, which has $6.8tn in total assets, hired Steve Lessar and Konnin Tam from Goldman Sachs in 2018 to build a secondaries team as part of the firm’s Private Equity Partners arm. The group also hired Veena Isaac as a managing director in 2019.
The inaugural fund has attracted commitments from more than 70 institutional investors. SLS has already completed more than 15 transactions across various transaction types, deploying ‘a significant amount of capital around the markets dislocation’ at the start of the coronavirus pandemic.
Read more/Source: City Wire
