BlackRock has signed a deal to acquire the private equity and infrastructure fund of funds business of Swiss Re, which has $7.5 billion (€6 billion) in commitments.
BlackRock will integrate the unit with its own private equity fund of funds group, BlackRock Private Equity Partners, roughly doubling the group’s size.
BlackRock said the deal will expand the footprint of its private equity fund of funds group in Europe and Asia, particularly in Switzerland, where Swiss Re is based.
The group will invest in primary funds, secondaries and direct co-investment opportunities.
“In an environment where yields are low and volatility is high, clients around the world are embracing alternatives which offer higher return potential and the ability to mitigate risk,” said Matthew Botein, managing director and head of BlackRock Alternative Investors.
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