BlackRock makes key acquisition
BlackRock announced this week it had entered into a definitive agreement to acquire Swiss Re Private Equity Partners AG (SRPEP) - the European private equity and infrastructure fund of funds franchise of Swiss Re.
The two companies said they had also entered into a strategic alternative investment relationship agreement centred on BlackRock Alternative Investors (BAI) - a move which reinforces Swiss Re's current investments in SRPEP products and establishes other future Swiss Re commitments to the BAI platform.
The announcement said the transaction extended BlackRock Private Equity Partners (BRPEP)'s investment capabilities into infrastructure investing, while expanding its European and Asian footprint and establishing the unit's presence in Switzerland.
Commenting on the move this week, BAI managing director Matthew Botein said in an environment where yields were low and volatility was high, clients around the world were embracing alternatives which offered higher return potential and the ability to mitigate risk.
"We are thrilled to be welcoming Swiss Re Private Equity Partners to BlackRock and believe its well-respected capabilities enhance our ability to deliver innovative solutions to our global client base," he said.
Russell Steenberg, managing director and head of BRPEP, will continue to lead the combined unit. Christian Hinze, chief executive of SRPEP, will join BlackRock as deputy head of the combined business.
There are no changes expected to the investment strategy or style of either business' existing offerings, each of which will continue to be managed by members of their existing portfolio management teams.
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