BlackRock to acquire Swiss Re private equity business
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BlackRock is to acquire Swiss Re Private Equity Partners, which will be integrated into existing private equity fund of funds group BlackRock Private Equity Partners.
The business is the European private equity and infrastructure fund of funds franchise of Swiss Re and operates from Zurich, Hong Kong, New York and Bratislava.
Matthew Botein, managing director and head of BlackRock Alternative Investors, says: “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”
He adds: “BlackRock values its long-standing business relationship with Swiss Re and we are very pleased to be deepening that commitment through this transaction and strategic partnership.”
The combined business will be headed by managing director and head of BlackRock Private Equity Partners Russell Steenberg, while Swiss Re Private Equity Partners chief executive Christian Hinze will join as deputy head of the combined business.
According to BlackRock, no changes expected to the investment strategy or style of either business’s existing offerings are expected. The deal is expected to be completed by the end of the third quarter.
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