BlackRock to acquire Swiss Re Private Equity Partners
BlackRock is buying Swiss Re Private Equity Partners (SRPEP), the European private equity and infrastructure fund-of-funds arm of Swiss Re. The transaction will allow BlackRock’s existing FoFs group – BlackRock Private Equity Partners - to extend its capabilities into infrastructure investing, as well as expanding its European and Asian footprint.
Operating from Zurich, Hong Kong, New York and Bratislava, SRPEP had $7.5 billion in total commitments as of May 2012, including a significant commitment from Swiss Re.
Under the agreement, SRPEP will be integrated with BlackRock Private Equity Partners. Russell Steenberg, managing director and head of BRPEP, will continue to lead the combined team, while Christian Hinze, CEO of SRPEP, will join BlackRock as deputy head.
With approximately $15 billion in client commitments, the unified platform will invest in primary funds, secondaries and direct co-investment opportunities through core fund-of-funds, direct co-investment programs and other offerings.
"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," said Matthew Botein, managing director and head of BlackRock Alternative Investors.
BlackRock and Swiss Re have also entered into a strategic alternative investment relationship agreement, which will reinforce Swiss Re's current investments in SRPEP products and allows other future Swiss Re commitments to the BlackRock platform.
"BlackRock's extensive experience in managing private equity funds is extremely complementary to the SRPEP platform," said David Blumer, CEO for Swiss Re. "Swiss Re is pleased to be strengthening its relationship with BlackRock as we see significant strategic benefits for our clients and great opportunities for our employees."
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