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Private Equity

Blackrock Private Equity Fund Raises $2.75B In First Push

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BlackRock Inc.’s private equity vehicle completed its first fundraising round, lagging behind its original schedule. The Long-Term Private Capital fund secured $2.75 billion from investors, including $1.25 billion in hand and $1.5 billion committed, BlackRock said in a statement Monday. The world’s largest asset manager contributed its own capital to both pools, according to a spokesman. BlackRock is seeking a total of $10 billion to $12 billion, suggesting that significant fundraising work lies ahead. When BlackRock first planned the fund, it sought to raise the money by mid-2018.

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