The relationship agreement also reinforces Swiss Re’s current investments in SRPEP products and establishes other future Swiss Re commitments to the BAI platform, the US based wealth manager said.
As per the agreement, SRPEP will be consolidated with BlackRock’s existing private equity fund of funds group, BlackRock Private Equity Partners (BRPEP).
The deal leverages BRPEP’s investment capabilities into infrastructure investing, expands its European and Asian footprint, and establishes the unit’s presence in Switzerland.
The unified fund manager will invest in primary funds, secondary and direct co-investment opportunities through core fund of funds, direct co-investment programs and other offerings, BlackRock said.
Under the terms of the agreement, Russell Steenberg, managing director and head of BRPEP will continue to lead the combined unit, while Christian Hinze, chief executive officer of SRPEP, will join BlackRock as deputy head of the combined business.
The transaction is expected to close by the end of the third quarter of 2012, following the satisfaction of customary closing conditions.
As of 31 May 2012, SRPEP had $7.5bn and trades from Zurich, Hong Kong, New York and Bratislava.
