There're several threads about BlackRock PEP, but they are out dated (mainly around 2013). I wonder what are BlackRock PEP now? Whether it still a FOF format? Or it has developed a direct LBO? What about its position compared with portfolio management group? Also, whether Blackrock Client portfolio solutions group belongs to Portfolio management group?
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Talked with someone who's worked there recently. Based on that, my understanding is that they are increasingly moving into direct PE as part of a broader push of BlackRock into Alternatives. Strategy seems pretty broad - they have mandate for late stage VC/growth/MM LBO. Class size is very small (5-6 ppl globally). Exit opps seem decent - people exited to Bain Cap, TPG, BX in the past.
I don't have any knowledge of the Portfolio Management Group.
Make sense, Thanks.
@Ivrup do you know if direct PE is a separate / exclusive group you have to apply for? I noticed a strategy called "Long Term Private Capital (LTPC)" which I believe only does direct PE. I'm wondering if interns can work in LTPC or not. My impression is that BlackRock Private Equity Partners (PEP) is still only FoF and co-invest.
I don't, unfortunately. LTPC is separate from PE Partners from what I understand but I imagine there would be some resource sharing between them as LTPC is a pretty new strategy. I know that PE Partners has led some funding rounds recently (can remember Qumolo & Contentsquare from the discussion), so can't be purely FoF/co-invest. Also unlikely given where people have exited to. Just speculating though.
No interns at LTPC historically (it's new) but it's a good differentiated strategy, I think Carlyle has opened a similar strategy, as has CVC and some other long term only funds.
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Anyone who works at BlackRock PEP as intern/full time?
BlackRock PEP typically only hires summer interns (to convert to full-time) or amazing lateral hires. Usually 1 summer intern in London and one in Zurich.
What about US?
Chatted people there - seems like a very strong group and interesting work
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