Blackrock Private Equity/Mezz

Does anyone know if BlackRock does Mezzanine investing at all? Or private equity? I know of BlackRock's Private Equity Partners but that really seems to be a fund of funds although I've heard they're making more direct investments. I have a summer offer from BlackRock but they've all really told me how easy it is to switch between divisions/groups at the firm so that seems like a good learning experience assuming I go there full-time.

Comments (26)

Feb 21, 2013

I don't think they do any longer (or at least nobody seems to be able to find any info on it). I know they raised a fund over a decade ago, but haven't heard of one lately or any direct investments by Blackrock.

If anything, they may do a bit of co-investing with some of their GPs.

Feb 21, 2013

BlackRock Kelso Capital would be the affiliate you're looking for. Although, they're now their own BDC, and frequently invest in senior debt.

Feb 21, 2013

I interviewed with BlackRock PEP before. In EMEA they just acquired Swiss Re's PE arm and not they are trying to make more direct investments, especially in middle markets. Most of the business is still fund of funds and co-investments, but they told me for sure that they will do more direct investments. AUM is not too much, under 20 Bln if i remember correctly. They do mezz as well, don't think they involve in that too much.
Hiring at BLK PEP is competitive. only around 15 people received 1st round from thousands of applications and they only take 1 or 2 kid. (According to my conversation with the guys there, could be wrong in numbers)

One of my frd is in the SSG team in Boston. Don't know too much abt it, but sounds interesting.

Feb 21, 2013
Xaipe:

I interviewed with BlackRock PEP before. In EMEA they just acquired Swiss Re's PE arm and not they are trying to make more direct investments, especially in middle markets. Most of the business is still fund of funds and co-investments, but they told me for sure that they will do more direct investments. AUM is not too much, under 20 Bln if i remember correctly. They do mezz as well, don't think they involve in that too much.
Hiring at BLK PEP is competitive. only around 15 people received 1st round from thousands of applications and they only take 1 or 2 kid. (According to my conversation with the guys there, could be wrong in numbers)

One of my frd is in the SSG team in Boston. Don't know too much abt it, but sounds interesting.

"Wasn't Swiss Re's business a FoF also?

http://www.reuters.com/article/2012/07/03/us-swiss...

"Swiss Re's deal to sell its $7.5 billion private equity and infrastructure fund of funds business follows hot on the heels of HarbourVest Partners' agreement to buy Amsterdam-listed private equity fund of funds business Conversus Capital (CONCA.AS).

And a further deal on Tuesday, by AXA Private Equity for an $850 million portfolio of assets from Canadian pension fund OMERS, points to an industry in flux, with some private equity investors cutting back and others consolidating their positions.

Both Swiss Re's private equity business and Conversus invest in private equity funds from firms such as Blackstone (BX.N), CVC CVC.UL and KKR (KKR.N), which in turn plough that capital into companies via leveraged buyouts and minority investments.""

Feb 21, 2013

Replied in the other one already:) Just don't wanna copy and paste haha

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Feb 23, 2013

i had a first round phone and never heard back. based in jersey, they claim they do around 60% co-investments and 20-30% DD on funds and rest on secondaries. take their claim for what its worth.

    • 1
Feb 23, 2013

what school and how u get the interview?

Feb 23, 2013

i am from michigan b-school. it was posted on our career website.

So anyone knows about anything about the internship at BlackRock Private Equity Partners?

Feb 23, 2013

is the internship only for post-grads?

Feb 23, 2013
Feb 23, 2013
Banking on Investments:

um...did you mean blackstone?

Yeah I never knew Blackrock had a PE arm...I thought they were just a hedge / CLO / etc. fund.

Feb 23, 2013

No, blackrock is a different firm than blackstone.
www.blackrock.com

Feb 23, 2013

judging by the website, it doesn't look like their a PE group in the sense that they source their own deals.

Instead, they do a lot of funds of funds and equity co-invests it looks like. I just glanced at it, so not sure though.

Feb 23, 2013

.

Feb 23, 2013

pe group at blackrock is legit

Feb 23, 2013

Blackrock has two arms. They are an FoF that invests in several hedge funds and pe funds. In addition, they have a principal PE arm. They have over $6 BB AUM. It would be a great opportunity

Feb 23, 2013

What do you want to know?

Feb 23, 2013

I have a SuperDay coming up with BlackRock PE and was wondering if you think the WallStreet Oasis Guide to Breaking into PE is relevant because BlackRock PE doesn't seem to act as an actual PE firm. Rather, it seems to act as an arm of the company that is is FoF so I don't know if the WallStreet Oasis guide is applicable or not to this type of interview since it is not really a private equity firm, per se. Any help would be greatly appreciate. Thanks.

Feb 23, 2013

Blackrock nas a private equity arm that is fund of funds but is in the process of now actually raising capital for a direct private equity group arm within alternatives -- though that arm is not offering internships. Thus this is fund of funds.

Their fund of funds arm also does co-investments. After meeting with them it sounds like it's a great opportunity. In terms of preparation, though I only had a first round, I'd:

Why Blackrock
figure out why FOF
definitely pick up a book or read up on how fund of fund operates and what their role is within blackrock

I'd read as much about current market information as possible

Feb 23, 2013

Thanks a lot. That's very helpful.

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Feb 21, 2013

Isn't BlackRock PE Partners a FoF? As such, it would be a different experience (and different exit ops) from actual PE. They have $6.3B in AUM, so that makes it a top-tier FoF (of course, the BlackRock name helps). Your exits could include regular PE (though, that will be difficult), other FoFs, and mezz funds (which top PE funds have--one of the Co-Heads at Carlyle's fund came from a FoF).

Feb 23, 2013

I imagine that the experience would differ, but do you think that getting an internship junior year witha FoF would be as useful for a PE career down the line as an IB/PE internship?

Feb 21, 2013
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Feb 23, 2013

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