BlackRock eyes new Secondaries & Liquidity Solutions fund

The GP vehicle for BlackRock SLS II was registered in Luxembourg on 17 February, according to a regulatory filing.

BlackRock Secondaries & Liquidity Solutions I (SLS I) was registered in September 2019 and held a final close in March 2021 on USD 3bn, surpassing its USD 1.5bn target.

LPs in SLS I included sovereign wealth funds, pension funds and family office, according to a statement issued at the time.

BlackRock’s SLS strategy is headed by Steve Lessar and Konnin Tam. The strategy makes mid-sized secondaries deals on a global basis, including single- and multi-asset deals and GP-leds, as well as providing liquidity to private markets firms at GP level.

Its debut fund in the strategy made deals including leading a USD 1.2bn strategic investment in Mubadala Capital’s PE business in August 2021. It also backed a continuation fund announced by US-based CREO Capital Partners in October 2021.

BlackRock had not responded to a request for comment at the time of publication.

US-headquartered investment management firm BlackRock makes a range of private equity, growth and private debt investments globally.

In Europe, its recent activity includes participating in a USD 312m round for UK-based digital payments platform GoCardless. In December 2021, the GP increased its stake in vehicle glass repair business Belron Group in a deal that saw majority owner Clayton Dubilier & Rice form a USD 4bn continuation vehicle for the fund.

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