BlackRock buys Swiss Re private equity unit

The all-equity deal includes the insurer's private equity and infrastructure fund-of-funds businesses and is expected to be completed in Q3 2012.

All 46 former Swiss Re employees will be integrated into the BlackRock Private Equity Partners team, headed by Russell Steenberg. Former Swiss Re CEO for private equity Christian Hinze will be deputy head of the enlarged BlackRock division.

Once combined, the unit will have around €15bn under management, creating the largest fund-of-funds manager in the world. The deal also strengthens BlackRock's Asian and European infrastructure investment footprint and establishes a presence for the private equity group in Switzerland.

The acquisition will have a neutral-to-modest effect on BlackRock's annual earnings, according to the company.

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• Topics
• Fund-of-funds
• BlackRock