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BlackRock said to invest up to $400M in new private equity firm: WSJ

Published 10/10/2018, 03:05 PM
© Reuters.  BlackRock said to invest up to $400M in new private equity firm: WSJ
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  • BlackRock (BLK -6.4%) agrees to invest up to $400M of client money in new private-equity firm Gallatin Point Capital, the Wall Street Journal reports, citing people familiar with the matter.
  • BlackRock CEO Laurence Fink will also invest some of his own money with a fund maintained by Gallatin, though it's not clear how much he is contributing.
  • This gives the world's largest asset management a foothold in privately held companies and represents a push into alternative investing.
  • Gallatin has raised about $1.2B, including the $400M from BlackRock, and is looking at stakes in lenders, insurers, financial institutions, and financial assets. The firm was started by Matt Botein, a former alternative-investment chief at BlackRock, and Lee Sachs, a former U.S. Treasury official.
  • Previously: BlackRock Capital Investment dips after Q2 miss (Aug. 1)
  • Now read: BlackRock: ETF And Data Businesses To Drive Growth


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