BlackRock has raised $940m (€773m) in a first close of a diversified private debt fund designed for UK pension schemes.
The fund aims to provide investors with a yield premium relative to liquid credit markets, reliable income, and capital preservation.
BlackRock said its team aimed to source high quality assets with strong fundamentals and defensive characteristics, such as in the software, technology, healthcare and business services industries.
The pooled fund invests across US and EMEA direct lending, real asset debt, and opportunistic strategies. It is managed by James Keenan, managing director, CIO and global co-head of credit within BlackRock Alternative Investors.
“We are delighted to be able to offer a flexible solution designed in a way that is well placed to take advantage of the evolving landscape, across different market cycles for UK pension clients,” said Anne Parthiot-Mons, managing director, head of BlackRock’s consultant relations group for the EMEA region.
“The fund’s differentiated approach aims to provide a yield premium, a reliable income stream and capital preservation through one single pooled fund with a simplified governance structure.”
Private debt is becoming a more significant part of investor portfolios. UK public pension pools Border to Coast, Brunel Pension Partnership and London CIV all recently announced new private debt arrangements.
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