Investment bank BlackRock has announced the purchase of Swiss Re Private Equity Partners AG (SRPEP), the European private equity and infrastructure fund of funds franchise of reinsurer Swiss Re.
SRPEP is to be integrated with BlackRock’s existing private equity fund of funds group, BlackRock Private Equity Partners (BRPEP).
BlackRock has said that the transaction will allow BRPEP to increase its investment capabilities in infrastructure, as well as expanding its European and Asian footprint, while establishing the unit’s presence in Switzerland.
The team will invest in primary funds, secondaries and direct co-investment opportunities through core fund of funds, direct co-investment programs and other offerings.
“In an environment where yields are low and volatility is high, clients around the world are embracing alternatives which offer higher return potential and the ability to mitigate risk,” said
Matthew Botein, managing director and head of BlackRock Alternative Investors.
“BlackRock values its long-standing business relationship with Swiss Re and we are very pleased to be deepening that commitment through this transaction and strategic partnership.”
David Blumer, group chief investment officer for Swiss Re, noted that BlackRock's experience in managing private equity funds would be complementary to the SRPEP platform.
“Swiss Re is pleased to be strengthening its relationship with BlackRock as we see significant strategic benefits for our clients and great opportunities for our employees,” he said.
Swiss Re Private Equity Partners, Blackrock, SRPEP