From Citywire

BlackRock is planning to launch a new fund designed to replicate the private equity approach of Warren Buffet’s firm Berkshire Hathaway.

It is understood the new fund, which is set to be called the BlackRock Long-Term Private Capital fund, will buy and hold stakes in companies and will be the firm’s first direct-investment vehicle.

The launch was first reported by the Wall Street Journal which stated that BlackRock Long-Term Private Capital fund will aim to raise $10 billion from sovereign wealth funds, pensions and other big investors.

The global head of active equities at the firm Mark Wiseman, who is also chairman of BlackRock Alternative Investors, is set to take charge of the new strategy.

BlackRock’s CEO Larry Fink span the company out of giant private equity alternative asset management company Blackstone Group before becoming fully independent in 1994.

BlackRock declined to comment on the development when approached by Citywire Selector.

According to sources familiar with the matter, the planned date of the fund’s launch is the third quarter of 2018.


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