BlackRock Private Investments Fund

With BPIF, accredited investors get access to diverse, institutional private investments in a fund structure that offers low minimums, low fees, and 1099 tax reporting.

Fund features

Sources

For more information on each feature, including the risks associated therewith, refer to the Fund's prospectus.

1 Source: Subscriptions for shares must be received by the Fund prior to the end of the calendar quarter or other closing date determined by the Board of Trustees.

Strategy overview1

Uses directs and secondaries1

PE buyout focus2

Global approach

Fund focus

  • Global Private equity strategy focused on direct investments with opportunistic use of secondaries

  • Focus on PE buyouts with select growth equity exposure3

  • Seeks to allocate broadly across vintages, geographies, and industries

Learn more about current portfolio
Sources

Source: BlackRock. As of 09/30/23 and subject to change. Shown for illustrative purposes only. Reflects attributes of private equity positions only. Excludes credit positions, cash and cash equivalents.

1 Under normal circumstances, the Fund will invest at least 80% of its Managed Assets in private investments (as defined in the Prospectus). "Managed Assets" means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund’s accrued liabilities (other than money borrowed for investment purposes). The private equity sleeve of the Fund will be invested in Portfolio Companies or in Portfolio Funds (each as defined in the Prospectus) that invest in such Portfolio Companies. Due to the nature of the private markets for the types of private equity investments in which the Fund will invest and factors such as the competitive nature of the business of identifying and structuring investments of the types contemplated by the Fund and the limited availability of attractive investment opportunities during certain market cycles, BlackRock Capital Investment Advisors, LLC, the Fund's sub-adviser, expects that it may take up to three years from commencement of operations of the Fund for the Fund to be primarily invested in private equity investments. The portion of Fund assets allocated to the private equity sleeve and the income-focused sleeve of the Fund, respectively (as described in the Prospectus), will vary over time as the Fund deploys capital to investments in Portfolio Companies and Portfolio Funds, and, during periods of increased cash inflows, the Fund may hold a relatively greater percentage of its Managed Assets in its income-focused sleeve. The actual portfolio composition may significantly differ from the figures shown above.
Diversification does not assure a profit and may not protect against loss of principal.

2 Definitions: Buyout – purchase of an existing company or portion of a company. Venture capital - seed money and funding for start-up and early-stage companies.

3 The fund may also invest in: Special situations, private infrastructure and real assets, in addition to buyout, growth and VC.

BlackRock Private Investments Fund – Select Offering Details

Fund structure Investor eligibility Inception date Fund term Subscriptions Expected liquidity Repurchase fee Distributions Capital calls Leverage Tax reporting Management fee Performance fee Sales charge Annual distribution & servicing fee Expense cap

Delaware statutory trust. The Fund is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940.

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U.S. Accredited Investors

An "Accredited Investor" includes, among other investors, an individual who: (i) has a net worth (or joint net worth with that person's spouse or spousal equivalent) immediately prior to the time of purchase in excess of $1 million (excluding the value of that individual's primary residence); or (ii) an individual who has income in excess of $200, 000 (or joint income with the investor's spouse or spousal equivalent in excess of $300, 000) in each of the two preceding years and has a reasonable expectation of reaching the same income level in the current year. Other categories of "Accredited Investor" or other eligible investor standards applicable to companies and other investors are set forth in the Fund's Subscription Agreement.

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March 01, 2021

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Perpetual

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Quarterly

Subscriptions for Shares must be received by the Fund prior to the end of the calendar quarter or other closing date determined by the Board of Trustees. NAV will be valued on the last business day of March, June, September and December.

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Quarterly tender offers of up to 5% of the Fund's NAV (subject to Board approval). 

The Fund currently does not intend to repurchase shares during the first two years of operations. An investor purchasing Shares at any time prior to the second anniversary of commencement of operations (3/1/21) should not expect to liquidate its investment (or any position thereof) at any time during that period.

Beginning in the second half of 2023, it is expected that the Fund will offer to repurchase Shares (through written tender offers) on a quarterly basis of up to 5% of the Fund's net asset value, subject to the discretion of the Board. However, there can be no assurance that the Fund will conduct tender offers on a quarterly basis or at all. Further, if the Fund conducts a tender offer, there is no guarantee that shareholders will be able to sell all of the Shares that they desire to sell in any particular tender offer. Therefore, Shares of the Fund are appropriate only for those investors who do not require a liquid investment and who are aware of the risks involved in investing in the Fund.

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A 2% early repurchase fee may be charged to any shareholder that tenders its shares at any time prior to the one-year anniversary of the shareholder's purchase of shares.

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Annually. Investors have the ability to re-invest or receive distributions.

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None. Full investment amount is due at time of the subscription.

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The Fund may use leverage to seek to achieve its investment objective or for liquidity (i.e., to finance the repurchase of shares and/or bridge the financing of private equity investments pending the acceptance of funds from investor subscriptions). The Fund’s use of leverage may increase or decrease from time to time in its discretion and the Fund may, in the future, determine not to use leverage.

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Form 1099-DIV

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1.00% of NAV

Reflects a 0.75% contractual waiver on the management fee in place until July 31, 2023. Unless and extension of the contractual management fee waiver is approved by the Board, the Fund's management fee will increase to 1.75% after July 31, 2023.

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None

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None

Institutional Shares are not subject to a sales load; however, investors may be required to pay brokerage commissions on purchases or sales of Institutional Shares to their financial intermediary. Investors should consult with their financial intermediary about any additional fees or charges their financial intermediary might impose on each class of Shares in addition to any fees imposed by the Fund.

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None

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Operating expenses capped at 0.75%, not including the management fee, distribution and servicing fee, taxes, interest and related costs of borrowing, portfolio transaction and other investment-related costs (including acquired fund fees and expenses, brokerage commissions, dealer and underwriter spreads, commitment fees on leverage facilities, prime broker fees and expenses and dividend expenses related to short sales) and any extraordinary costs. The Fund will bear its own expenses up to the Expense Cap.

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Expenses stated as of the fund’s most recent prospectus for Institutional Shares: Total annual expenses, 3.30%; Total annual expenses after fee waiver and/or expense reimbursement, 2.20%. Reflects a 0.75% contractual waiver on the management fee in place until July 31, 2023. Unless an extension of the contractual management fee waiver is agreed to by the Fund and BlackRock Advisors, LLC, the Fund's investment adviser (the "Adviser"), the Fund’s management fee will increase to 1.75% after July 31, 2023.

The Advisor has agreed to waive and/or reimburse certain operating and other expenses of the Fund in order to limit certain expenses to 0.75% of the Fund’s average quarterly value of the net assets of each share class. Subject to the terms of the Expense Agreement, expenses borne by the Advisor in the prior two fiscal years of the Fund are subject to recoupment by the Advisor. Such recoupment arrangement will terminate on 12/31/27. The Fund will carry forward any waivers and/or reimbursements of fees and expenses in excess of the Expense Cap and repay the Advisor such amount provided the Fund is able to do so without exceeding the lesser of (1) the expense limit in effect at the time of the waiver or reimbursement, as applicable, or (2) the expense limit in effect at the time of recoupment after giving effect to the repayment. The Expense Agreement continues from year to year if approved by a majority of the Fund’s Independent Trustees. The current term of the Expense Agreement expires on 6/30/24.