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Sources

Source: Blackrock. AUM as of January 1, 2024. All other data as of December 31, 2023 unless otherwise noted.

Subject to change. Under normal conditions, the Fund primarily will invest over time in privately offered equity securities of operating companies and interests in professionally managed private equity funds

Portfolio positioning as of December 31, 20231

Private equity mix1

Private equity by stage2

Private equity by region

Private equity sector diversification3

Sources

Source: BlackRock. As of 12/31/23 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.

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 Diversification does not assure a profit and may not protect against loss of principal.

BlackRock Private Investments Fund – performance (net)

Total net returns (% as of 12/31/23) 2023 1-year 5-year 10-year Since inception (3/1/21)
Institutional shares (XPIFX) 11.83 11.83 - - 4.64
By quarter (%) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23
Institutional shares (XPIFX) - 0.40 0.40 1.10 -0.49 -2.58 1.02 2.52 1.57 1.36 4.68 3.77




The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.blackrock.com.

The Fund commenced operations 3/1/21. Performance is not shown for 1Q21 due to lack of a full quarter’s history. Total returns for the period 3/1/21-3/31/21 were -0.60% for Institutional shares. Performance for less than one year is not annualized. Performance greater than one year is annualized.

The Fund returns include reinvestment of dividends and capital gains. Fund performance data reflect total returns. Returns are unaudited and presented net of fees and expenses. Expenses stated as of the Fund's most recent prospectus including Total/Net, Including Investment Related Expenses: Institutional Shares, 3.33%/2.53%. Reflects a 0.75% contractual waiver on the management fee in place until 12/31/24. Unless the Fund and BlackRock Advisors, LLC (the “Advisor”) agree to an extension of the contractual management fee waiver, the Fund’s management fee will increase to 1.75% after 12/31/24. The Fund and Advisor agree to waive and/or reimburse certain operating and other expenses of the Fund in order to limit certain expenses to 0.50% 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 6/30/25. Includes acquired fund fees and expenses of the Portfolio Funds in which the Fund expects to invest. Some or all of the Portfolio Funds charge carried interest, incentive fees or allocations based on the Portfolio Funds’ performance. Acquired fund fees and expenses are based on historic returns of underlying Portfolio Funds in which the Fund expects to invest, which may change substantially over time. Institutional shares are not subject to a distribution fee or shareholder servicing fee.

Top 10 private equity holdings as of 12/31/23

Investment Type Strategy2 Geography Position Size3
Project Central Direct Investment Buyout (mega) North America 8.10%
New Direct Investment #14 Direct Investment Buyout (large) North America 6.22%
Project Violet Secondary Fund Non-traditional (Fund Solution) North America 5.22%
Project Platinum Secondary Fund Non-traditional (Fund Solution) North America 3.71%
New Direct Investment #24 Direct Investment Buyout (medium) North America 2.95%
New Secondary Investment #14 Secondary Fund Non-traditional (Fund Solution) North America 2.70%
York Space Direct Investment Buyout (medium) North America 2.69%
Project Tormes (STG SICAV) Secondary Fund Non-traditional (Fund Solution) Europe 2.37%
RB Rouge Direct investment Buyout (large) North America 2.34%
New Direct Investment #34 Direct Investment Buyout (medium) Asia Pacific 2.29%

Source: BlackRock. Top holdings as of 12/31/23. The above Investments were selected to illustrate the top 10 holdings in the fund shown as a percentage of NAV. The information above is not a prediction of future performance or any assurance that comparable investment opportunities will be available at the time of investment. It is non-representative of all underlying investments made by the Investment Team and it should not be assumed that Investment Team will invest in comparable investments, or that any future Investments made by Investment Team will be successful. To the extent that these investments prove to be profitable, it should not be assumed that the Investment Team’s other investments will be profitable or will be as profitable. The composition, sectors, holdings and other characteristics of the Fund are as of the period shown and are subject to change without notice.

Definitions:
Buyout Large: Fund Investment: $5B-$10B Enterprise Value; Direct investment: $3.5B-$8B Enterprise Value.
Buyout Middle: Fund Investment: $750M-$5B Enterprise Value; Direct investment: $500M-$3.5B Enterprise Value.
Buyout Small: Fund Investment: < $750M Enterprise Value; Direct investment: < $500M Enterprise Value.
Venture Capital (Early stage/Late stage/Multi-stage): Fund Investment targeting companies raising capital at an earlier to later series round; Direct investment: company raising capital at an earlier to later series round.
4: Reflects new private equity investment during the quarter